Vietnam Daily Market Recap Mar 13, 2023 – PLX

Market commentary: The VN-Index headed sideways as cautious sentiment prevailed

The VN-Index fluctuated around the reference point, edging down 0.2pts to 1,052.8pts, amid rising uncertainties in the global financial market. The collapse of Silicon Valley Bank (SVB) last weekend has driven investors’ expectations to the possibility of the Fed holding its interest rate hikes in light of the recent stress in the U.S. banking sector. After the opening bell, the VN-Index decreased by 6.0pts but gradually bounced back to its reference level. The Real estate sector outperformed the market today as the government announced Resolution 33, which provided some solutions for the property market. The rise of large caps such as VPB, VHM, VRE, and NVL pushed the index to its intraday high of 1,055.6pts right before the noon break. Moving to the afternoon, the market faced selling pressure from Banking and Consumer stocks, which drove the VN-Index to trade just above its reference level. Among them, BID (-1.9%) was the biggest laggard, taking away 1.1pts from the index. Others included VCB (-0.7%), HVN (-6.8%), STB (-3.8%), and TCB (-1.5%). On the other hand, VHM (+4.4%), VPB (+6.0%), VRE (+3.9%), GAS (+1.0%), and SAB (+0.8%) became the major movers of the index. At the end of the session, the VN-Index inched down 0.02% to 1,052.8pts and the HNX-Index also dropped by 1.0% to 205.9pts.

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