Vietnam Daily Market Recap Mar 23, 2023

Market commentary: The VN-Index remained in the green for the third consecutive session

Despite a slump early in the morning session, the VN-Index gradually gained traction and closed 4.6pts higher at 1,045.1pts. Last night, The U.S. central bank hiked rates by another 25bps, expressing caution about the recent banking crisis and hinting at a pause in hikes. Following the Fed meeting, cautious sentiments among investors made the VN-Index open with a gap-down of 9.6pts. The main index then swiftly dropped to the intraday low of 1,031.pts and hte sell-off lost its momentum. Notably, liquidity in the morning remained at its lowest level in 20 sessions. Blue chips began to pick up and draw in cash flow in the afternoon session, providing a good signal to the market. This rally was believed to be the result of foreign funds disbursing in the afternoon session. Securities stocks became the highlight of the afternoon session with VCI almost hitting the ceiling price. The equities VCB (+1.9%) became the leader of the recovery, followed by VNM (+1.2%), VHM (+0.7%) and PLX (+3.3%). On the other hand, MSN (-1.9%), BID (-0.4%), VRE (-0.3%) and GAS (-0.4%) put pressure on the index. At the end of the session, the VN-INDEX inched up 0.4% to 1,045.1pts, while the HNX-INDEX decreased 0.3% to 203.3pts.

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