Vietnam Daily Market Recap Mar 23 – PHR

Market commentary: The VN-INDEX was under profit taking pressure at the resistance zone 

Following a bullish movement in the morning session, profit-taking swiftly escalated at the resistance region, prompting VN-INDEX to retreat toward the reference level in the afternoon session, finishing with a minor decline of 1.4pts to 1,502.3pts at the close of the session. In the context that the stock markets of the US and EU both increased as investors looked ahead to tighter monetary policy from the Federal Reserve (US central bank) and European Central Bank, as well as the Asian stock market continued the recovery momentum after Chinese vice-premier Liu He made a rare intervention to pledge state support for the economy and capital markets, even so VN-INDEX opened cautiously after a string of six consecutive gains. With solid support from Retail and Real Estate from the start of the day, the market was able to move into bullish territory. Before the conclusion of the morning session, the index continued its upward velocity and approached the resistance zone of 1,510-1,520.0 pts. Quickly upon opening the afternoon session the profit-taking force hit the vast majority of industrial groupings, particularly large-cap stocks, forcing the Index to swing around and correct immediately. The market retreated to the reference level which is also the important psychological support of 1,500.0pts and struggled here before entering the ATC session. GVR (+2.2%), DGC (+6.4%), SAB (+2.3%), DIG (+3.6%), and DPM (+4.5%) were among the stocks that were contributing to the market’s upward trend. Names such as GAS (-2.3%), VHM (-1.0%), VIC (-1.0%), MSN (-1.0%), and VNM (-1.0%), on the other side, were stocks that detracted against the Index’s overall score. At the end of the session, the VN-INDEX decreased slightly 0.1% to 1,502.3pts, while the HNX-INDEX inched up 0.2% to 462.1pts.

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