Vietnam Daily Market Recap May 16, 2022 – PNJ & Economic update

Market commentary: The VN-INDEX fell 0.9% as selling pressure dominated late trading

The VN-INDEX began the week by falling 10.8pts in Monday ‘s session as several market pillars lost ground in late trading . After a significant drop in the last trading session, the bottom fishing cashflow came into the market right after the opening bell making the VN-INDEX began in green territory. The optimistic sentiment spreaded out the whole morning session, pushing the index surpass 1,200pts level to its intraday high of 1,216.0pts. Green hue covered almost all sectors, especially the Financial sector recorded strong buying demand despite the low liquidity following the hesitation of investors. However, in the afternoon session, the VN-INDEX struggled around the reference level as strong selling pressure emerged. In the ATC session, profit-taking activities overwhelmed several large caps, pushing the VN-INDEX down to its intraday low of 1,170.6pts (-0.5%). Notably, VHM became the largest laggard after dropping 3.2% to VND65,800, alone wiping 2.4pts off the index. Other market pillars also lost ground, including GAS (-5.0%), MSN (-6.9%), BCM (-7.0%), TCB (-3.6%), VIC (-1.3%), and SAB (-3.0%). On the other hand, VCB (+1.6%), CTG (+2.7%), PLX (+4.7%), VRE (+3.8%)  became today’s largest supporters.  At the end of the session, the VN-INDEX slumped  0.9% to 1,172.0pts, while the HNX-INDEX edged up 1.5% at 307.1pts.

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