Vietnam Daily Market Recap Oct 18

Market Commentary: The VN-INDEX rose slightly 0.2% despite late trading sell-off

The VN-INDEX gained 2.8pts in the first session of the week thanks to strong performance of oil and gas stocks. After the opening bell, the VN-INDEX began the session in positive sentiment as almost all large caps started trading in the green. Notably, GAS from the oil and gas group became the largest supporter, jumping 4.0% to VND116,500 and alone contributing 2.3pts to the index’s gain. Other oil and gas stocks also followed the uptrend, including PVD (+4.2%), PVS (+2.8%), BSR (+3.9%), PVT (+0.4%). Market pillars from the Energy  and other sectors also joined the rally, including HPG (+1.1%), MSN (+1.4%), VPB (+2.4%), and PDR (+3.0%). Thus, the index was pushed up to its intraday high of 1,402.6pts (+0.7%). However, as the session was nearing its end, bank’s stocks suddenly changed color, pushing the VN-INDEX below the reference price level. Notably, CTG, and VCB from the Financials sector fell 1.5% and 0.5%, respectively, and wiped a combined 1.1pts off the index. Other bearish large caps included SAB (-1.7%), GVR (-0.9%), and MWG (-1.3%). Fortunately, the VN-INDEX managed to recover back to the green territory right before the end of the session and closed at 1,395.5pts (+0.2%) and the HNX-INDEX also inched up modestly 0.01% to close at 384.9pts in today’s session.

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