Vietnam Daily Market Recap Sep 21

Market Commentary: The VN-INDEX drop 0.8% following global stock market’s sell-off

The VN-INDEX closed 10.6pts down today as selling pressure against Real Estate and Financials large caps. Global stock markets fell the previous night in reaction to the Evergrande default fears. In Vietnam, the index immediately dropped at the opening bell amid the selling pressure spread across the market and extended the loss to 1.5% before the day break. Almost market pillars made steep falls in Tuesday’s session, especially large caps from the Real Estate and Financials sectors, led by VHM (-3.0%), VIC (-1.3%), VRE (+%), VCB (-1.6%), CTG (-1.1%), and VPB (-0.9%), eroding 6.3pts of the market. Other large caps also lost ground including HPG (-1.0%) and GVR (-2.7%). The sell-off became stronger in the afternoon, pushing the index to the intraday low of 1,324.8pts (-1.9%). On the other hand, few other stocks supported the index such as DGC (+6.2%), VIB (+2.6%), BVH (+3.3%), HSG (+3.8%), and KBC (+3.7%). At the end of the session, VN-INDEX plunged 0.8% to 1,339.8pts with 227 losers while the HNX-INDEX edged up 0.03% to 359.0pts.  

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