Vietnam Daily Market Recap Aug 03, 2022 – PNJ

Market commentary: VN-Index extended the gaining session to the 3rd consecutive day

After a rough start, the market rallied severely in the afternoon, extending the gain to a third straight session and closing the day at 1,249.8pts, up 8.1pts. European equities edged lower on Wednesday after hawkish comments from FED clouded market expectations that an economic slowdown would prompt central banks to ease back on rate rises, and the VN-Index opened negative with a gap of 7.8pts. However, the gap was rapidly filled by the high demand from investors who returned to the market after a long period of absence. Then the selling pressure to take profits came on equities that had lately made substantial increases, prompting the Index to show symptoms of stalling. For the remainder of the morning trading session, the market pivoted around a reference level as an axis. Following US House Speaker Nancy Pelosi’s arrival in Taiwan and declaring “ironclad” support for the democratic nation, the index rebounded strongly and correlated with other Asian stock indices in the afternoon session. Banking, Securities, Materials, and a few Real Estate firms bolstered the market’s gains. Before the ATC session began, the index touched a session high of 1,250.2pts. Notably, the Index’s rising momentum was supported by the Index’s liquidity being at a high level, consistent with the previous three trading sessions. GAS (+3.5%), HPG (+3.7%), BID, VCB (+2.1%), CTG (+1.7%), and SAB (+1.1%) all had high correlations to the broader market index. Meanwhile, the stocks that placed pressure on the index include VHM (-0.9%), VIC (-0.9%), VIB (-1.5%), BCM (-1.1%), TCB (-0.4%), and GVR (-0.4%). At the end of the session, the VN-INDEX increased by 0.7% to 1,249.8pts, and the HNX-INDEX climbed by 0.8% to 298.1pts.

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