Vietnam Daily Market Recap Aug 20 – POW

Market Commentary: The VN-Index recorded the strongest sell off in one month with 3.3% drop

The VN-INDEX lost 45.4pts in Friday’s session as all the sectors fell. After the opening bell, the market immediately faced selling pressure amid investors’ concerns about news that Ho Chi Minh City tightens social distancing measures. Notably, VIC was the largest laggard, which declined 6.1% to close at VND97,700 and solely took 5.7pts off from the index’ move, followed by other Real Estate stocks such as VHM (-2.6%), KDH (-5.2%), VRE (-3.2%), and NVL (-1.1%). Market pillars from Financials and other sectors also lost ground including VCB (-2.6%), TCB (-4.7%), BID (-4.7%), CTG (-4.7%), GVR (-6.3%), and HPG (-3.7%). Thus the VN-INDEX was pushed down to its intraday low of 1,317.5pts (-4.2%) and stayed in the red territory throughout the session. On the other hand, very few notable stocks managed to overcome the sell-off wave, including VGC (+7.0%), DPM (+3.6%), GEX (+1.7%), APH (+2.0%), and REE (+1.0%). In addition, HOSE has set a new record of liquidity with a total value of VND38,350bn,, far exceeding the last record set on 04 June with more than VND30,700bn. At the end of the session, as red covered the whole stock market, the VN-INDEX plunged 3.3% to 1,329.4pts and the HNX-INDEX also fell 2.3% to 338.1pts. 

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