Vietnam Daily Market Recap Sep 22, 2022

Market commentary: Bottom-fishing demand rose in the afternoon session

The VN-INDEX rebounded after a strong correction in the past few weeks. On global scale, FED has officially annouced raising interest rate by 75 basic point (same level as market’s concensus) before today session. After this new was released, concerned about foreign exchange rate of VND to USD, Sate Bank of Vietnam (SBV) made a specific move by raising the policy interest rate by 100 basis points after trading session. The market sentiment was improve as postive news released. The index witnessed a strong bottom-fishing demand in the afternoon thanks to news released. Utilities was a sector leader of today as some stocks increased as POW (+1.5%) and NT2 (+6.9%). GAS (+1.8%) became the top leader, alone contributing 0.97pts to the market’s gain. Other top leaders included BID, GVR, VIB and SSI. On the contrary, VCB was the top laggard, alone taking away 1.08pts from the market. Other top laggards included MSN, VHM, VPB and CTG. The strong demand in the afternoon session brought the positive sentiment to investor, pushed the VN-INDEX out of red territory and surged 0.34% to 1,214.7pts. Meanwhile, HNX-INDEX also róe 0.21% to 265.4pts.

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