Vietnam Insight

 The Wednesday session of the Vietnam stock market was dramatic in the last part of the session when VN-Index had a free fall and recovered quickly to near the reference level before closing.

 At the end, VN Index dropped 1.53 points, or -0.11% and closed at 1,393.8. Liquidity strongly increased thanks to the bottomfishing opportunity, the transaction value reached VND 23,780 bn, equivalent to 845mn shares traded. Notably, foreign investors increased their net selling scale to VND 1,363 bn.  The gain of MSN (+1.49%), TCB (+0.95%) and OCB (+4.31%) acted as pillars for the market. Meanwhile, VCB (-1.45%), VHM (-0.76%) and SAB (-2.08%) pulled the index down.

 The market volatiles before the future contact maturity date, surprised most investors. Everything happened quickly, showing that this move was strategically planned by market makers.

 Technically, VN-Index retested the support level of 1,380 and quickly recovered to end the new session with a hammer candle having a long shadow. Besides, the high liquidity at low-price range showed that there was a strong demand to bottom fishing. Thus, uptrend is still supported by major market participants.