Periodic Reports | Market Trends: Money again flow back to banks

Market Trends: Money again flow back to banks

07/09/2021

Summary

Vietnam stock market lost the opportunities to move up further as selling force at the end of session pressed VN Index to dive in red.

At the end, VN-Index dropped slightly by 4.49 points, equivalent to -0.33% and closed at 1,341.9. Liquidity decreased slightly but remained at a high level as the trading value reached VND 26,659 bn, equivalent to 869mn shares traded. Meanwhile, the selling momentum of foreign investors has not eased, with a net selling value of VND 819bn

Twist at the end of the session of large cap tickers including VIC (-1.16%), GAS (-1.88%), HPG (-0.98%) was the main factor that engulfed VN Index in red. Meanwhile, the banking group was the main pillar to prevent the market from falling deeply. In which, VPB (+3.93%) contributed the most, followed by VHM (+1.11%) and CTG (+1.87%).

The strong supply caused the Mid cap group to lose it recovery momentum. In addition, the large cap stocks were impacted significantly but still hold a modest gain. Technically, VN Index could not breakout the strong resistant at 1,350 and fell back, but it is still above MA50 and middle line of Bollinger Band. Thus, the short-term uptrend is remained. We think that today's correction just was profit-taking action after 5 consecutive gaining sessions.

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