Short-term opportunities - MWG, Pharmaceutical sector update
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Similar to the previous trading sessions, market started slowly. Since downside momentum extended, particularly when VNIndex nearly approached 620-point peak, the capital unexpectedly flowed into large-cap stocks named VCB, HPG, GAS, or VIC. Off-shore and on-shore investors were playing a tug-of-war game at VIC. In total about 3 million order-matched shares today, off-shore investors accounted for 2.4 million stocks sold with total net selling value of VND 100 billion. It was the third consecutive session saw foreigners net selling VIC. VIC fell sharply, sometimes to the floor, due to strong selling pressure, but then closed at reference price thank to abundant demand at bottom. In parallel, the upsurge of other stocks such as GAS, VCB also helped VN-Index re-gained positive territory, added 2.07 points at close. HNXIndex failed in attempt to recover after hitting its lowest level of the day at 2pm and closed down by 0.08 points. The total trading value on both bourses plummeted more than 26% as compared to the last trading session, reached only VND 1,868 billion.
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