20200317_BSC_Vietnam Daily Review_EN_SBV cut rates, market recovered some losses_TA_MSN_Solid support level

Market outlook 
At the beginning of the session, VN-Index continued to move in a negative direction after the drop of key stock markets yesterday. The pressure of VCB, VHM, and VRE quickly pulled the index deeply below the reference level. However, for the rest of the time, VN-Index was more positive and sometimes regained green thanks to the recovery of many stocks in VN30 group. As mentioned in the previous report, market sentiment seems to be supported by the SBV's decision to cut interest rates. Accordingly, the State Bank of Vietnam reduced 50 basis points on refinancing rates, rediscount interest rates, OMO interest rates and the ceiling interest rate of credit institutions for customers with terms of less than 6 months. According to BSC statistics, in previous interest rate cuts, the market reacted positively right in the notification session, within 1 month and 6 months later. Therefore, investors can consider this support of the State Bank of Vietnam and have a reasonable stock portfolio during the time the market valuation is still at the current low level.

Future contracts: All future contracts increased following VN30. Liquidity decreased strongly, VN30 might continue to accumulate in coming sessions.
Covered warrants: In the trading session on March 17, 2020, most coverred warrants increased following underlying securities.  Trading volume decreased slightly.

Technical analysis: MSN_Solid support level
(Please go to page 2 for buy/sell status of stocks and page 4 for Blue chip stocks information)

Highlights
• VN-Index -2.08 points, closed at 745.78. HNX-Index +1.10 points, closed at 100.72.
• Pull up the index: BID (+1.19); PLX (+0.93); CTG (+0.58); TCB (+0.51); VCB (+0.43).
• Pulling the index down: VIC (-3.72); VHM (-1.75); SAB (-1.54); VRE (-0.97); VNM (-0.49).
• The matched value of VN-Index reached 3,082 billion dong, -1.4% compared to the previous session.
• The fluctuation band is 28.19 points. The market saw 211 gainers, 60 reference codes and 154 losers.
• Foreign net-sold value: VND 564.52 billion on HOSE, including MSN (104.52 billion), VNM (66.95 billion) and HPG (51.94 billion). Foreigners were net sellers on the HNX with a value of 12.35 billion dong.