Market Recap - Widespread sell-off
25/09/2023

Summary

▶ In Monday's session, liquidity increased slightly and two main indexes decreased, showing negative investor sentiment.

 

▶ At the end of the session, VN-Index decreased 39.85 points, equivalent to 3.34%, reaching 1,153.2 points; HNX-Index decreased 11.64 points (4.79%), reaching 231.5 points. Market liquidity reached VND 23.4 trillion, equivalent to about 1,086 million shares traded. Foreign investors net buy VND 687 billion, focusing mainly on HPG and SSI. 

 

▶ Technical perspective: The market formed a candle that fell sharply from the morning session and closed lowest in the afternoon session at 1,150. The market shows that the demand to buy up is almost non-existent and only decreases. Since May 2023, MA 10 has crossed MA 50, showing that the medium-term uptrend has been lost. Currently, the market has returned to the 1,150 area, this is the area where a withdrawal and rebound candle formed in August 2023, corresponding to the Fibo threshold of 0.5-0.618. Therefore, the next developments will be very important in determining the major trend of the market. If the market leaks at 1,150, the possibility of reaching 1,100 is very high.

Category
Daily
Author
Thao Nguyen
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