Market Recap - Market extends downtrend
31/10/2023

Summary

▶ In Tuesday's trading session, liquidity increased sharply, two main indexes decreased, showing negative sentiment of investors.

 

▶ At the end of the trading session, VN-Index decreased 14.21 points, equivalent to 1.36%, reaching 1,028.19 points; HNX-Index decreased 5.17 points (2.44%), reaching 206.17 points. Market liquidity reached VND 14.8 trillion, equivalent to about 755 million shares traded. Foreign investors net buy VND 307.5 billion, focusing mainly on HPG and PVD.

 

▶ Technical perspective: VNINDEX continues to decline and shows no signs of stopping. The decline has lasted since mid-September and has discounted more than 17% from the peak. Depression causes demand to almost disappear. RSI has just entered the oversold zone. We expect the market to fluctuate in a range of 1020-1080. In the coming sessions, VNINDEX can still decrease further even though it is currently touching the hard support zone. In a bad scenario, if VNINDEX breaks through the 1020 zone, the possibility of returning to the 950-1000 zone is relatively high. However, we believe that the probability of this scenario is not high.

Category
Daily
Author
Thao Nguyen
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