Market Recap – Banking group puts pressure on the index


The market unexpectedly experienced a reversal on Wednesday, with the banking sector witnessing a significant decline.

▶ At the end of the trading session, VN-Index decreased 15.34 points, equivalent to 1.3%, reaching 1,1764.31 points; HNX-Index decreased 1.49 points (-0.64%), reaching 229.18 points. Market liquidity reached 23.3 trillion VND, equivalent to about 1,121 million shares traded. Foreign investors net bought 98 billion VND, focusing mainly on HPG and SSI.

▶ Technical perspective: The market experienced a sharp decline and showed signs of breaking the short-term uptrend pattern by breaching the 1,170 level. VNINDEX has currently touched the EMA 200 at 1,160. If VNINDEX breaks below this level, it is highly likely to reach 1,140. The decline on Wednesday was primarily driven by the synchronized decline of large-cap stocks and the banking sector, which is still in a corrective phase. However, if the market shows signs of reversing and rising again, this could present a buying opportunity for many stocks that have been overheated recently. The corresponding support and resistance levels are 1,160 and 1,220.

Diem Ngo

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