Market Recap - An optimistic week start
20/05/2024

Summary

▶ On Monday's trading session, the market spread a positive green color in most industry groups. However, profit-taking pressure from sellers caused the upward trend to cool down significantly in the afternoon session. Market volume continued to improve, exceeding the 20-session average.

▶ At the end of the trading session, VN-Index increased 4.47 points (+0.35%), reaching 1,277.58 points; HNX-Index increased 1.02 points (+0.42%), reaching 242.57 points. Market volume reached VND 27.7 trillion, equivalent to about 1,161.6 million shares traded. Foreign investors were net sold of VND 819.3 billion, focusing mainly on VHM, VNM, MWG.

▶ Technical perspective: The market opened a gap increasing nearly 8 points in the morning session. However, the selling force was at the resistance of 1,280 points, VN-Index ended with a slight increase of 4.47 points. The market's uptrend is still the main trend when VN-Index is above EMA50. The index fluctuates in a narrow range with greater than average volume, showing a struggle between sellers and buyers at the short-term peak area of 1,280-1,293. Therefore, we assert that fluctuation is likely to happen in the near future.

Strategy: Investors temporarily postpone the new Buy position as the market has continuously increased. Prioritize holding and take profits when reaching profit goal.

Category
Daily
Author
Phuc Nguyen
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