Market Recap - The market cools down
27/05/2024

Summary

▶ On Monday's trading session, the market maintained the green vibe on the first gloomy trading session of the week. After 8 trading sessions at a high level, market volume went down and recorded a below the 20-session average level.

▶ At the end of the trading session, VN-Index increased 5.75 points (+0.46%), reaching 1,267.68 points; HNX-Index increased 1.11 points (+0.46%), reaching 242.83 points. Market volume reached VND 17.6 trillion, equivalent to about 726.7 million shares traded. Foreign investors were net sold of VND 531.5 billion, focusing mainly on CTG, HPG, HDB.

▶ Technical perspective: VN-Index had a low volume session, fluctuated in a narrow range and ended above the EMA20. If it remains low in the next sessions, and the selling side does not breakthrough the 1,240-1,250 support area, this will support the upward price trend of VN-Index. In a conservative scenario, if selling pressure increases and VN-Index loses support at 1,240-1,250 points, the market will likely adjust and move towards the 1,200 point area. The price momentum indicator has gradually weakened in the last 5 sessions, showing the cumulative sideways trend or continued correction will likely keep up in short term. 

Strategy: Investors should buy at support areas corresponding to the 1,250 area of the market if the market accumulates successfully. Consider lowering your weighting if VN-Index breaks support at 1,240-1,250 points.

Category
Daily
Author
Phuc Nguyen
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