Vietnam Insight

▶ On Thursday's trading session, the market continued to be under pressure from overwhelming selling side, causing the red vibe to spread in most industry groups. However, bottom-fishing demand towards Large Cap stocks increased at the end of the session, helping the market quickly return to balance. Market volume remained above the 20-session average.

▶ At the end of the trading session, VN-Index decreased 6.32 points (-0.50%), reaching 1,266.32 points; HNX-Index decreased 0.14 points (-0.06%), reaching 244.01 points. Market volume reached VND 25.85 trillion, equivalent to about 1,050.6 million shares traded. Foreign investors were net sold of VND 1,352.9 billion, focusing mainly on MBB, FPT, and VND.

▶ Technical perspective: VN-Index was under pressure from selling side, causing the index to plummet more than 20 points to the 1,255 point area. At this support area, buying demand appeared, helping the index regain most of its previous decline. Market movement is still consistent with our short-term assessment. In base case, VN-Index continues to maintain within the range 1,230-1,280 points with a cautious and tense mentality of both buyers and sellers. In positive case, if VN-Index rises above the 1,280-1,300 range, it will be a good buying signal. VN-Index is trading above EMA50, showing that the main trend in the medium and long term is still an upward trend.

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.