Market Recap - Market resumed the correction
08/08/2024

Summary

Vietnamese stock market resumed the correction after a two-day rally. Cautious sentiment continued to haunt the investors as market lack of supportive catalyst as the positive earnings result started to fade out.

 

At the end of the trading session, VN-Index downed by 0.62% to 1,208 while HNX closed at 226 points, up by 1.22 points. However, the trading value slightly improved compared to yesterday but still at low level at VND16,744 billion. Meanwhile, foreign investors took its fourth consecutive net selling streak with the value at VND1,145 billion on the HOSE. In particular, top net sold tickers by foreign investors were VJC (-VND333 billion), VHM (-VND315 billion) and TCB (-VND213 billion).

▶ Technical perspective: In today's trading session, the market faced supply pressure with increased liquidity compared to the previous session. After increase to 1,220, VN-Index erased all the gain and close the market in red as selling pressure appeared. The market may continue to volatile as the index retests the MA200 and the 1,200 point threshold. The current support and resistance levels are 1,175 and 1,240, respectively. With a positive scenario, the market will stay around the MA200 and there will be an explosive session and a confirmation of a trend reversal.

Strategy: Investors continue to observe the market's reaction at 1,170 - 1,200, waiting for the market to establish a new equilibrium price zone. A new buying point may appear when the market sideway and recover to cross above the EMA 200, corresponding to the 1,225. However, investors should only enter the market with a low proportion because the 1,240 zone is a relatively strong resistance zone.

Category
Daily
Author
Nien Nguyen
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