Vietnam Insight

▶ VN-Index posted a third consecutive rally session and heading to a month high level. The green covered the whole index with increasing liquidity as cooled down exchange rate buoy market sentiment.

▶ At the end of the trading session, VN-Index closed at 1,272, up by 0.85% while HNX closed at 237 points, slightly increased by 0.55%. The trading value was ticked up to VND19,016 billion. Meanwhile, foreign investors swing to net buying with the value at VND309 billion on the HOSE. In particular, top net bought tickers by foreign investors were VCB (+VND157 billion), FPT (+VND128 billion) and MWG (+VND98 billion).

▶ Technical perspective: VN-Index opened a gap for the third consecutive sessions, accelerating strongly to the 1275 zone with the lead of real estate stocks. Near the end of the session, the market witnessed selling pressure when approaching the resistance zone of 1280 as the market had failed to cross above 1280 - 1320 many times this year. As a result, the market will see a strong volatile in next few trading session as the market will retest the strong resistance level of 1280. In case it fail to break through, the market will correct and back to the support level of 1250 - 1270.

Strategy: Investors continue to observe the market's movement and wait for the market to create a new equilibrium price zone. Investors should only participate with a low proportion because the 1,250 zone is a relatively strong resistance zone.