Vietnam Insight

▶ VN-Index continued to struggle as heading to the key resistance level of 1,280 – 1,300. Market sentiment remained cautious as investors stayed in the sideline ahead of the holidays.

▶ At the end of the trading session, VN-Index advanced by 0.07% to 1,281 while HNX-Index stood at 238. The trading value was at VND16,189 billion. Meanwhile, foreign investors took the sixth consecutive net selling day, however the sold value narrow to VND126 billion on the HOSE. In particular, HPG (-VND 186billion),  HSG (-VND73 billion) and VHM (-VND52 billion) were the top sold tickers.

▶ Technical perspective: The cautious sentiment continued to appear in the trading session. VN-Index traded in narrow range with total turnovers decreasing to the average rate. The market is in a lack of fresh catalyst as business results and FED decision already priced in. Investors should observe market movement in the coming time to take appropriate actions. If the market maintains low-average liquidity in the down sessions and buying power appears with increased liquidity in the up sessions (ideally if VN-Index can break out to 1,300 with improved liquidity), investors can confidently increase their positions. On the contrary, if liquidity increases sharply, the range is wide in the down session and loses the support level of 1,250 points, investors can consider reducing the proportion to manage risk.

Strategy: Investors waiting for corrections and rebounds at the support zone of 1,240 - 1,250 can buy new. Selling pressure at the 1,280 zone begins to appear as the price increases, so investors are advised not to buy but to prioritize holding and observing.