Market Recap - Post-holiday correction
04/09/2024

Summary

▶ On Wednesday's trading session, the market had a strong correction right from the beginning of the day after the investors having a long holiday period. The unfavorable conditions of the international market led to negative sentiment in the domestic market. Market volume recorded approximately the 20-day-average volume.

▶ At the end of the trading session, the VN-Index decreased by 8.07 points (-0.63%), reaching 1,275.80 points; the HNX-Index decreased by 1.42 points (-0.60%), reaching 236.14 points. Market volume reached VND 15.72 trillion, equivalent to about 648.4 million shares traded. Foreign investors were net sold of VND 774.8 billion, mainly focusing in DGC, HPG, VPB.

▶ Technical perspective: After a tug-of-war, VN-Index recorded a correction session after the holiday. The index decreased by 8 points and volume remained around the 20-session average, showing that selling pressure is not yet strong enough to create risks. Most of the pressure today came from the VN30 group, while the Midcap group, especially real estate, has maintained green vibe. After 7 sessions of accumulation and not breaking the 1300 resistance area, in the coming sessions, VN-Index is likely to experience fluctuations to refresh cash flow and accumulate momentum for the next increase. The market trend is likely to fluctuate around the 1270-1280 area this week. The strong support area is around 1260 points.

Strategy: Investors wait for corrections and rebounds at the support zone of 1,240 - 1,250 to buy new. It is recommended that investors prioritize holding and observing to wait for a suitable buying time.

Category
Daily
Author
Phuc Nguyen
Details

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