Market Recap - Since then, the market shines bright
17/09/2024

Summary

▶ On Tuesday's trading session, the market remained sideways with low volume in the morning session. However, many Large cap stocks started to increase, spreading the green vibe in most industry groups, helping to improve volume and pulling up the market's strong growth momentum at the end of the session.

▶ At the end of the trading session, the VN-Index increased by 19.69 points (+1.59%), reaching 1,258.95 points; the HNX-Index increased by 1.46 points (+0.63%), reaching 232.30 points. Market volume reached VND13.5 trillion, equivalent to about 632.2 million shares traded. Foreign investors were net bought of VND 524.8 billion, mainly concentrated in VHM, FPT, SSI.

▶ Technical perspective: After a series of low volume and many consecutive adjustments, VN-Index saw bottom-fishing at the end of the trading session. Selling pressure dried up and buying pressure appeared at the support level of 1,240 points, helping VN-Index rebound nearly 20 points. The strong recovery right at the price level that witnessed the volume explosion in mid-August 2024 is a positive signal for the market in the coming time. We expect the positive performance of the index during the session to attract investors who are on the sidelines and volume to improve along with the upward trend of the index. However, if market volume continues to remain low and the VN-Index fails to surpass 1,300 points, the index will trade in a wide range of 1,250-1,300 points.

Strategy: Investors should increase their positions at the price range of 1,260-1,270 points and consider further disbursement if the VN-Index surpasses 1,300 points with improved liquidity. The Fed meeting and the expectation of interest rate cuts will be notable events in September.

Category
Daily
Author
Phuc Nguyen
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