Vietnam Insight

▶ In the trading session on Thursday, the market was flooded with red, with a major impact from the Banking and Real Estate stocks (VHM, STB, TCB). In the afternoon session, selling pressure was more intense, accompanied by soaring liquidity; caused the VN-Index to break through the short-term bottom in early October (1,270 points).

▶ At the end of the trading session, the VN-Index decreased by 13.49 points (-1.06%), reaching 1,257.41 points; the HNX-Index decreased by 1.81 points (-0.80%), reaching 224.69 points. Market liquidity reached 15.9 trillion VND, equivalent to about 573.1 million shares traded. Foreign investors net sold 234.17 billion VND, mainly concentrated in HPG, VRE and STB.

▶ Technical perspective: After yesterday's stagnant session, the VN-Index today lost the basic support level MA50, decreased by more than 13 points and closed at 1,257 points. The main pressure of the market comes from VN30 stocks and some banking stocks. Volume remains low, showing that selling pressure only appears locally in some pillar stocks. The short-term trend is a downtrend with the nearest support level on the daily chart around the MA100 - 1250 area. With the intense selling pressure in the afternoon session, in the coming sessions, the index will likely return to test the 1,240-1,250 area to find a new balance.

Strategy: Investors should maintain a holding position while the market is still in a sideways state. Buying recommendations should wait for the market to move towards the 1,270 area and have a tendency to rebound or wait for it to surpass 1,300.