Vietnam stock market continued to maintain sideway movement series on the first trading session of the week. It started quite favorably, but lost momentum at the end as some large cap stocks reversed to decline.
At the end, VN Index dropped 3.84 points, equivalent to -0.28% and closed at 1,385.40 points. Liquidity was the only bright spot of the day when trading value increased significantly, reaching VND 27,098 bn, or 899mn shares traded. Foreign investors continued to be net sellers with a value of up to VND1,184 bn.
Selling pressure on the steel giant, HPG (-2.82%) along with banking stocks TCB (-2.68%), VPB (-0.54%) caused VN Index reverse. Meanwhile, GVR (+2.61%), VHM (-0.64%) and BVH (- 6.97%) were the stocks that had the most positive influence on the index.
In general, the divergence of large-cap stocks is the main reason that VN-Index has not been able to break out, the groups that are usually key pillars such as banks and steel facing strong selling pressure, while the increase of the remaining large-cap stocks were not strong enough to save green for the index. Technically, VN-Index was still at the accumulation phase as the index could not break out of 1,400 level and stay above the support line of 1,380. The MACD and RSI indicators show a minor correction when the MACD line retreats to the signal line and the RSI corrects from 80 to nearly 60.
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