VN Index slowed down in the first trading session of the week as facing a minor correction after an impressive rally due to selling pressure of large cap tickers.
At the close, VN Index fell to 1,438.97 equivalent with - 5.3 points or -0.37%. Market liquidity continued to explode when turnover reached VND 33,700 bn, or 1,132mn shares traded. Foreign investors turned to a net selling of more than VND 1,265 bn, the focus was on HPG (-2.45%).
Within the VN 30 basket, selling pressure of MSN (-3.58%), HPG (- 2.45%) and GAS (-2.57%) had the most negative impact on the index. Meanwhile, the gain of the top stocks that contributed to VN Index like CTG (2.22%), DIG (+6.88%) and VCI (+6.08%) could not help the index protect the score.
Agro-forestry-fishery outperformed the others with+5.58% gains, some notable stocks included HAG (+6.69%), HNG (+4.8%).
After winning streaks, VN-Index witnessed a strong profit-taking pressure at the resistance level of 1,450. Besides, the RSI is temporarily showed the overbought signal. Thus, the adjustment is understandable. If VN Index continues to correct, 1.420 level is the nearest support level. From a fundamental perspective, October's PMI (52.1) shows a strong recovery prospect of Vietnam's economy.
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