Periodic Reports | Market Trends: Balancing expectations

Market Trends: Balancing expectations

13/09/2021

Summary

Vietnam stock market started the new week not so favorably, when having a slightly correction due to strong sell from Mi Cap tickers and the drop of banking group.

At the end, VN Index lost 3.88 points, or -0.29% and closed at 1,341.43 points. Liquidity was improved as the trading value edged up to VND23,110 bn, equivalent to 775mn shares traded. Meanwhile, foreign investors continued to net withdraw VND 431bn.

GVR (-4.07%), VCB (-1.11%) and HPG (-1.36%) are the stocks taking away the VN Index the most. On the contrary, beverage and retail were two groups with impressive gain. SAB (+6.67%) and MWG (+5.13%) stood out and help the index narrow the losses, followed by VIC (+0.77%).

Despite of having yet an official decision, Ho Chi Minh City has provided a preliminary roadmap to reopen starting from Sep 15th. Although the timeline is slower than expected, the plan still showed reasonableness of promoting prudence and publicity for people and businesses to prepare a plan to restart their jobs. The new made investor reacted differently as many closed their position, while other took out cash to absorb the selling at low price. Thus, Sideways trend probably will be the main direction next.

Technically, VN Index did not change much as it struggled around MA50 level. The MACD still showed a buy signal as it is above 0. The RSI are recovering and is close to the short-term downward trend since March. Liquidity was only the highlight of the day when rebounding above 20 days average level. To sum up, we think that market is still in accumulation phase while waiting for catalyst about the new normal progress.

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