Market Trends: Some concerns are eased
- The green comeback in Vietnam stock market on Wednesday trading session thank to explosion of consumer goods, steel, and utility tickers.
- Ending the session, VN Index gained 6.13 points or +0.46% and closed at 1,345.83. Liquidity did not change much with the trading value reaching VND 19,190 bn or 692mn shares traded. Foreign investors reduced the scale of net selling to a modest amount of VND 13 bn.
- MSN (+6.94%), HPG (+2.58%) and GAS (+2.81%) were the three stocks that supported the VN Index's gain the most. Meanwhile, profit-taking pressure of HVN (-6.46%), along with correction of VCB (-1.22%) and VNM (-1.03%) had the most negative impact on VN Index.
- The key places such as Binh Duong and Ho Chi Minh city has launched roadmaps to reopen economy with three phases. That helped the market regain some confidence. However, there are still concerns about its effectiveness as the number of infections can still increase, causing the route to change. In general, the outlook for the market is still less clear as the quality of profits will be affected by the epidemic variable. However, some industry groups can benefit from the reopening plan, such as retail, consumer consumption and utilities, showing signs of recovery.
- In term of technical view, VN Index still showing that investors are retesting the short-term downtrend line, the cash flow is turning round groups. Similarly, RSI and MACD are retesting their own downtrend line as well. If these resistances were broken out, we think the index might move up and form a new uptrend. On the contrary, the index might return to test the nearest support level at MA100.
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