Market Trends: Spinning move
- The comeback of blue chips, mainly banking tickers, was still not enough to save green for VN Index in the first trading session of the week.
- At the end, VN Index dropped 2.16 points, or -0.16% and closed at 1,350.48 points. Liquidity returned as trading value was above 20 session average, VND 24,533bn, equivalent to 730mn shares traded. Surprisingly, foreign investors turned back to be net buyers, value was modest at VND 54.57 bn.
- GAS (-3.37%), GVR (-2.98%) and VHM (-1.6%) were the stocks having the most negative impact on the VN Index. Meanwhile, the bullish sentiments of VCB (+2.47%), VNM (+2.54%), and VIB (+6.94%) could not help the index stay in green.
- In general, the market has not been able to break out completely from the sideways trend in the recent past 2 weeks. The fact that the index gained strongly in the morning session but lost its momentum in the afternoon session was due to the pressure of profit-taking in small and medium-caps while large-caps slow down. Besides, the reversal also shows that the psychology among investors is still cautious and quite polarized.
- Technically, VN Index had a minor correction and tended to retest the short-term downward trendline (formed from July 2021), and this is also the nearest support level if there is a correction. The highlight of today's session was that the trading volume was maintained above the 20-session average. In addition, both the MACD and the RSI have completely crossed the short-term downtrend line. Therefore, the outlook of VN Index is still positive.
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