Market Trends: No rush to bottom-fish
- Vietnam stock market started the new week with a strong correction that erased all gains recovered from last week's fire sale and red covered over almost industries.
- Ending session, VN-Index evaporated 26.18 points (-1.94%) and closed at 1,324.99 points. Liquidity improved as the trading value reached VND 21,787 bn, for 778mn shares traded. Foreign investors continued to be net sellers with an amount of VND 261 bn.
- Contributing the most to the bearish sentiment of VN Index including. In contrast, the transport and warehousing group plays a pivotal role in supporting the market. In which, VJC (+3.2%) took the lead, followed by VOS (+6.91%) and SVC (+6.39%).
- In general, the macro data as well as 3rd quarter earning results are coming, many investors are quire cautious in disbursing, especially in the period of lack of supporting information. Besides, the profit-taking pressure of bottom-fishing stocks in last week's sell-off might be a driver contributing to today (T+3) 's correction.
- Technically, VN-Index saw the second correction in a row and closed with a long red candle showing strong selling pressure. Besides, the index is temporarily dropping below MA100 but still above MA50, which is an important support level. If the index can recover in the next few sessions, there won't be anything to worry about.
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