Market Trends: Commodities went North, banking headed South
- Vietnam stock market started the new week quite well as it stil kept the green thank to almost sectors gain. In contrast, banking stocks put a heavy weight on VN Index.
- At the end, VN Index gained 4.65 points (+0.35%) and closed at 1,339 points. Liquidity was maintained at 20 sessions average level with a trading value of VND 22,880 bn, equivalent to 736 mn shares traded. Foreign investors continued to be net sell VND 342 bn.
- The steel giant, HPG (+3.93%) led the group contributing the most to the VN Index, followed by GAS (+0.48%) and GVR (+2.77%). On the contrary, banking tickers corrected and hold the index back. In which, VCB (-1.36%), CTG (-3.53%) and VPB (-1.41%) had the most negative impact.
- There is a fact that banking stocks supply is increasing as stock dividends of this group, which are eligible for trading, are increasing. In addition, the current reports showed potential jump in nonperforming loan ratio. Those are negative impacts on this group and restrained the Index as well.
- Technically, VN Index continues to accumulate in a sideways trend forming a pennant with a narrower tail, showing that the accumulation is nearing the end, therefore we think VN Index likely break from the pattern soon. With a positive outlook on the reopening, we are still leaning towards the uptrend for the VN Index in upcoming sessions.
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