Market Trends: Keep moving forward
- Vietnam stock market started Tuesday's session quite favorably as it continued to break out. However, the index seems to encounter the first resistance level and narrows the raise latterly.
- At the end, VN Index increased slightly by 0.71 points, or +0.05% and closed at 1,394.80. Liquidity was still maintained at the average of 20 sessions as the trading value reached VND 22,191 bn, for 742mn shares traded. Foreign reversed to a modest net selling of VND 42 bn.
- Contributing to support and help VN Index save the green was thanks to the gain of VIC (+1.09%), MWG (+2.01%) and DGC (+5.4%). Meanwhile, banking group's slowing down, in which giant VCB (-0.51%) corrected impacting on the index the most along with MSN (-1.02%) and NVL (-0.96%).
- In general, the uptrend was narrowed due to the negative impact of banking and securities stocks. In addition, taking profits partly after a series of gaining sessions is inevitable. Besides the recovery was maintained, there is a strong divergence among industry groups. Petroleum, chemical and logistics stocks are outperforming other.
- Technically, VN-Index seems to find the first resistance level after consecutive gains at the area near 1,400 level. The MACD and RSI still maintain positive signals, so the possibility of upside is still high. The index's target is still the historic peak in July at 1,420 level.
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