Friday, March 29, 2024 10:39:55 PM - Markets open
VN-INDEX 1,284.09 -6.09/-0.47%
HNX-INDEX 242.58 -1.33/-0.55%
UPCOM-INDEX 91.57 +0.09/+0.10%
VN-Index heading toward 1,400 points this week on bullish sentiment: analysts
Vietnam News - 6/14/2021 3:06:12 PM
 (0 ratings. You must sign in to rate.)
 Even though the stock market fell last week, analysts from securities firms said that investors’ bullish sentiment can continue to support the benchmark VN-Index reaching 1,400 points this week. 
 
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) closed last week at 1,351.74 points, recovering on the back of large-cap stocks. But for the week, the index still lost 0.5 per cent. 
 
On the Hà Nội Stock Exchange (HNX), the HNX-Index rose 1.72 per cent last Friday to 316.69 points. The index, however, slightly declined by 0.6 per cent for the week. 
 
After plummeting due to strong profit-taking activities earlier last week, the market rebounded later in the week as risk appetite increased. 
 
The market also received support from the improvement of the overload order problems and the comeback of foreign investors after net selling for eight consecutive sessions.
 
Analysts from MB Securities Corporation (MBS) said that the market was showing investors’ optimism. The positive sentiment would continue throughout this week, helping the market in the race to the 1,400 point-level. 
 
On the technical front, MBS thought that the strong recovery of the market in late sessions last week ended the correction period around 1,300 points, creating momentum for the market to enter a new rising wave.
 
“With the current strong rally, we think the market can head to the target of 1,400 points in the coming sessions,” MBS said.
 
SSI Securities Corporation (SSI) also expressed optimism. “The VN-Index followed a positive scenario once there was confirmation about the recoveries of large-cap stocks, as well as the even spread of cash inflows,” SSI said. 
 
“Therefore, there is the possibility that the VN-Index will continue to reach higher in the near future and head toward the target zone of 1,400 points.”
 
According to BOS Securities Corporation (BOS), technically, the market benchmark breached the resistance level of 1,350 points on strong demand, along with weaker selling pressure. This made some technical indicators reverse and showed positive signs in the short term. 
 
However, cash flow warned about the possibility of weaker demand in some coming sessions. The VN-Index is likely to maintain its rally and head back to its previous peak of 1,370 points this week. 
 
“Nevertheless, selling pressure is expected to increase during rallies, making the market face some more fluctuations,” BOS added. 
 
Meanwhile, Saigon - Hanoi Securities JSC (SHS) said that the market corrected after five straight weekly gains, but last week’s market liquidity remained at a high level with an average of nearly VNĐ31.3 trillion (US$1.36 billion) per session on both bourses, which showed relatively strong selling pressure.
 
SHS forecast that the market might see some corrections when selling pressure rises at the current level.
 
As the market corrected last week, most pillar stocks edged down. Of which, gas and oil stocks fell the most in market capitalisation, down 5.7 per cent. PetroViet Nam Coating JSC (PVCoating, PVB), PetroVietnam Oil Corporation (OIL), PetroVietnam Drilling & Well Services Corporation (PVD), Binh Son Refining and Petrochemical Company Limited (BSR) and PetroVietnam Technical Services Corporation (PVS) all posted losses of more than 5 per cent in market cap. 
 
They were followed by utilities and banking sectors, down 4.3 per cent and 3.8 per cent, respectively. 
 
Foreign investors were still net sellers last week as they net sold a value of VNĐ730 billion (US$32 million). But this amount was lower than that of the week before, which was nearly VNĐ6.2 trillion (US$267.8 million). VNS
 
Read original article here
 
Newer News
23/03 Shares sustain gains on strong investor confidence
20/03 Vietnamese securities companies race to boost capital amid high market demand
19/03 Large-caps pressured as increased profit-taking drives share decline
18/03 Market likely to be affected by Fed's meeting this week
18/03 Investors show strong interest in dividends at annual shareholders' meetings
15/03 VN-Index corrects, liquidity stays high
14/03 Stock Market Upgrade Journey: overcoming hurdles and reaching new heights
13/03 Market rebounds from cautious sentiment
12/03 Losses in bank stocks weigh on market sentiment
12/03 ETFs continue to see strong outflows of foreign capital
Older News
14/06 Companies' share issuance plans sometimes pressure 'small' investors
11/06 New stock trading system from RoK in trial run from next week
03/06 Stock market hits historic peaks
03/06 Over 1.9 bln USD raised through Govn’t bond auctions in May
01/06 Market will continue to breach new highs, but investors should be more cautious: experts
20/05 Shares jump on surging blue-chips, VN-30 Index reaches 1,400
14/05 Shares subside on late selling pressure
10/05 Foreign investors will soon return to Vietnam's stock market: HSBC
26/04 Seminar identifies high-growth sectors in stock market
20/04 Shares hit fresh peak on strong buying force
 
Newsletter Signup
Top Stories
Shares sustain gains on strong investor confidence
Banks given advantages to CASA ratio
Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
VN-Index corrects, liquidity stays high
Stock Market Upgrade Journey: overcoming hurdles and reaching new heights
Market Update
Last updated at 3:05:01 PM
VN-INDEX 1,284.09 -6.09/-0.47%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.