Stock market soars on September 27, investors worry about being "trapped"
In recent trading sessions, VN-Index has become one of the fastest-decreasing indices in the Asian market. However, in the September 27 stock market session, the opposite happened, VN-Index increased the most in Asia.
After many consecutive sessions of deep decline with a loss of 90 points, VN-Index opened the stock market session on September 27 with investors' worries. Therefore, the market fluctuated quite strongly, the green color quickly disappeared. Instead, red covered the electronic trading board. By 11am, VN-Index hit "bottom".
After the lunch break, red continued to dominate. But before ATC, bottom-fishing demand suddenly appeared quite strongly, helping green return.
Stocks on September 27 rose after a series of shocking declines, but investors are still worried about being "trapped". Illustrative photo
At the close of the September 27 stock market session, VN-Index increased by 15.89 points, equivalent to 1.4% to 1,153.85 points; VN30-Index increased by 15.23 points, equivalent to 1.32% to 1,168.6 USD/ounce. The number of stocks increasing in price (308 stocks) was much higher than the number of stocks decreasing in price (191 stocks).
There were two cash-attracting stocks in the September 27 session. They were stocks and oil and gas. The stock of the “big brother” of the securities industry, SSI, almost hit the ceiling when it increased by VND2,100/share, equivalent to 6.8% to VND33,000/share.
While SSI just barely closed the September 27 stock market session in purple, many stock codes successfully hit the ceiling. AGR increased by VND1,100/share to VND17,300/share; BSI increased by VND2,500/share to VND38,900/share; CTS increased by VND1,850/share to VND28,850/share. MBS increased by VND2,000/share to VND22,700/share,...
It can be seen that the stock market on September 27th rose after a series of shocking declines. However, the “joy was not complete” when the VN-Index increased sharply but liquidity decreased sharply. Only 860 million shares, equivalent to 18,193 billion VND, were successfully traded. Therefore, investors are worried that this will be a bull-trap.
VCBS Securities Company believes that VN-Index will likely have a short recovery after 4 consecutive sessions of strong decline. With the current situation, if demand is maintained, VN-Index can recover and reach the 1,170 - 1,175 point area.
“We recommend that investors with a high cash ratio consider short-term trading in stocks in sectors such as securities and real estate. For investors who still have a high stock ratio, they can take advantage of the uptrend sessions to restructure and reduce their portfolio,” VCBS recommends.
Asian stocks “revenge”
Asia-Pacific markets turned positive as investors assessed Chinese industrial data and Australian August inflation figures.
Australia's weighted inflation rate rose 5.2% year-on-year in August, in line with expectations from economists polled by Reuters, while headline inflation stood at 5.5%.
Australia's S&P/ASX 200 index was the only major index in negative territory, down 0.11% to end at 7,030.3.
Japan's Nikkei 225 recovered to close up 0.18% at 32,371.9 and the Topix gained 0.32% to end at 2,379.53.
South Korea's Kospi index gained in the afternoon session and ended slightly higher at 2,465.07, while the Kosdaq gained 1.59% to end an eight-day losing streak at 841.02.
Hong Kong's Hang Seng index rose 0.7% in the final hour, reversing losses from Tuesday, while the mainland's CSI 300 index also inched up 0.21% to close at 3,700.5.
In the US, all three major indexes sold off after the latest home sales and consumer confidence reports raised concerns about the state of the US economy.
The Dow lost 1.14% and closed below its 200-day moving average for the first time since May. The S&P 500 fell 1.47%, closing below 4,300 for the first time since June 9, while the Nasdaq Composite fell 1.57%.
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