VN-Index is returning to growth trend
After recent sessions of steady increase, the market on August 21 traded in a tug-of-war in the morning, and in the afternoon session, with the pull from the banking group's pillar stocks, VN-Index continued to increase for the 4th consecutive session with +11.5 points (+0.9%) to 1,284.05 points. HNX-Index closed at 238.42 points (+1.11 points, equivalent to +0.47%). Market breadth was tilted towards the buying side with 170 stocks increasing in price, 152 stocks increasing in price, and 52 stocks decreasing in price at HOSE. HNX traded with 91 stocks increasing in price, 59 stocks decreasing in price, and 64 stocks decreasing in price.
Liquidity on both exchanges decreased compared to the previous trading session when the matched volume was -7.4% at HOSE and -18.3% at HNX. The most active industry group contributing to the market's increase today was Banking with codes CTG (+3.01%), VCB (+2.2%), BID (+2.95%), MBB (+2.06%)... In addition, some other industries also had impressive developments such as Retail, Steel, Public Investment traded in green.
Notably, in the session of August 21, some other industries witnessed many codes with interwoven differentiation such as Real Estate with VHM (+0.89%), PDR (+2.69%), NTL (+1.02%) but DIG (-2%), HDG (-1.22%)... The Food and Beverage industry group adjusted with MSN (-0.13%), VNM (-0.4%), SAB (-1.03%), DBC (-0.35%)... The majority of stocks in the Tourism and Entertainment industry had a red trading session, specifically VJC (-0.47%), HVN (-0.68%), SKG (-0.78%), HRT (-2.42%), HHG (-5.41%)...
According to experts from Saigon - Hanoi Securities Company (SHS), in the short term, VN-Index is returning to an uptrend, surpassing the nearest resistance zone around 1,280 points to continue to retest the old peak price zone around 1,300 points. This is a very strong resistance zone that, after many times aiming for in March, June and July 2024, has been under strong correction pressure. The positive points are the pressure of low-priced stocks, low T+2 to accounts, the market's rotational recovery and increase in points in groups of codes, leading to many short-term buying positions with good profit potential. VN-Index is maintaining in the price range of 1,280 points -1,300 points, the nearest support zone is around 1,280 points, stronger support is 1,255 points -1,260 points. VN-Index may continue to move towards a very strong resistance zone around 1,300 points, possibly expanding to the 1,320 point zone corresponding to the highest price zone in June 2022.
After the VN-Index surpassed the 1,250-point price zone, the mid-term trend of the VN-Index improved, accumulating positively in the 1,250-1,255-point to 1,300-point zone, expanding to 1,320 points. Of which, 1,255 points is the highest price zone in 2023, 1,300 points - 1,320 points are very strong resistance zones, the peak price in June-August 2022 and the peak price in the first months of 2024.
“In the short term, the market is quite positive when demand increases well, rotation recovers positively in many codes/code groups, opening up many opportunities to increase and expand the portfolio well. Short-term and medium-term investors maintain a reasonable proportion, can consider increasing and expanding the portfolio. Investors can expand the portfolio to monitor disbursement, but should not chase buying when VN-Index continues to move towards the 1,280 - 1,300 point range. Because the market will gradually differentiate in this price range and this is not an attractive price range, when VN-INDEX has always been under strong correction pressure before,” said the SHS expert.
VN-Index may soon move towards the resistance level of 1,298 points
According to the analysis team of ASEAN Securities Company (ASEANSC), the market continues to return to the old peak when large-cap stocks show their leading role. The VN-Index moves deeper into the 1,280-1,300 point range with a stronger tug-of-war as the index of large-cap industry groups still has a good trend foundation with the leading momentum from the Banking group.
“In addition to the risk of profit-taking pressure at the peak, investors need to pay attention to potential risks from the world market when Dow Jones encounters difficulties at the historical peak, along with forecasts of a weakening US economy that could impact the short-term psychology of domestic investors. Investors should maintain their achievements, closely follow short-term developments and restructure into stocks with technical price support factors,” ASEANSC experts noted.
Meanwhile, experts from Yuanta Vietnam Securities Company (YSVN) believe that the market may continue to increase and the VN-Index may soon reach the resistance level of 1,298 points. However, short-term technical indicators have increased to the overbought zone, so the market may experience corrections in the coming trading sessions and investors should still limit chasing purchases at strong increases. In addition, short-term sentiment indicators continue to increase, but cash flow is mainly focused on large-cap stocks, so short-term risks remain low as investors have not yet fallen into a state of excessive optimism.
“The short-term trend of the general market remains bullish. Therefore, short-term investors can continue to take advantage of the correction to increase their stock holdings and make new purchases,” YSVN experts recommended.
►Some stocks to watch on August 22
Source: https://vov.vn/thi-truong/chung-khoan/nhan-dinh-chung-khoan-228-vn-index-co-the-som-tien-ve-muc-khang-cu-1298-diem-post1115932.vov
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