VN-Index improves, grows with the nearest support zone around 1,265 points
After the fund restructuring session last weekend, the market opened in the green on the morning of September 23 and the VN-Index continued to approach the 1,280-point zone. However, weak demand then caused the index to trade around the reference level and close down -3.56 points (-0.28%) at 1,268.48 points. The HNX-Index closed at 233.38 points (-0.92 points, equivalent to -0.39%). The market breadth was tilted towards the selling side with 194 stocks decreasing in price, 115 stocks increasing in price, and 55 stocks at the reference level at HOSE. HNX traded with 86 stocks decreasing in price, while 67 stocks were reference and decreasing in price. Liquidity on both exchanges decreased sharply compared to the previous trading session when the matched volume was -45.83% at HOSE and -47.54% at HNX.
The trading performance of the Banking group of stocks on September 23 was differentiated as follows: VPB (+0.26%), MBB (+0.20%), TPB (+1.11%), LPB (+0.64%), only ACB and EIB were reference (0%), while TCB (-0.85%), MSB (-0.87%), SSB (-3.63%)... The most active industry group contributing to the market's increase on September 23 was Insurance with codes BVH (+1.62%), BHI (+14.71%), BIC (+0.16%), PRE (+1.10%)... In addition, some other groups of stocks also had positive developments such as the group of stocks benefiting from Public Investment, Food and Beverage with MCH (+1.98%), QNS (+2.06%), VNM (+0.28%), LSS (+4.10%), NAF (+6.77%)... The Securities group of stocks also traded quite actively with BSI (+0.93%), MBS (+1.76%), VIX (+0.89%) and SSI (+1.40%) with information on the last registration date to pay 2023 cash dividends (VND 1,000/share) along with bonus shares at a ratio of 100:20 and the right to purchase additional issuance at a ratio of 100:10, (price VND 15,000/share).
According to experts from Saigon - Hanoi Securities Company (SHS), in the short term, VN-Index is expected to have tested the support zone around 1,250 points. In the short term, VN-Index is expected to improve and grow with the nearest support zone around 1,265 points, corresponding to the average price of short-term price lines as well as the current 20-week average price. In the positive case of low selling pressure and good demand increase in the coming sessions, VN-Index is expected to continue to test the price zone of 1,280 points - 1,300 points, corresponding to the trend line connecting the highest price zones in June - August 2024.
In the medium term, VN-Index is accumulating positively in the range of 1,250 points to 1,300 points, expanding to 1,320 points. This is the upper half of the price channel of more than 1,180 points - 1,200 points to 1,300 points - 1,320 points that has lasted since the beginning of the year. With the current development, VN-Index continues to accumulate in the price range of 1,250 points to 1,300 points and is expected to surpass the price range of 1,300 points to move towards price ranges higher than 1,320 points in the fourth quarter of 2024. Of which, 1,250 points is the highest price zone in 2023, 1,300 points - 1,320 points are very strong resistance zones, peak prices in June-August 2022 and peak prices in the first months of 2024. Meanwhile, VN30 has strong resistance at 1,340 points and 1,350 points, corresponding to peak prices in June 2024 and June 2022. It should be noted that the market can only overcome these peak and strong resistance zones when there are good macro support factors and outstanding business growth results. This depends largely on large-cap stocks and banks.
“In the short term, the VN-Index's relatively reasonable price range is around 1,250 points. Investors should not chase the VN-Index when it is in the 1,280 - 1,300 point range. The market is also gradually entering the end of the third quarter of 2024, buying positions need to be based on business results. Investors should maintain a reasonable proportion, investment targets are aimed at leading stocks, good fundamentals, good growth in the second quarter, and positive growth prospects for the third quarter,” said an SHS expert.
VN-Index will have alternating up and down sessions to retest the 1,260 - 1,270 point zone.
According to the analysis team of ASEAN Securities Company (ASEANSC), the general market sentiment returned to a cautious level through a sudden decrease in liquidity compared to the previous trading session and then closed near the session's lowest level. The bright spot was that foreign investors took advantage of the net purchase of 200 billion during the session, especially still buying VNDiamond fund certificates very strongly. In addition, the stock groups did not perform too badly, most of the fluctuations were at a low level, not creating much psychological pressure.
“The current market situation is not too negative, however, investors should pay attention to potential risks that may come from weak information in the world market. Short-term transactions should be carried out carefully. We still appreciate the market in the medium and long term, so investors continue to hold a stable proportion, proactively maintain cash to be ready to trade when large stocks are discounted,” ASEANSC experts noted.
Experts from Agribank Securities Company (Agriseco) assessed that on the technical chart, VN-Index fluctuated and adjusted but retreated at the end of the session and maintained a close above the 20-day MA. Agriseco Research believes that the decline was relatively healthy and the market still has a chance to move up to the 1,300 zone. In the coming sessions, VN-Index will have alternating up and down sessions to retest the 1,260 - 1,270 point zone. The 1,263 mark and further around 1,255 points are expected to be reliable support points where new demand is ready to participate.
“Investors should restructure and reduce the proportion of stocks that have achieved short-term trading performance or have increased less than the market. Investors should prioritize waiting for new disbursement opportunities when the market creates balance at the above support zone with the banking and securities groups,” Agriseco experts recommended.
► Some stocks to watch on September 24
Source: https://vov.vn/thi-truong/chung-khoan/nhan-dinh-chung-khoan-249-vn-index-tang-truong-voi-vung-ho-tro-gan-nhat-quanh-1265-diem-post1123520.vov
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