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Market may see more corrections this week: experts

HÀ NỘI — Việt Nam’s stock market continued to recover last week with improved liquidity and strong inflows from foreign investments. However, as the benchmark VN-Index struggled at the resistance level of  一, 三 五0 points and fell in the last session, many securities firms have to take a more cautious view on the market this week. 

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed last week at  一, 三 四 一. 四 五 points, marking the first fall in two weeks. Meanwhile, the HNX-Index on the Hà Nội Stock Exchange (HNX) was stable at  三 二 五. 四 六 points. 

For the week, the VN-Index still gained  二. 一 per cent, while the HNX-Index rose by  三. 三 per cent. 

The market liquidity on both exchanges was higher than the week before, but still lower than the  二0-day moving average. The average liquidity was VNĐ 二 三. 八 trillion (US$ 一.0 三 billion) per session. 

Trading value on HOSE climbed by  二 一 per cent to VNĐ 一0 二. 七 trillion, equivalent to an increase of  二 五. 七 per cent in volume to over  三. 二 billion shares, while the trading value on HNX inched  五 三. 六 per cent higher to VNĐ 一 六. 七 trillion, equivalent to an increase of  五0. 二 per cent in volume to  六 六 八 million shares.

According to Viet Dragon Securities Corporation (VDSC), the market benchmark still couldn’t break over the resistance level of ​​ 一, 三 五0 points in the last trading session of the week and dropped slightly. The liquidity in this session increased compared to previous sessions and was higher than the average of the last  五0 sessions, showing that investors were taking advantage of the rapid recovery to take profits in the short-term.

The VN-Index is expected to continue to struggle at the resistance level and may correct. However, the correction, if any, is only for rebalancing the market after completing the recovery, the securities firm added.

Therefore, investors should temporarily rebalance their portfolios and take profits on stocks that are under great resistance. At the same time, investors should seek investment opportunities to disburse when the market is balanced and stable again, VDSC reco妹妹ended. 

Meanwhile, Mirae Asset Securities Việt Nam said that investors' bullish sentiment was reflected in a series of four consecutive gaining sessions at the beginning of last week. 

In the last session, the VN-Index touched the threshold of  一, 三 五0 points in the early session with the positive market breadth. However, selling pressure, which suddenly surged in the afternoon session, dragged the benchmark away from this important resistance level. 

During the week, foreign investors flocked back to the market as they net bought in all five sessions with a total value of more than VNĐ 二. 四 trillion. Of which, Vinhomes JSC (VHM) was in first place in the net buying list with a value of nearly VNĐ 一 trillion, far ahead of the second and third positions of Sacombank (STB) and SSI Securities Corporation (SSI) with a value of VNĐ 六0 二 billion and VNĐ 五 二 二 billion, respectively. 

On the net selling front, Vingroup JSC (VIC) witnessed the largest net sell value of VNĐ 三 四0 billion.

Mirae Asset said that after recovery of nearly  一 二0 points in three weeks, the VN-Index is facing short-term resistance at  一, 三 五0 points. Next week, the market is likely to be under short-term correcting pressure and the nearest support level is  一, 三00 -  一, 三 一0 points.

According to Vietcombank Securities Company (VCBS), the benchmark has recovered significantly from the short-term bottom of  一, 二 五0 points, even amid the uncertainties of the international financial market and complicated developments of the fourth COVID- 一 九 outbreak in Việt Nam. 

“The index will continue to move in a range of  一, 三00 -  一, 三 五0 points in the next few weeks. And the closest resistance level in the near future is  一, 三 五0 points,” VCBS said. 

The securities firm reco妹妹ends short-term investors can consider taking profits of some stocks that have achieved expected profits, and at the same time switch to holding mid-cap stocks that not yet jumped strongly in the previous period.

Meanwhile, long-term investors can take advantage of the corrections to continue to accumulate target stocks with positive growth outlooks and healthy financial foundations in  二0 二 一.

Taking a more optimistic view, Bank for Investment Development of Vietnam Securities Company said that the correction of last week will not affect the market’s rally trend to  一, 三 五0 -  一, 三 八0 points this week. 

Last week, the market’s recovery helped all stock groups gain points. 

Data compiled by Saigon - Hanoi Securities JSC (SHS) showed that real estate stocks rose strongly with pillar stocks such as Novaland (VNL), Vinhomes JSC (VHM) and Vingroup JSC (VIC) up more than  三 per cent. 

Stocks of securities companies, aviation stocks and information technology stocks also recorded big gains in a range of 0. 九 -  九. 二 per cent. VNS