Investors remained cautious due to the current serious Covid-19 situation.
While the benchmark Vn-Index had been on the rise for four consecutive trading sessions before the national holiday to 1,334.65, up 1.63% against the previous week, securities companies shared the view that the index may struggle to surpass the 1,350-mark this week.
Investor at a securities company. Photo: Cong Hung |
Liquidity stayed below the average of the past 20 sessions at VND24.3 trillion (US$1.07 billion), which showed investors continue to be cautious amid the serious Covid-19 situation and foreign investors keep their net selling position of over VND7 trillion ($307.7 million) in August.
SHS Securities Company noted the Vn-Index may go through a correction phase in case it could not overcome the nearest resistance zone of 1,335-1,340.
“Investors holding a large number of shares may consider selling part of their holdings when the market is at recovering phases, while those have already done so should continue to observe the market situation,” stated SHS.
SSI Research also shared the view as saying the market is still facing the risk of going down since losing the 1,340-mark, while Yuanta Securities suggested the 1,340-1,345 range would test the market resolve at the moment.
“The market is set to go sideways this week as there is no clear sign of the market trend,” Yuanta noted.
MBS Securities Company, meanwhile, noted mid-cap stocks continue to attract a significant amount of capital inflows. “Given the current optimistic on mid-cap stocks, investors could consider buying in shares from firms with a good financial situation,” it added.
With a more positive view of the market, Agribank Securities Company (Agribank) expected the Vn-Index to move around 1,350 in the coming sessions. In this regard, the firm suggested investors purchase stocks from major firms in logistics, banking, real estate, industrial property, and lower their stock holding that has reached the profit target.
Vietcombank Securities Company (VCBS) noted in short term, investors could sell stocks that have been growing strong over the past months, including from banks, petroleum.
“In mid-and long-term, however, investors should refrain from using financial leverage and choose stocks carefully when the Vn-Index is fast approaching the 1,350 marks,” he added.
Vietnam’s stock market in August recorded all-time high liquidity of VND38 trillion ($1.67 billion) on August 20 with nearly 1.2 billion shares changing hands. During the last month, a total number of shares in transaction stood at 15.47 billion for a total of VND506.7 trillion ($22.2 billion), averaging VND703.3 million shares for VND23 trillion ($1 billion) per trading session, representing an increase of 13.95% in value and 16.63% in volume against the past month. Foreign investors in August contributed 6.61% of the total transaction value with VND67 trillion ($3 billion), but remained net sellers with VND6.3 trillion ($277 million), accumulating a net sale value of VND36.7 trillion ($1.6 billion) on the Ho Chi Minh City Stock Exchange for the eight-month period. |
Other News
- HoSE to launch KRX-developed transaction system in early May
- Central bank moves gold auction to tomorrow
- Vietnam’s c.bank sells USD to stabilize exchange rate
- Central bank to auction gold to calm domestic market
- Vietnam's Central Bank ready to steady foreign exchange market
- Finance ministry clears bottlenecks to pave way for stock market upgrade
- Over 60% of Vietnamese use QR codes to pay
- Casinos contribute US$370 million to state budget over 5 years
- Standard Chartered and IATA partner to launch IATA Pay in Vietnam
- Vietnam’s capital market shows positive signs: Finance Ministry
Trending
-
Book series about General Giap released in five foreign languages
-
Vietnam news in brief - April 23
-
Hanoi tourism sector struggles with rising airfares
-
ASEAN Future Forum 2024: Promoting regional centrality
-
Central bank moves gold auction to tomorrow
-
[Video]Hanoi beauty spots featured in saxophone legend Kenny G's music video
-
Colorful stage shows in Hoan Kiem Lake pedestrian area
-
It happened as it had to happen
-
Hanoi street where dead appliances come back to life