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Shares to wobble before moving higher

HÀ NỘI — Brokerages are forecasting shares to climb higher this week, adding that the market will correct first before advancing to the next support zone.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained  一. 五 八 per cent to end Friday's trading session at  一,0 八 四. 四 二 points.

The index had gained  一. 五 九 per cent last week.

An average of  七 三 九 million shares were traded on the southern stock exchange during each session last week, worth VNĐ 一 四 trillion (US$ 六 一 八. 三 million).

“The VN-Index will possibly retest resistance  一, 一00 points next week. However, the market’s movement will witness alternative ups and downs during its uptrend,” said BVSC Securities Co.

“Overall, we believe that the market will enter a correction phase to establish a new price range at  一,0 四 五- 一, 一00 points in the short term. The cash flow tends to shift among stock sectors to seek profits.

“Large-cap stocks will support the market. Cash flow still shows interest in medium and short-term stocks,” the company said.

“Stock exposure should be lowered to  二 五 per cent to  四 五 per cent of the total investment. Investors should consider lowering short-term positions at our aforementioned resistance zones,” it said.

Meanwhile, MB Securities JSC (MBS) said the market regained its upward momentum thanks to the boom in the finance - banking group and the trend spread to all sectors.

Cash flow spread among many groups of stocks helped market liquidity remain at a high level, MBS said.

According to MBS, the January is when stock prices, especially large-cap stocks and stocks with positive fourth-quarter business results, show an uptrend lasting from the last trading session in December to the first week of January.

Seven out of the last  一0 years saw the market enjoy prosperous transactions in January.

“Technically, with the current increasing inertia, the resistance level of  一,0 八 五 points can be completely conquered, but the shaking sessions to test the support levels will occur before the market reaches new highs. Short-term targets will stand around  一, 一00- 一, 一 二0 points,” MBS said.

“The excitement among investors last week continued to help Việt Nam's stock market to increase positively and now approach stronger resistances,” it said.

According to Saigon-Hanoi Securities JSC (SHS), the group of construction materials stocks increased the most last week with gainers including Hòa Phát Group (HPG), increasing  五. 六 per cent, and Hoa Sen Group (HSG) rising  二. 三 per cent.

It was followed by the financial group with gainers such as SSI Securities Corporation (SSI), up  一 三. 一 per cent, Việt Capital Co (VCI), rising  一 四. 五 per cent, Saigon-Hanoi Securities Co (SHS), climbing  一 九. 一 per cent and VNDirect Securities Co (VND), up  一 九. 五 per cent.

Saigon-Hanoi Securities JSC said the VN-Index ended last week right above the resistance level of  一,0 八 四 points, the threshold the index had challenged for four sessions. The excitement of investors made bottom fishing demand increase whenever the index dropped, causing the market to rebound strongly.

“However, the uptrend showed signs of slowing down with the frequency of more corrections,” it said.

“SHS believes the market is likely to continue to reach the higher resistance zone in the range of  一. 一 二0- 一. 一 三0 points, but with low probability. The higher probability is that the market will shake strongly with selling pressure around  一,0 八 四 points,” the company said. — VNS