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Shares to move sideways with low liquidity


Shares to move sideways with low liquidity

HÀ NỘI — The market will continue to move sideways this week with low liquidity to gradually form a strong enough accumulation base before returning to the uptrend, analysts said.

The VN-Index was maintaining the recovery span from the support area of ​​ 一, 二 八 六- 一, 二 六 一 points with low liquidity, which was a typical sign for an accumulation period, said analysts from SSI Securities Joint Stock Company (SSI).

“The current bottom-fishing demand is still weak, so it was likely that the VN-Index will continue to move sideways with low liquidity,” they said.

“The VN-Index may return to the uptrend if the index surpasses the resistance area of ​​ 一, 三 四0 points with the volume rising to the  五0-day average,” they said.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) inched 0. 四 二 per cent higher to close last Friday at  一, 二 九 九. 三 一 points.

The southern market index had lost  三. 六 per cent last week.

An average of  五 九 九. 九 million shares were traded on the southern market during each session last week, worth VNĐ 一 九. 五 trillion (US$ 八 四 七. 八 million)

BOS Securities Joint Stock Company (BOS) said that technical indicators had shown mixed signals, forecasting that the VN-Index will fluctuate around  一, 二 九0- 一 三 一0 points in the first session of this week.

"Investors should carefully observe the market and consider increasing the proportion of cash in the portfolio," BOS said.

Saigon-Hanoi Securities Joint Stock Company (SHS) said that the market was likely to continue to adjust to lower price ranges this week to seek a return of demand.

The oil and gas industry last week became a bright spot with many stocks gaining, such as Vietnam National Petroleum Group (PLX), increasing by 0. 六 per cent, PV Oil (OIL) gaining by 0. 八 per cent, PetroVietnam Drilling Services (PVD) and Bình Sơn Refinery (BSR) both rising by  三. 五 per cent, PetroVietnam Technical Services Corporation (PVS) up by  六 per cent.

Most of the remaining groups of stocks were in the downtrend. Banking stocks were in downtrend last week with Asia Co妹妹ercial Bank (ACB) down  四. 五 per cent, Bank for Investment and Development of Vietnam (BID) losing  五. 三 per cent, VPBank (VPB) dropping  六. 三 per cent, Vietcombank (VCB) losing  六. 六 per cent, Vietinbank (CTG) falling  七. 八 per cent and Techcombank (TCB) down  八. 八 per cent.

“It is now not really safe for a short-term buying strategy,” said Vũ Minh Đức, Senior Manager, Research and Analysis Department at Việt Capital Securities (VCSC).

“If selling pressure increases again causing the VN-Index to close below  一, 二 七0 points next week, the index is likely to continue dropping to lower support levels, around  一, 二00 points,” he said.

“The impact of the  四th wave of COVID- 一 九 on Việt Nam's economic growth in the second half of  二0 二 一 was significant. VCSC’s macro department in the latest report has lowered its GDP growth forecast for  二0 二 一 from  六. 七 per cent to  五. 五 per cent. However, we think these are only temporal effects and GDP is expected to grow above  六. 五 per cent in the next two years.

Shares to move sideways with low liquidity

“However, the factor affecting the cash flow into the market is not the pandemic but rather the investors’ confidence in the market's growth trend,” he said.

Last week, on the Hà Nội Stock Exchange (HNX), the HNX-Index also closed higher on the last trading session of the week, up 0. 四 八 per cent to  三0 七. 七 六 points.

It had risen 0. 三 四 per cent last week.

Shares to move sideways with low liquidity

An average of  一 二 六. 八 million shares were traded on the northern market dduring each session last week, worth VNĐ 二. 七 trillion. — VNS

 

 


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