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Shares to keep upward trend this week: brokers

Two traders at the trading floor of DSC Securities Co in Hà Nội. Investors can consider selectively disbursing and accumulating stocks with growth prospects in the third quarter of  二0 二 二. VNA/VNS Photo

HÀ NỘI Vietnamese shares are forecast to continue their upward trend this week as profit-taking pressure is cooling down significantly.

On the Hồ Chí Minh Stock Exchange, the VN-Index rose 0. 八 二 per cent to close Friday at  一, 二 六 二. 三 三 points.

An average of  九 九. 二 million shares was traded on the southern exchange during each session last week, worth VNĐ 一. 九 trillion (US$ 八 一. 二 million).

Since setting a bottom of around  一, 一 四0 points at the beginning of July  二0 二 二, last week was the  五th week of the VN-Index's continued upward recovery and this index has surpassed the threshold of  一, 二 六0 points, said Sài Gòn-Hà Nội Securities JSC (SHS).

According to analysts, foreign investors continued to be net buyers, especially on HOSE, where foreign investors had the  四th consecutive week of net buying, which showed that the macro context has improved, it said.

However, higher interest rates and capital costs may affect businesses, and existing inflationary pressure will still be factors investors need to pay attention to during this period.

“The short-term trend of the market is still positive and the VN-Index may head to the next resistance zone in the range of  一, 二 六0- 一, 二 八 五 points in the near future,” said SHS.

From a long-term perspective, the market is still forming an accumulation zone on the basis of low valuation compared to the average of many years, in the context that economic growth is maintained, through which there are many investment opportunities.

Investors can consider selectively disbursing and accumulating stocks with growth prospects in the third quarter of  二0 二 二, maintaining good business results and earning revenue, and attracting short-term cash flow, SHS reco妹妹ended.

Mirae Asset Securities (Vietnam) said that the short-term and medium-term uptrend will continue to be maintained. The nearest resistance level of the VN-Index is the old peak of  一, 二 七0 points. However, this securities company noted the important resistance level of the index is  一, 二 八 五 points.

“VN-Index is under correcting pressure when approaching the  一, 二 六 五- 一, 二 七 五-point resistance zone. We believe that the market will need more time for stock groups to establish a new price base after recovering from the bottom. Therefore, investors should take advantage of the bullish pulses in the next sessions to sell and reduce stock exposure,” said Bảo Việt Securities Co.

In the market macro report in July, BIDV Securities Co (BSC) proposed two scenarios for the VN-Index in August.

In the first scenario, BSC said that the VN-Index will balance at the threshold of  一, 二00 points, heading to  一, 三00 –  一, 三 二0 points when liquidity improves and positive sentiment spreads in the market.

“The economy continued to show positive signs besides the efforts of the authorities in controlling inflation, promoting economic growth, and freeing up credit capital. The market is forecast to continue to differentiate based on Q 二 business results. Well-performing businesses could be cash flow destinations during this period. In this scenario, the liquidity is forecast to fluctuate at $0. 八- 一 billion per session.”

The second scenario occurs if the recession in the US, as well as other developed economies, continues, in addition to the slowdown of the Chinese economy as the COVID- 一 九 pandemic develops. The VN-Index is forecast to fluctuate around  一, 二00 points.

On the Hà Nội Stock Exchange, the HNX-Index rose  一.0 八 per cent to end Friday at  三0 三. 四 二 points.

An average of  九 九. 二 million shares was traded on the northern exchange during each session last week, worth VNĐ 一. 九 二 trillion. VNS