VN-Index to head toward 1,130-point level this week

Dec 5th at 10:01
05-12-2022 10:01:04+07:00

VN-Index to head toward 1,130-point level this week

The market posted the third weekly gain last week, with the VN-Index witnessing the biggest increase since 2009. Experts said that the uptrend of the Vietnamese stock market is continuing strongly and the benchmark index is expected to head toward the next resistance of 1,130 points.

 

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index closed last week at 1,080.01 points, a rise of 4.22 per cent, and the HNX-Index on the Ha Noi Stock Exchange (HNX) climbed 2.35 per cent to finish the week at 215.96 points.

For the week, the VN-Index advanced 11.17 per cent, while the latter was up 9.75 per cent.

After three consecutive weeks of rising, the market benchmark has gained 23.6 per cent since the lowest of 873.78 points set on November 16.

The market liquidity also improved significantly, with the average trading value per session on the southern bourse reaching over VND18.3 trillion (US$752.6 million), up 78.5 per cent over the previous week and 68 per cent over the average of the last five weeks.

Foreign investors net bought on both main exchanges for the fourth week in a row, with a total net buying value of more than VND9.3 trillion, whereas domestic retail investors continued to net sell nearly VND8.2 trillion on HOSE.

Saigon-Hanoi Securities JSC (SHS) said that with the recent bullish week, the VN-Index officially ended the medium-term downtrend which has lasted since August 2022. The market almost confirmed that it has passed the medium-term bottom and the movements in the future will be more positive, the securities firm said.

In general, the market's strong recovery last week is very convincing, but it is still not enough to confirm that the market will create a new rally trend - the more technical recovery state - due to strong declines in recent times.

With the current recovery momentum, the index is likely to continue to move actively in the near future, but according to technical analysis, market participants will pay attention to a strong resistance level of the threshold of 1,150 points.

Similarly, Tan Viet Securities JSC (TVSI) said that the VN-Index is gradually showing a medium-term bullish signal, after a good performance week and surpassing the resistance area of the previous recovery month at 1,070 points.

"The uptrend is getting stronger and the index is forecast to continue to move towards the next resistance level at around 1,130 points. In the first session of the new week, VN-Index is forecast to retest the mid 1,070 level," said TVSI.

Meanwhile, MB Securities JSC (MBS) forecasts that the market is still likely to fluctuate in the range of 1,084 - 1,100 points in the first trading day of this week, when more than 1.2 billion shares will return to investors' account.

The securities company also believes that the corrections during the session will be an opportunity for investors to restructure their portfolios or increase the proportion of stocks. 

bizhub



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