Analysts see profit-taking as VN-Index hovers around 1,200 points

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FPT’s campus in Ha Noi. — Photo fpt-software.com

The market experienced a thrilling week as the VN-Index successfully peaked the historic high of 1,200 points after volatile sessions.

However, the index fell under the level in the next session, which was also the last trading day of the week, on selling pressure. The move makes analysts not so optimistic about the coming week.

The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) ended last week at 1,194.05 points after hitting 1,200.94 points last Thursday.

For the week, the index rose 1.06 per cent.

Analysts from SSI Securities Corporation (SSI) said that despite the fall of the VN-Index in the last session, trading volume showed weaker-than-expected selling pressure meaning the index could get back to the resistance level of 1,200 points in the next sessions.

Viet Dragon Securities Corporation (VDS) also shared the opinion.

“The loss of the last session is just a small correction and the upward trend is still there. Many stocks are thriving, as well as on track to reach higher targets. Investors can focus on sectors with positive signs to invest more effectively,” the securities firm recommended.

According to MB Securities Co., the drop was partly due to portfolios restructuring of two ETFs, including FTSE ETF and V.N.M ETF.

And the break over 1,200 point-level also created profit booking activities. Some investors might take long positions under technical signs, while others might take profits.

However, volatile amplitude in correction sessions was narrow and the market’s liquidity stayed high which was a positive sign. It is possible that the market might fluctuate in the next sessions, and if the bottom purchase demand is still high, the chance for recovery is coming soon, according to MB Securities.

Meanwhile, some took a more cautious view. BOS Securities Corporation (ART) said that the market couldn’t make a breakthrough in short-term with weaker cash flows. Technical indicators showed signs of fluctuation chances in the market.

“There is possibility that the VN-Index hovers around 1,200 point-level in the next sessions. Therefore, investors put priority in watching the market and consider to reduce shares proportion if the cash flows are weaker when the market gains points,” BOS Securities added.

Last week, the HNX-Index on the Ha Noi Stock Exchange (HNX) closed Friday’s trade at 277.7 points. For the week, the index climbed 1.38 per cent.

The liquidity on both exchanges slightly increased against the week before and was higher than the twenty-week average with a trading value of VND18.3 trillion per session.

Analysts from Saigon - Hanoi Securities JSC said that the gain in the liquidity was thanked to the portfolio restructuring activities, so the market’s current rally was not stable.

Information technology stocks posted the biggest gain in market capitalisation with an increase of 4 per cent. Of which stocks with outstanding performance were FPT Corporation (FPT), up 4.3 per cent, and CMC Corporation (CMG), up 7.1 per cent.

This was followed by the banking sector with a rise of 2.5 per cent in market capitalisation. Bank stocks posting big gains were VPBank (VPB), up 1.6 per cent, Asia Commercial Bank (ACB), up 2.6 per cent, MBBank (MBB), up 3.4 per cent and Vietinbank (CTG), up 6.6 per cent.

Other sectors like consumer services and industry also recorded good performance, up more than 1 per cent.

Finance, materials, oil and gas, pharmaceutical and health care, and consumer goods sectors increased 0.3 – 0.6 per cent last week. — VNS

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