Market commentary on August 17: ‘Under pressure to correct’

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SHS believes that the VN-Index might fall back to the nearest support around 850 points.

MBS believes that the uptrend of the market has not changed yet as it remains at 850 points.

Securities companies Positive Neutral Negative
BVSC X
SHS X
VDS X
MBS X
YSVN X

Pressure to adjust – (Bao Viet Securities Company – BVSC)

VN-Index is forecasted to be subject to correcting pressure in the first few sessions next week. The index will receive support around 840 points next week. In general, we still expect that the index will soon surpass resistant level of 858-860 points to challenge strong resistant level of 878-883 points in short-term. In the next week, market movements may be subject to strong fluctuations in the middle of the week as Thursday will be the maturity date of August futures contracts. In addition, portfolio restructuring activities of investment funds by set MSCI Frontier Market Index will also take place in the last weeks of August and can create strong fluctuations in blue-chips in the list of these indices.

Investors should maintain the proportion of the portfolio at around 50% of stocks. Investors might consider opening short positions when the index challenges the resistant level of 852-860 points again. For investors who have sold to reduce the proportion, temporarily stay out of the market.

Reduce back – (Saigon-Hanoi Securities Company – SHS)

The VN-Index may fall again with the nearest support around 850 points (MA50) and beyond 830 points (MA20). Investors who disbursed to catch the bottom in the previous decline and took profit in the past week should temporarily stand outside and observe the market in the next week.

There may also be adjustments – (Rong Viet Securities Company – VDS)

The last session of the week was not complete when the indices had grown at the beginning of the session but later they could not keep their pace due to the great pressure of taking profit on the market. There are signs that the market can still correct, not yet reached the balance between sellers and buyers. Therefore, investors need to maintain their morale and should not rush to participate in this rather dramatic period to preserve their accounts.

The uptrend of the market has not changed yet – (MB Securities Company – MBS)

The market had a technical correction session after an increase of more than 10% in the last 2 weeks. However, profit-taking pressure mostly focused on Midcap and Smallcap groups, which is also the reason that the market only decreased slightly, but the number of decliners this session increased significantly. This is a pure profit-taking session when there is no detrimental information on the market both at home and abroad. The uptrend of the market has not changed yet while still maintaining the level of 850 points.

Across – (Yuanta Securities Vietnam – YSVN)

YSVN believes that the market will probably continue to move sideways around the 50-day average line or there may be corrections in the first sessions of the week. At the same time, the market is still in an accumulation phase, so the cash flow may continue to differentiate between stock groups. In addition, short-term sentiment remains optimistic and short-term risks remain low.

Investors should only consider comments of securities companies as a source of reference information. Securities companies all recommend disclaimer for the above comments.

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