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Market continues to recover with VN-Index heading to 1,470 points
Vietnam News - 3/21/2022 3:27:37 PM
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 Analysts from securities companies said that last week, investors traded cautiously, but the situation will improve as tensions between Russia and Ukraine are hoped to cool down, along with the Government's efforts to promote early disbursement of the public investment package. 
In addition, with positive outlooks of business results in the first quarter of 2022 gradually revealed, the market may maintain its uptrend this week. 
The stock market ended last week on a positive note on the back of large-cap stocks.
Of which the VN-Index finished the week at 1,469.1 points, up 0.53 per cent, while the HNX-Index rose 1.13 per cent to 451.21 points. 
For the week, the benchmark VN-Index climbed 0.17 per cent, and the HNX-Index gained 2.04 per cent. 
Foreign investors last week net sold 29 million shares, worth over VNĐ1.47 trillion (US$64.4 million).
According to MB Securities Company (MBS), as some groups of stocks currently set solid support levels such as bank or steel stocks, the market will maintain its upward momentum this week, with the focus on blue-chip stocks in industries such as banking, securities, real estate and public investment. 
However, the securities firm believes that 1,470 points is considered a strong resistance level and at this point, the market is likely to experience fluctuations.
Similarly, SSI Securities Corporation (SSI) believes that the resistance zone of 1,470 points will continue to be a challenge for the VN-Index in the coming sessions. 
In case of rising external risks, there is still a possibility that the benchmark will fall back to the support zone of 1,445 - 1,450 points. At that time, the index will create a short-term bottom around the next strong support zone of 1,400 - 1,425 points, said SSI. 
Meanwhile, Saigon - Hanoi Securities JSC (SHS) said that the market dropped sharply earlier last week due to concerns about rising inflation, and the VN-Index retested the support zone of 1.425-1,450 points.
It tested the levels again in the morning session of March 15, then recovered and ended the week with four consecutive slight gaining sessions. However, the index still could not return to the threshold of 1,470 points in the last session of the week due to selling pressure from exchange-traded funds (ETFs).
The decline in liquidity in the past week also showed that investors are still quite cautious at the moment, so they have not disbursed strongly.
SHS believes that things will probably improve this week as the tensions between Russia and Ukraine is hoped to cool down, along with the Government's efforts to promote early disbursement of the public investment package.
The market is also expected to receive support from positive outlooks of business results in the first quarter of this year, which will be gradually revealed. 
SHS forecasts that this week, the VN-Index will likely continue to recover with the target at the resistance level of 1,470 points and the zone of 1,480-1,485 points, respectively. 
"Investors who bought at the support zone of 1,425-1,450 points in the first two sessions of last week can continue to hold the current portfolio," SHS recommended.
Analysts from SHS also said that geopolitical tensions between Russia and Ukraine showed signs of easing in the past week, causing oil and gold prices to continue the correcting trend.
Last week, the US Federal Reserve also decided to hike interest rates by 0.25 per cent and signalled that it might raise interest rates six more times this year to control inflation.
This caused domestic investors to be cautious. Regarding the market movements last week, the sharp drop of international oil price not only led to the correction of the oil and gas stocks group, but also affected investors’ sentiment toward many fertiliser and steel stocks. VNS
Read original article here
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