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Market’s uptrend may slow down in the near future
Vietnamnews - 1/30/2023 4:17:55 PM
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The market's uptrend in the near future may slow down and the risk of correction is increasing, brokerages have said.
The market's gaining momentum lingered in the first session of the Year of the Cat, said Việt Dragon Securities Co. However, the uptrend somewhat slowed down before the profit-taking supply, as shown by the Shooting Star candle.
On the Hồ Chí Minh Stock Exchange, the VN-Index gained 0.81 per cent, to close Friday at 1,117.10 points.
On the Hà Nội Stock Exchange, the HNX-Index rose 0.40 per cent to close Friday at 220.76 points.
“Market still remained in green at the end of the session, showing that the pressure of supply is not great. It is expected that the market will temporarily step back in the next session to find a balance after the recent rise,” said Việt Dragon Securities Co.
“Therefore, investors should slow down and observe the cash flow to support the market in the near future. However, it is possible to wait for good price accumulation in stocks with an active accumulation background.
“The market's uptrend in the near future may slow down and the risk of correction is increasing.”
Saigon-Hanoi Securities Co (SHS) said the VN-Index had entered a new phase of accumulation to wait for the opportunity to create a real uptrend. The market situation, although not yet confirmed as an uptrend, will move in the recovery phase and will create many opportunities for investors including short, medium and long term.
In the short term, the current rally can push VN-Index to move toward 1,150 points. Short-term investors can disburse in the next correcting sessions, said SHS.
According to analyst Nguyễn Huy Phương from Việt Dragon Securities Joint Stock Company (VDSC), the market's uptrend continued in the first session of the Year of the Cat. However, the uptrend somewhat slowed down amid profit-taking. It is expected that the market will temporarily step back in the next session to find a balance after the recent uptrend.
Analyst Phạm Bình Phương from Mirae Asset Securities said that the market started the new year on a positive movement, but selling pressure at high prices appeared again after a long Tết (Lunar New Year) holiday. The above movement shows that the short-term trend of VN-Index is positive. "We see that the 1,120 - 1,130 zone may witness shaking sessions," said analyst Phương.
Regarding the transactions of foreign investors, they continued to be active net buyers last Friday.
Foreign investors net bought VNĐ518.88 billion on HOSE, including Hoà Phát Group (HPG) with VNĐ174.05 billion, Vingroup (VIC) with VNĐ91.37 billion, HCM Securities Co (HCM) with VNĐ65.11 billion. Foreign investors were net buyers on HNX with the value of VNĐ33.43 billion.
In the next trading sessions, VN-Index is likely to continue going up to conquer the resistance level of 1,150, said BIDV Securities Co. VNS
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