Monday, November 11, 2024 12:55:53 AM - Markets closed
VN-INDEX 1,252.56 -7.19/-0.57%
HNX-INDEX 226.88 -0.61/-0.27%
UPCOM-INDEX 92.15 -0.17/-0.18%
Market expected to pass psychological 1,300 mark
vietnamnews - 8/26/2024 9:38:42 AM
 (0 ratings. You must sign in to rate.)
After five consecutive weeks of downward adjustments, Vietnam's stock market is gradually regaining investor confidence, ending the week of August 19-23 with the strongest gains since early July.
 
 
Investors follow market movements at MBS Securities. — VNA/VNS Photo
 
The VN-Index surged towards its previous peak with gains in four out of five sessions. Various sectors took turns rallying in the first three sessions of the week, pushing the index beyond the 1,280-point level. In fact, the movements of Việt Nam's stock market mirrored those of global markets.
 
After five consecutive weeks of downward adjustments, Việt Nam's stock market is gradually regaining investor confidence, ending the week of August 19-23 with the strongest gains since early July.
 
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index closed the week at 1,285.32 points, while the HNX-Index on the Hà Nội Stock Exchange (HNX) ended at 240.07 points.
 
Both indices recorded weekly gains, with the VN-Index increasing by 2.6 per cent and the HNX-Index by 2.09 per cent.
 
The average daily transaction value across the market was VNĐ17.78 trillion (US$711.65 million) per session, a 19.08 per cent increase compared to the VNĐ14.93 trillion recorded in the previous week.
 
Additionally, trading volume remained above the 20-day average, indicating that investors are becoming more active. Capital continued to flow into real estate stocks, helping this sector shine for the second consecutive week.
 
However, the net selling pressure from foreign investors over the past week could pose a challenge for the index in maintaining its upward momentum. Foreign investors net sold more than VNĐ1.2 trillion on both exchanges last week, with nearly VNĐ968 billion net sold on HoSE and around VNĐ255 billion on HNX.
 
According to Việt Nam Construction Securities Joint Stock Company (CSI), the VN-Index reversed its trend and ended in positive territory during the last session of the week, with a slight increase in liquidity compared to the previous session, indicating that the positive trend still prevails, despite heightened profit-taking pressure.
 
Notably, the late-session surge in the market's sensitivity to the rise of the securities and steel sectors, with increases of 0.91 per cent and 1.34 per cent, respectively, suggests that the upward trend is likely to continue in the coming sessions.
 
Experts from Rồng Việt Securities (VDSC) noted that the market found support as it neared the 1,275-point level and recovered. The increase in liquidity during the last session of the week suggested that cash flow was still supporting the market as supply gradually increased.
 
Currently, there is no signal of a downtrend, so the market's hesitation appears to be a test of the breakout signal at 1,275 points, according to VDSC. The market is expected to continue finding support during pullbacks and still has the potential to reach the peak of 1,305 points in the near future.
 
VNDirect Securities Corporation said that the market maintained an impressive uptrend last week, as the VN-Index continuously surpassed the 1,260 and 1,270-point levels, nearing the strong resistance zone of 1,290 - 1,300 points.
 
The market showed signs of slowing down in the last two sessions of the week as it approached the aforementioned resistance level, while also awaiting updates from US Federal Reserve (Fed) Chair Jerome Powell on future monetary policy during the annual Jacksonville conference.
 
Although it is almost certain that the Fed will proceed with an interest rate cut in the September meeting (which has already been priced in), the market's current focus is on the extent and pace of rate cuts by the Americans in the remaining part of this year. The market currently expects the Fed to cut its benchmark interest rate by around 0.75 - 1 per cent by the end of the year. — VNS
 
Read original article here
Newer News
08/11 Market reverses course on weak liquidity
07/11 Index surpasses 1,260 points as market rallies
06/11 Number of domestic individual securities accounts hits 8.96 million
06/11 Market breaks losing streak as liquidity plunges
05/11 Vietnam's stock market moves closer to emerging market status amid key policy changes
04/11 Vietnam stock market opens the week with a downturn as foreign investors continue net selling
04/11 Opportunities and challenges in a transitional phase
01/11 Eyeing the stock market post the US presidential election
30/10 Market continues moving upward as foreign investors record strong net sales
29/10 HOSE delists Sao Thai Dương (SJF) shares from 1 November
Older News
23/08 Boost investor risk tolerance in corporate bonds: experts
21/08 State Securities Commission cautions investors on delisted stocks
21/08 Market extends strong rally for third day straight
21/08 Investment funds seek new growth opportunities
20/08 Market soars above 1,260 points
19/08 Stock market expected to continue recovery in the remainder of the year
16/08 HoSE-listed firms required to use single disclosure point
16/08 Banks race to issue bonds to raise capital
15/08 Market remains subdued as liquidity continues to decline
15/08 Apparel, textile stocks shine with promise amid shifting order opportunities
 
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 3:05:02 PM
VN-INDEX 1,252.56 -7.19/-0.57%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.