Home / Economy / Banking & Finance
Vn-Index under pressure to return to 1,300-1,320 this week
Ngoc Mai 17:18, 2021/08/24
Investors have been more cautious against the backdrop of the global economy on the downside and Vn-Index’s unsuccessful attempts to surpass the 1,380-mark.

Selling pressure from last Friday’s session put the benchmark Vn-Index back to 1,329.43, down 45.42 or 2.04% against the previous week, which could be seen as a sign that the index may be under further pressure and stay around 1,300-1,320 this week.

 An investor at a securities company in Hanoi. Photo: Tran Quynh

In addition to a falling Vn-Index, foreign investors also stepped up their efforts to sell with a net amount of VND5.7 trillion (US$250.6 million) during the period, marking their highest net-sell figure for nearly three months.

According to MB Securities Company (MBS), the sharp fall from last Friday came with high liquidity of VND38 trillion ($1.67 billion) is a cautious sign, but noting “further assessment is required to confirm the market trend at the moment”.

For the time being, Vn-Index expected the Vn-Index to hover around 1,320-1,360 for the first few days before the trend becomes more visible.

Sharing the view, Yuanta Securities Company added the market would continue the correction phase at the beginning of the week and takes the Vn-Index to around 1,300.

“The market, however, would soon recover as investors wait for the market sign and return,” Yuanta stated in a note.

Yuanta also advised investors to refrain from selling their stocks when the Vn-Index is on the decline but could consider doing so as the index rises up.

The Vietcombank Securities Company (VCBS) the 1,300-mark is seen as a supporting zone for the Vn-Index to accumulate and recover.

“The fact that the global economy is on the downside amid serious Covid-19 situation and Vn-Index’s unsuccessful attempts to surpass the 1,380 mark causes investors to become more cautious,” it added.

“Investors should continue to monitor the market in the next few trading sessions before making purchase decisions,” stated the VCBS.

On a less optimistic view, the BIDV Securities Company (BSC) noted a sudden surge in liquidity in last Friday session to VND38 trillion showed investors are selling their stocks after the market recovery in the past month.

“The Vn-Index may stick around 1,320 this week, and if successful, it could go up to 1,350, otherwise, the market may go down to 1,260,” stated the BSC.

RELATED NEWS
TAG: Vietnam VN-Index stock market HOSE securities
Other news
15:15, 2022/15/18
FLC Chairman banned from the stock market for 5 months
The penalty is seen as unprecedented but a necessary move to ensure the transparency and healthy development of Vietnam’s stock market.
14:44, 2022/44/17
Vietnamese banks urged to tighten lending in real estate, securities
Credit should be channeled to priority fields and production/business activities with positive impacts on socio-economic development.
22:37, 2022/37/13
Digital-first strategy to be focus among Vietnam’s banks and fintech by 2025
The Vietnam Open Innovation Landscape 2021 Report was launched on January 13.
12:30, 2022/30/13
Stocks sale annulment of FLC Chairman necessary to maintain market order: SSC
FLC Chairman Trinh Van Quyet is subject to the heaviest penalty for failing to notify stock market authorities before selling his FLC shares.
03:31, 2022/31/12
M&A in Vietnam’s technology sector to boom in 2022
Mergers and acquisitions (M&A) in Vietnam’s technology sector have made a strong breakthrough.
11:44, 2022/44/11
ADB, TPB join hands to finance women-led SMEs in Vietnam
The grant will improve Tien Phong Commercial Joint Stock Bank's capacity to lend to women-owned and led small and medium-sized enterprises, hire staff, and promote its services to female borrowers.