BSC - Vietnam Daily Monitor 2015.09.09 - The market to rely on the bank stock

Summary

The excitement from the banking group keep spreading out the majority of the stock market, pushing the stock indices up. The whole market breadth is still positivie, albeit the number of advances diminished. The highlight of today's trading session is the return of foreign investors on the whole market, especially on HSX, after their previous selling day.

Recommendation

The 2 recent gains will soon be challenged when VN-Index move towards the next resistance at 575. Bank stocks might rebalance as the profit-taking pressure increase after the recent remarkable gain. Without the excitement of banking stock, the VN-Index is likely to retest the supporting level of 560 points. Short-term investors may take profit partly at the up sessions. Medium and long term investors should continue to gradually take a position on shares during this period.