20170607_BSC_Vietnam Daily Review_EN_Approaching the 755 level

Highlight
In the morning session, the market increased significantly right at the beginning of the session and then, corrected down to the bottom level and rose until the beginning of the afternoon session thanks to the strong demands force of some investors. The fluctuation movement occurred similar to that of the morning session in the afternoon session; however, the most important point is to notice that during the entire trading session the market had not once went back to the previous closing price level. Banking stocks continued being the leader of the market with CTG (+0.92 point), MBB (+0.52 point), ACB (+1.47 point), NVB (+0.34 point) and SHB (+0.15 point). Only VCB (-0.43 point) hammered the bullish momentum of the market due to strong selling pressure from investors execution of short-term profit acquisition when this stock increased significantly in yesterday session. Other than banking sector, the two main supportive stocks of the market are Blue-chip stocks such as HPG (+0.40 point) and VIC (+0.32 point). On the other hand, VJC (-0.26 point), PLX (-0.24 point) and MSN (-0.21 point) affected negatively on the bullish momentum of the market. Today market cash flow spread into Securities sector, Construction material sector and Banking sector. In contrast, rubber sector decreased majorly with DRC and CSM covered in red color. The market scale is positive with the bullish stock dominated the market (147 bullish stock/ 111 bearish stock). Market liquidity increased strongly in comparison to the previous trading session, the trading value was VND 4,066.3 billion/session. At the end of the trading session, VN-Index increased by 2.15 points (+0.28%) and closed at the 753.46 level; HNX-Index increased by 1.72 points (+1.80%) up to the 97.47 level. 


Market outlook
Continuing the breaking momentum of yesterday session, the market continued approaching the 755 resistance level. Market liquidity increased strongly during the session, positive market scale along with narrowed market fluctuation margin altogether portrayed a declining bullish momentum and may enter the correction period in the upcoming sessions. The accumulative degree during today session was not enough to break through the short-term resistance level of 755 point; however, the fact that the market had not once went down to the previous closing price illustrated the strong foundation of the 750 support level. BSC expect the market to continue its fluctuation movement in a marginal range 750-755 point in the upcoming sessions.