20170613_BSC_Vietnam Daily Review_EN_Banks returned

Highlight
In the morning session, the market trade passively above the previous closing price in almost the entire morning session. However, in the afternoon session, the market fluctuated dynamically when the banking stocks increased significantly and caused the breakthrough of the 755 short-term resistance level. The main supportive stocks of VN-Index during today session were ROS (+1.15 points) continuing rising to the ceiling price, GAS (+0.66 point) and Banking stocks including BID (+0.66 point), CTG (+0.38 point), VCB (+0.25 point) and ACB (+0.66 point). In contrast, largecap stocks such as VNM (-0.20 point), MWG (-0.15 point) and MSN (-0.10 point) limited the bullish momentum of the market. The cash flow rotated between different sectors and concentrated on Banking sector and Securities sector. Construction and Real estate sector started trading positively thanks to HBC, NVL, DIG and CTD. The market scale returned to neutral state with the bearish stocks almost equal the bullish stocks (134 bullish stocks /143 bearish stocks). Market liquidity increased slightly in comparison to the previous session with a trading value of 3,444.2 billion/session. At the end of today trading session, VN-Index increased by 5.80 point (+0.77%) and closed at the 756.89 point level; HNX-index decreased by 0.48 point (+0.49%) up to 97.31 point level.



Recommendation
The market cash flow returned to the Banking sector and that in turned, make VN-Index broke through the short-term resistance level of 755 point. From Tuesday to Thursday is the FED meeting period, analysis of worldwide professional organizations and individuals indicated that FED would raise the interest rate in this upcoming meeting. In the gold, stock and bond market, no significant movement of index points were detected which illustrated that the investors had already accounted for this policy. Thus, this event would not significantly affect the market. With a neutral market scale, expanded marginal fluctuation range and higher liquidity, BSC expect the market to fluctuate within a range of 755-760 for tomorrow session.