20170615_BSC_Vietnam Daily Review_EN_Tested the 760 support level

Highlights
In the beginning of today morning session, the market opened below the previous closing price level, and then, it increased sharply and fluctuated above the previous closing until the end of morning session. In the afternoon session, market immediately decreased significantly, down to the bottom level of 758.17 point due to strong selling pressure originating from short-term profit acquisition after three consecutive bullish sessions. Market index rebounded at the end of today session but not enough to reach the previous closing price. The main supportive stocks of VN-Index that limited the bearish momentum were Largecaps stock such as VIC (+0.63 point), VCB (+0.37 point), HPG (+0.33 point), CTG (+0.25 point). In contrast, ROS (-1.05 point), GAS (-0.23 point), BID (-0.38 point), ACB (-0.4 point) made the market decreased significantly. Market cash flow rotated between different sectors and focused mainly on rubber stocks such as DRI, TRC, PHR, and DPR due to positive information of world rubber price. In banking sector, a strong differentiation occurred when MBB, STB, BID, ACB decreased and CTG, VCB, STB increased. In today session, the pair HAG and HNG at first continued attracted large cash flow in the morning session but later under strong selling pressure, HAG decreased slightly while HNG was increasing. The market scale maintained a positive state with the bullish stocks dominated the market (144 bullish stocks/124 bearish stocks). Market liquidity decreased slightly in comparison to the previous session with a trading value of VND 3,270.2 billion/session. At the end of today session, VN-Index increased by 0.20point (-0.03%) %) and closed at 760.57 level; HNX-Index increased by 0.11 point (+0.11 %) up to 97. 78 point.


Market Outlook
After three consecutive bullish sessions, the market had a correction session. Strong profit gains pressure made the market decrease in the afternoon session. Market cash flow spread into not only Rubber sector, individual stocks that either bearish or not in the central of market attention such as TMT, GTN, C32, but also BCs stocks such as VNM, HPG continuing their respective bullish trend. All of these factors helped the market to trade above the 760 point level. The market cash flow spread into individual stocks that belong to different sectors and market capitalization categories. However, rapid narrowed degree of market fluctuation margin showed the bullish momentum would continue to be weaken in the upcoming period. BSC forecasted that the market would test the 760 support level in the incoming sessions.