20170707_BSC_Vietnam Daily Review_EN _The market suddenly reversed in this weekend session

Highlight
In the morning session, the market opened with a gloomy trading mood and small movement until mid-afternoon session, the market slumped. Strong selling pressure from short-term profit taking activity in large cap stocks gained in recent sessions such as VNM, VCB and PLX has made the market index fall considerably. Stocks group contributed negative effects to the market today were VNM (-1.17 points), VCB (-0.76 points), PLX (-0.56 points) and CTG (-0.42 points). In the opposite direction, the stocks that held the market back were FPT (+0.12 points), MSN (+0.11 points), BVH (+0.11 points), ROS (+0.08 points). Short-term profit cut activity was broad-based in most sectors such as securities, banking and real estate. For penny stocks and small-capital stocks group, hot speculative stocks such as OGC, PVX and HAR continued to surpass the ceiling price in millions of units, contrasting the market correction. Market breadth turned into negative status with 105 winners / 169 losers. The market liquidity increased sharply with trading value of VND4.112.3 billion per session. After today session, VN-Index decreased 6.92 points (-0.88%) and closed at 775.73 points; The HNX-Index dropped 1.03 points (-1.00%) to 101.58 points.



Market outlook
The market fell back to the support of 775 points after breaking through the 780 resistance in the last session the weakening in liquidity throughout this week, the rising momentum in this week was due to some large cap. Market liquidity rose sharply mainly due to investors ‘profit taking activities in large cap stocks. Market scale came back to negative status which indicated that profit-cut activities happened in several stock groups with different market capitalization. The market movement was mixed by rising session and falling session, but the movement range extended to 8.08 points, from the. The market is in a correction in mid-term, in the range of 775-785. With the support of the market liquidity, BSC expect the market to recover and fluctuate around 780 points in the upcoming sessions.