20170802_BSC_Vietnam Daily Review_EN_A sideway session

Highlight
The market showed a sideway fluctuation during the trading session today. Right from the opening, the market dropped sharply below the level of 780 points, mainly due to the correction from SAB, then unexpectedly rebounded and fluctuated positively above the reference level in all the morning session. In the afternoon session, VN-Index dropped to the supportive level near the end of the session which helped the market index to close down only 0.07% compared to yesterday. The major losers were VCB (-0.34 points), STB (-0.25 points), GAS (-0.24 points), BHN (-0.19 points) and HPG (- 0.19 points). In the opposite direction, stocks limiting the market’s downtrend include VNM (+0.61 points), BID (+0.28 points), CTG (+0.18 points), SAB (+0.1 points) and BVH (+0.09 points). Market cash flow fluctuated evenly between groups and focused on some Bluechips such as VNM, BID and FPT. Divergence took place in the banking group with BID, CTG and EIB gaining while VCB, STB and MBB losing. Market breadth continued to be negative with losers outnumbering gainers (120 gainers / 157 losers). The trading range was very high with a gap of 9.16 points between the ceiling and the floor price of VN-Index. Market liquidity was similar to that at yesterday with the matching order value of VND3,667 billion. Ending today trading session, VN-Index lost 0.58 points and closed at 786.23 points; HNX-Index also decreased by 0.35 points, down to 100.97 points.
 

Market outlook
After some hot-increased sessions, the market today corrected, testing the supportive level of 780-785 points. Cash flow rotating among bluechips enabled the market to retain the 785 points level. In today trading session, when VN-Index plunged to below 780 points, strong supportive force immediately appeared to counter selling pressure and that in turn, helped VN-Index to recover. This phenomenon indicated the positive expectation of investors on the market. In terms of index points, VN-Index nearly reached 789 points but it encountered strong resistance force at this level. Market liquidity was still good and market breadth was not too negative, showing no bad signal. VN-Index is likely to fluctuate around the point region of 780-785 points in up-coming sessions.