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Brokerages predict more active selling this week
Phuong Thao
Monday,  Aug 7, 2017,22:24 (GMT+7)

Brokerages predict more active selling this week

Phuong Thao

HCMC – Some securities firms have predicted selling pressure will build up as the rising indexes of both HCMC and Hanoi exchanges began losing steam last week.

Viet Dragon Securities Company said stocks kept rising last week but index increases sharply slowed in the last sessions of the week, an indication that the VN-Index and HNX-Index need to take a breather after recent strong gains.

Cash flow remains positive but selling pressure is forecast to increase in the following days. Therefore, investors should take on more shares during falling sessions, it said in a recent report.

Bao Viet Securities Company said that positive developments of large caps will continue supporting the market. However, the stock indexes will seesaw strongly.

According to BIDV Securities Company, the VN-Index last Friday gained 13.73 points compared to a week earlier. Trading was rather dismal while the supporting zone between 788 and 790 points remained safe.

The VN-Index was volatile during the session, suggesting that investors became cautious while turnover averaged out at over VND3.7 trillion per session last week. The main index is predicted to hover from 785 to 788 points this week to test the resistance level of 790 points again, it said.

FPT Securities Company, meanwhile, said the VN-Index is still in the upside in the medium and long terms. However, investor caution may prevent the market from rising sharply and investors should follow developments on August 7.

Medium- and long-term investors should keep and buy more stocks with good fundamentals. For short-vision players who reduced stock holdings in previous sessions, this week is a right time to buy new stocks at low prices.

Viet Capital Securities Company said the VN-Index, VN30 Index and HNX-Index still maintain their positive outlook in the short term but they have yet to hit their nearest resistance thresholds.

Therefore, both exchanges may move flat early this week before their stock indexes break through the resistance or supporting levels. In case of further unclear tendencies, penny stocks will keep attracting investors, the brokerage commented.

The VN-Index closed last week up 1.49% at 788.68 while the HNX-Index jumped 1.38% at 101.94. Turnover improved on both exchanges with matching volume on the HCMC market averaging out at 207.9 million shares per session, up 23.2% against the previous week, while that on the Hanoi market gained nearly 10% at 71 million shares per session.

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