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Friday,  Dec 15,2017,19:13 (GMT+7)

Market outlook remains gloomy, say brokerages

Phuong Thao
Monday,  Sep 25,2017,21:17 (GMT+7)
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Market outlook remains gloomy, say brokerages

Phuong Thao

HCMC – Although the local stock market bounced back after a three-day losing streak last Friday, the VN-Index is unlikely to increase further this week as cash flow remains weak, said securities firms.

Bao Viet Securities Company said stocks seesawed in a narrow range last week. As turnover was low and pillar stocks were not strong enough to support the VN-Index, the market might undergo a new correction soon.

Last Friday, the market bounced back thanks to a number of large caps while cash flow still stayed on the sidelines. This week, investors should keep a “wait-and-see” attitude before turnover turns better, BIDV Securities Company said in a report.

Meanwhile, FPT Securities Company said the VN-Index has established a sideways moving tendency over the past time. From a technical perspective, the main index may continue moving flat in the near term.

In the following sessions, stocks are expected to recover further and approach the peak at 810 points. In the current context, investors should pick stocks with positive prospects in the third quarter of 2017, the firm said.
Viet Capital Securities Company noted the HNX-Index continued reaching new highs last week. Therefore, the northern market is projected to make some gains in the next few days.

The VN-Index closed last Friday’s session at 807.13, up 0.16% from a week earlier. Meanwhile, the HNX-Index surged 1.94% at 106.52.

The HCMC market saw matching volume averaging out at 149.3 million shares per session, rising 7.6% against the previous week, while that on the Hanoi exchange jumped 44% at 64.7 million shares.

According to vietstock.vn, investors were cautious although exchange traded funds had finished quarterly portfolio restructuring. The VN-Index failed to beat the 810-point level as investors rushed to take some profit.

VN30 stocks were key laggards as most blue chips seesawed strongly on weak cash flow. In addition, selling pressure accelerated as the VN30 Index was moving towards the resistance zone between 795 and 800 points.

Notably, foreign investors continued withdrawing capital from the market as exchange traded funds had finished portfolio rebalancing. They focused on selling large caps, resulting in huge negative pressure on the market.

Closing the week, foreign investors net sold over VND41.5 billion of shares on both bourses, including nearly VND40.5 billion on the southern exchange and nearly VND1 billion on the northern market.

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