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VN-Index seen reaching 810 points this week
Phuong Thao
Monday,  Oct 9, 2017,21:53 (GMT+7)

VN-Index seen reaching 810 points this week

Phuong Thao

HCMC – Securities firms have predicted the VN-Index may test the 810-point level again as technical factors indicate a further increase this week.

Bao Viet Securities Company said listed enterprises are going to announce earnings results in the third quarter soon with some expected to show positive results. Therefore, the VN-Index may not enter into a deep correction in the near term.

According to BIDV Securities Company, investors focused on banking, real estate, construction sectors and a number of speculative stocks last Friday.

Despite a mild rise of the main index, market turnover kept sliding and decliners far outnumbered advancers. Banking stocks were key contributors to the VN-Index and the total trading value.

Though cash flow remained weak, investors picked stocks with possible good earnings results in the third quarter. This week, the market may continue moving flat with the main index challenged at 810 points and supported at 800 points, the brokerage commented.

FPT Securities Company, meanwhile, predicted the VN-Index would seesaw around the 805-point level to establish a stronger supporting zone around this level.

In general, investors should stay cautious during the first sessions of this week and focus on stocks having good fundamentals. Meanwhile, short-term players should wait for better signals.

Last week, the VN-Index added 0.42% at 807.8 points while the HNX-Index closed up 0.3% at 107.98. However, turnover plummeted on both exchanges, with matching volume averaging out at 123.6 million shares per session on the HCMC bourse and 46.6 million shares on the Hanoi market, down 12.9% and 21.3% from a week earlier respectively.

Stocks corrected in the two first sessions as large caps declined amid cautious trading. However, the stock indexes then bounced back strongly, buoyed by banking stocks VCB, CTG, BID, MBB and ACB.

According to the stock market news site at vietstock.vn, downside risks remained strong in spite of the index recovery. Correction pressure increased after the VN-Index reached the 810-point level.

On Friday, trading on the market was lackluster as sellers became active. Turnover fell strongly due to investor caution but bank stocks still sent the VN-Index into positive territory.

Foreign investors also left negative impact on the market as they sharply raised net selling. Notably, they net sold shares for the fifth consecutive week.

During last week, they net sold nearly VND260.7 billion of shares on both bourses, including VND199.5 billion worth of shares on the southern market and VND61.2 billion on the northern exchange.

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