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VN-Index seen seesawing around 840 points

Phuong Thao
Monday,  Nov 6,2017,19:26 (GMT+7)
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VN-Index seen seesawing around 840 points

Phuong Thao

HCMC – Securities firms have predicted the VN-Index of the HCMC bourse will hover around 840 points this week as the brief rebound last Friday might not lead to a sustained rally.

Bao Viet Securities Company said Friday’s good rebound buoyed investor sentiment but it was not as strong enough as expected to help the market continue rising this week. Last week, investors focused on a number of outstanding stocks while a majority of other stocks saw dismal trading.

The VN-Index ended a volatile week of trading with its biggest one-day rise in five months, closing up 1.28% last Friday. For the week, it advanced 0.4%, capping the fifth straight week of gains.

Most of the stocks that led Thursday’s sharp pullback bounced back strongly on Friday, led by construction firm ROS, urban project developer KBC, lender VPB and electronic store chain operator MWG. Along with VPB, the rest of the banking sector performed well, including VCB, BID and CTG.

Meanwhile, pharmaceutical firm DHG halted a 23% fall over two previous weeks with a 6.4% jump. In the oil and gas sector, GAS hit a fresh three-year high and PVD continued its recent rally as the price of the Brent crude oil stayed above US$60 per barrel in Asian trading.

Despite the upbeat index recovery, market turnover declined compared to the previous session, suggesting investors remained cautious. After strong volatile sessions, the HCMC exchange index was hovering around the 840-point level.

Perhaps, the rally on Friday was a brief technical recovery. Therefore, the index is expected to move around the level this week, according to BIDV Securities Company.

FPT Securities Company said the index is still moving sideways below the resistance level of 850 points. This week, it may move within the zone between 840 and 850 points as downside risks eased after last Friday’s session.

However, from a cautious perspective, the index is projected to see strong volatility due to the lack of supporting factors.

Viet Dragon Securities Company said investor sentiment improved last Friday following the rise. Though risk has subsided, the index may not increase sharply this week due to poor cash flow.

Investors should wait for more positive signs on the market, the brokerage proposed.

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