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Thursday,  Dec 14,2017,15:13 (GMT+7)

VN-Index predicted to soar to 900 points

Phuong Thao
Monday,  Nov 20,2017,23:13 (GMT+7)
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VN-Index predicted to soar to 900 points

Phuong Thao

HCMC – Securities firms expect the VN-Index to beat 900 points in the near term as the index stood firmly above the psychological level of 890 points last week.

The index fell slightly for the first time in two weeks, closing down 0.24% at 890.69 points last Friday. For the week, the index advanced 2.6% on the heels of the previous week’s 2.9% jump, marking the seven-week spike.

Vietnam’s leading fuel retailer PLX fell to near a 10-month low while housing developer KDH soared to a record high, securing its 71% gain so far this year, amid heavy foreign buying.

Fellow property developer VIC also hit a new high, having picked up 70% since early this year. HT1, a cement maker, surged on possible bottom fishing by investors after the company had plunged 41% over the previous four months through Wednesday.

Foreign investors net bought nearly VND2.9 trillion of shares on the HCMC market, making significant contributions to the index surge. Meanwhile, they net sold over VND7.6 billion worth of shares on the Hanoi market.

According to tinnhanhchungkhoan.vn, the slight drop last Friday was just a normal technical correction when the VN-Index touched the 900-point level.

The VN-Index may experience some volatility early this week before advancing further. A strong correction will only occur if the index is in the zone between 920 and 930 points, which is regarded as a strong resistance range of this year.

BIDV Securities Company said that cash flow will return to key stocks that have declined strongly and a number of small stocks. The VN-Index may take a break at 895 points before rising to new highs within this year.

Maritime Securities Company, meanwhile, projected the market would come under correction this week. However, the index drop, if any, would be insignificant given current stable turnover.

After the correction phase, blue chips may continue driving the market up. Investors may stay cautious as risks remain high on the market, it said.

Bao Viet Securities Company also predicted the index would begin a new correction phase in the near term after the market ended its 10-day winning streak last Friday. Large caps came under strong selling pressure, resulting in all sectors and the VN-Index retreating.

Sellers may turn active this week as the market strongly rallied. However, the market may not decrease strongly as cash flow still runs into promising sectors, the firm said.

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