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Thursday,  Dec 14,2017,15:15 (GMT+7)

Market rallies predicted to extend this week

Phuong Thao
Monday,  Nov 27,2017,17:13 (GMT+7)
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Market rallies predicted to extend this week

Phuong Thao

HCMC – Securities enterprises have projected the VN-Index will continue rallying this week as investors have been upbeat about near-term market prospects.

Having dropped strongly in the first matching phase last Friday, the index managed to close with mild gains, suggesting that the market may maintain its rising momentum this week. However, the index growth may slow down slightly, said BIDV Securities Company.

Viet Dragon Securities Company said both the VN-Index and HNX-Index may reach new highs this week as turnover has sharply improved. The two indexes successfully tested supporting levels last week.

Viet Capital Securities Company, meanwhile, said the main index has many positive signals in the near term.
This week, the VN-Index and VN30 Index would likely see slight volatility to balance profit taking pressure at large caps. In contrast, the HNX30 Index, small and medium stocks are estimated to continue rising, the brokerage said.

Meanwhile, speaking at a conference on property stock investment last week, Bui Quang Tin, a lecturer of the Banking University of HCMC, predicted the VN-Index would hit 1,100 points in the first quarter of 2018 as the index has repeatedly reached new highs amid strong turnover. Property firms, especially those having large land fund and potential products, will benefit from the market uptrend.

The VN-Index edged higher by 0.2% last Friday, finishing up 5% this past week for its biggest weekly jump since July 2015. The index has fallen only once in the last 16 trading days, and made a robust gain of 102 points, or 12.3%, over that period.

SAB hit a fresh record high and extended an 18% jump over the last seven days as the media reported the brewery company met with investors in Singapore and has meetings in London and HCMC this week ahead of a public auction next month to sell up to a 53.59% stake. Fellow brewery stock BHN also reached a record high.

Both markets saw turnover improving strongly, with matching volume averaging out at 187.8 million shares and 55.6 million shares per session on the HCMC and Hanoi exchange, up 9.4% and 12% versus a week earlier respectively.

Foreigners net sold over VND213 billion on both bourses, including VND165.4 billion on the southern market and VND47.7 billion on the northern exchange. However, foreign net selling did not leave negative impact on equities as domestic investors remained highly optimistic.

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