30 C
Ho Chi Minh City
Thursday, June 20, 2024

Is it time for bottom fishing?

By Trieu Duong

Must read

In the wake of a rapid and pronounced market downturn, many individual and institutional investors are championing bottom fishing. This strategy is touted as the market has recently breached its support levels. But is it prudent to engage in bottom fishing under the current circumstances? The risk of bottom fishing In just four trading days, from April 15 to 19, the VN-Index of the Hochiminh Stock Exchange lost more than 100 points, or 8%. The breach of key support levels, notably the psychological threshold of 1,200 points and the subsequent range around 1,180, underscored the market’s vulnerability. The index slid to 1,166 points on April 19, the lowest level since February 2024. This sharp downturn, coupled with surging liquidity, signals a grim outlook as investors hastily unload positions amid unfavorable fundamental and technical conditions. Amidst the market-wide slump, bank stocks, with their significant market capitalization, made up the brunt of the decline, exacerbating the market’s downward spiral. Notably, bank stocks accounted for half (BID, VBC, CTG, VPB and MBB) of the 10 stocks exerting the most adverse impact on the VN-Index during the aforementioned sessions, contributing to nearly 24 points of the index’s decline. Meanwhile, other major stocks such as […]
To read more, please click here.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles