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Friday, June 14, 2024

Market uncertainties remain

By Trieu Duong

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While technical indicators show a potential upward trend, investor sentiment is still unpredictable, casting doubt on the stock market trajectory in May. Recovery despite poor liquidity After a sharp decline last month, the stock market showed signs of recovering from the end of April through early May. The VN-Index of the Hochiminh Stock Exchange (HOSE) made a 5.5% rebound between April 23 and May 6, including a significant surge of over 20 points on May 6. The trading volume was higher than in the preceding days as well, improving the sentiment of most investors. Thus, after a slide into the support zone of 1,170-1,180 points, the VN-Index has recovered, with technical indicators in favor of positive momentum. That said, liquidity remains modest, suggesting cash is not ready to flow back into the market. In this recent rise, the average trading volume on the HOSE was only 500-600 million shares per session. It is important to note that the persistent rise of the U.S. dollar against the Vietnam dong was a major source of pressure on the market during the first half of April. This increase not only prompted foreign investors to step up selling due to concerns over foreign exchange […]
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