Vietnam’s stock market performed remarkably well in March, breaking through the 1,300-point resistance zone that had posed a challenge for nearly three years. This breakthrough is likely the most encouraging signal for bolstering investor confidence in the near future. The 1,300-point level could potentially serve as a crucial support for the VN-Index during any forthcoming corrections. Will the correction move on? The VN-Index of the Hochiminh Stock Exchange (HOSE) eased off eight consecutive weeks of gains during the week of March 17 to 21, with a slight drop of five points, closing near 1,322 points. Warning signs had emerged a week earlier, marked by the ‘green skin, red heart’ phenomenon in several sessions, as investors became increasingly aggressive in taking profits. Additionally, the MACD indicator on the daily technical chart signaled that the market entered a correction phase on March 18, when the VN-Index declined from its peak of 1,340 points to 1,330 points. Investor sentiment has been significantly impacted by news of Tien Phong Securities Corporation and its parent bank’s involvement in bond issuance and credit arrangements for businesses within the Bamboo Capital ecosystem. As a result, Tien Phong Securities’ stock ORS plunged over 16.7% during the week starting […]
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