The stock market ended the first trading session of the week struggling within a narrow range. The clear differentiation, especially in the large-cap group, kept the situation stable throughout the trading session before selling pressure somewhat dominated towards the end of the session.
VN-Index closed the session on August 26 down 5.3 points (-0.41%) to 1,280 points. Liquidity remained with transaction value on HoSE reaching over VND18,300 billion. Foreign transactions were a minus point when they net sold nearly VND419 billion in the entire market.
Commenting on the market in the coming sessions, most securities companies still give somewhat conflicting opinions:
Completely normal adjustment
TPS Securities: The market's correction session after a strong increase in the past 2 weeks is necessary, VN-Index encountered difficulties when approaching the threshold of 1,290 points - the market's resistance zone that was difficult to overcome in June 2024. This correction is completely normal after 4 sessions of increase with an increase of nearly 60 points.
According to TPS, the correction will open up new buying opportunities for medium and long-term investors. Investors can wait for disbursement at the 1,260 point area and buy strongly if the VN-Index adjusts to the 1,220-1,240 point threshold.
Risk of strong shaking still exists
KBSV Securities: VN-Index formed a solid-bodied bearish candlestick pattern with increased liquidity, indicating that selling pressure is becoming more intense around the near resistance level - an area with a large supply volume and many distribution sessions. Although the risk of strong fluctuations still exists, the index will have many opportunities to conquer the resistance level around 1,300 points from the short-term uptrend that is still being preserved.
Accumulation trend in the 1,280 - 1,285 point range
BSC Securities: VN-Index traded in the 1,285 - 1,290 point range almost all day before falling to close at 1,280 points. Market breadth was negative with 16/18 sectors losing points, of which Personal & Household Goods led the decline. On the other hand, Real Estate and Financial Services had a positive trading session. Regarding foreign trading, today this sector was a net seller on both the HSX and HNX exchanges. The accumulation trend in the 1,280 - 1,285 point range has not shown any signs of ending.
Can continue to adjust
SHS Securities: In the short term, VN-Index is facing correction pressure at the price range of 1,280 - 1,300 points, which is a very strong resistance zone for the peak prices of March, June and July 2024. The index may continue to correct to the price range of 1,250 - 1,260 points, corresponding to the highest price range in 2023 as well as the price gap of the trading session on August 19, 2024. The positive point is that the correction pressure is still relatively normal in many stocks while many stocks are still recovering after strong correction pressure.
Ability to "test" the 1,270 point threshold
Yuanta Securities: The market may continue to correct in the next session with the nearest support level of the VN-Index at 1,270 points. At the same time, Yuanta assesses that these are just technical corrections after the previous consecutive increases, especially the Banking and Securities indexes increasing to near short-term resistance levels. However, short-term risks remain low.
Source: CafeF
