The Vietnamese stock market entered this morning's session (April 29) with not-so-positive information related to the UAE's announcement of withdrawal from OPEC, along with tensions in the Middle East showing no signs of cooling down, causing oil prices to increase sharply with Brent oil exceeding the threshold of 111 USD/barrel, WTI oil also reaching the threshold of 100 USD/barrel.
In addition, the VN-Index recorded many positive gaining sessions thanks to the support of the Vingroup group, while the market breadth still leaned towards negativity with the number of declining stocks overwhelming the number of increasing stocks, putting pressure on the market.Liquidity is maintained at a low level due to being affected by cautious sentiment before the holidays.
Experts have also predicted that the stock market will continue its upward momentum with the target being the threshold of 1,900 points.However, fluctuations, adjustments, and accumulations before the long holidays are inevitable with the nearest support around the 1,850 point zone.
This development puts great pressure on investors' psychology as the risk of losses in many stocks increased while VN-Index still increased sharply.This has made the stock market this morning quite gloomy.VN-Index struggled around the reference price with liquidity at a moderate level.On the electronic board, differentiation is clear, but red is still slightly higher than green.
In the Vingroup stock group, after playing the main supporting role of the market, in this morning's trading session, VIC stock is under profit-taking pressure, so it turned down more than 3.37%, all 3 remaining codes are maintaining green, of which VRE increased by nearly 4.22%, VHM maintained the reference price and VPL increased by nearly 0.24%.
Differentiation also occurred in other leading industry groups such as banking and securities, while the steel group is mostly submerged in red, and the oil and gas group increased but the increase was not too large.
At the end of the morning session on April 29, VN-Index decreased by nearly 17 points (-0.9%), to 1.9%.Market breadth leans towards sellers with 321 declining stocks and 245 increasing stocks.
Market liquidity is showing signs of improvement compared to the previous session.Trading value of HOSE this morning reached 9,600 billion VND, up 26.1% compared to the last session of last week.Similarly, trading on HNX also recorded a strong increase with nearly 34 million units, equivalent to 596 billion VND.
Red color covers most industry groups, in which real estate temporarily decreased the most with a decrease of 1.87%.In the top 10 stocks affecting the VN-Index, VIC is the stock with the most negative impact when taking away 12.22 points of the index.Followed by MCH and TCB also pulling the index down by a total of more than 2 points.
It is necessary to be cautious that the current upward momentum is still localized, mainly from the group of stocks belonging to the Vingroup ecosystem, while most of the remaining stocks are not really in agreement.This is clearly shown through the market breadth leaning towards declining, along with liquidity almost not improving compared to previous sessions.
Therefore, although the signal of overcoming resistance has appeared, but to be seen as a highly reliable correction phase, the market still needs more confirmation from the cash flow factor.
The appropriate strategy at this time is to keep the proportion of stocks at a moderate level, prioritizing holding positions that are profitable, and at the same time limiting chasing purchases in strong uptrends due to unclear cash flow signals.It is necessary to manage risks tightly, ready to reduce proportion if the market shows strong selling pressure, making the current effort to overcome resistance become a price increase trap.
The short-term uptrend is still dominant, opening up expectations that VN-Index will continue to move up to test the important resistance zone around the 1,900 point mark.However, this is a strong resistance level in both psychology and technique, where profit-taking pressure may increase significantly, causing the index to face the risk of fluctuation or correction in the coming sessions.
Stocks face strong selling pressure before holidays
Gia Miêu |
The stock market is under adjustment pressure in the context that VN-Index is still increasing strongly, but investors are losing money in many stock groups.
