In the first trading session of the week on May 26, the market opened trading with a strong profit-taking reaction similar to the forecasts analyzed by experts earlier about the period of time when the market adjusted strongly after a strong increase to regain the important threshold of 1,300 points.
The strong selling force has decreased from the beginning of the session, even the VN-Index sometimes loses 25 points before spectacular reversing thanks to the force of catching the bottom of the strong input. At the closing session, VN-Index "turned" to increase more than 18 points to 1,332.5 points, the top area from the beginning of the year.
This trading session is like a classic psychological "test" for stock investors. On many forums, many investors have had to regret rushing to sell strongly, then regret having just lost goods right before the strong recovery.
This is a lesson in the story of investing in the crowd. However, in the current context, deciding to continue buying for monitoring or observation is still a difficult question for investors.
Analysts from DSC Securities Company (DTCK) commented that the Vietnamese stock market has recently witnessed a rather strange phenomenon. VN-Index recovered strongly after some sharp declines in early April, even approaching the old score.
However, many investors still pity to look at the "red" category, the situation of prolonged losses, despite the increasing market. The ratio of stocks is above the highest average price in the last 200 days of the market currently around 25 - 30%, which is only about a quarter of the market in the trend of long -term increase.
This reflects a reality that the current recovery is mainly led by pillar stocks with large capitalization and strong influence on the index. In contrast, most of the mid- and small-cap stocks, where cash flow is concentrated by individual investors, are still in a state of weak recovery, or have not escaped the downtrend.
"Therefore, the market is likely to see an adjustment to balance again. That is the time to shake off some small investors, but create opportunities to welcome new cash flow into the market when there are attractive discount prices," said DSC experts.
In this view, experts of HSC Securities also found that the motivation for increasing points of VN-Index clearly divided between Bluchip shares and the rest of the market. The real estate group, highlighted by the stocks of Vingroup, HVN shares, together with the bank group continue to play the leading role.
However, the gradually increasing profit-taking pressure in this group makes the market susceptible to a state of downward adjustment along with increased trading volume. Typically, in the two trading sessions of the past weekend, the market was in a state of tug-of-war. In addition, the sharp increase in liquidity in the two sessions of decline signals profit-taking pressure.
HSC experts believe that it is likely that the VN-Index will have an adjustment in the coming trading sessions. The recent increase is mainly based on large-cap stocks, while the mid- and small-cap stocks have not had a corresponding response and have not had the spread of cash flow, which makes market sentiment susceptible to fluctuations and caution. Profit-taking for large-cap stocks along with caution for the remainder of the VN-Index has potential technical adjustment risks.
In the short term, HSC experts said that cash flow in the market will not easily spread again and if bluechip stocks enter a technical correction period, the general index may be under downward pressure. Because many middle-cap stocks have not increased sharply, the possibility of the market adjusting deeply is not large, but only a phase of differentiation adjustment.
