The stock market just closed July not very positively when VN-Index decreased by more than 124 points, equivalent to a decrease of nearly 6.7%. However, the last trading week of July saw a recovery from the short-term bottom. This partly helped the market enter the first trading session of August with many positive signs.
In the trading session on August 3rd, the market opened with a spreading green color and VN-Index recovered after a slight correction session at the end of last week. The upward momentum continued to expand as good absorption demand helped pillar stock groups such as banks, securities and steel race to increase sharply.
Leading the market's upward momentum is the banking stock group, in which the most prominent is MBB increasing to the ceiling of 7%. Other large-cap stocks such as VCB, TCB, CTG, VPB, HDB also simultaneously broke through, contributing to supporting the index.
In addition, VN-Index also received positive support from pillar stocks such as FPT, HPG, GAS, HVN, MWG... In the opposite direction, adjustment pressure mainly came from VIC and some codes such as MCH, VNM, VHM...
At the end of the session, VN-Index increased by 27 points (1.56%), to 1,762.8 points. On the HoSE exchange, the number of gainers was overwhelming with 257 stocks (including 12 ceiling-price gainers), compared to 76 decliners (3 floor-price decliners) and 43 unchanged stocks.
The excitement also spread to foreign investors when foreign investors returned to net buy more than 1,000 billion VND on HoSE.Stocks that were strongly net bought include FPT (524 billion VND), HPG (283 billion VND), VCB (136 billion VND), MBB (90 billion VND) and FRT (98 billion VND).
Although the market is showing signs of recovery, liquidity has not really exploded when the total trading value on HoSE reached more than 19,274 billion VND, equivalent to about 770 million shares being traded.Leading stocks in liquidity include FPT (1,148 billion VND), HPG (991 billion VND), VHM (785 billion VND) and SHB (690 billion VND).
VN-Index has reacted positively at the support zone of 1,650 points and is currently approaching the resistance zone of 1,760-1,770 points, corresponding to the old bottom that was broken earlier, and also the area of the MA20 line.
To make the recovery trend more sustainable, the market is likely still in need of a correction to retest the bottom zone. If the testing process takes place with liquidity lower than the 20-session average, it shows that selling pressure mainly comes from T+ profit-taking activities, instead of strong selling pressure from large cash flow.
In the short term, VN-Index is expected to fluctuate and accumulate in the range of 1,600-1,900 points. The possibility of the range of 1,650 points becoming a short-term bottom is being strengthened as most investors buying in the 7-24 sessions have made profits.
However, the market maintains a strong differentiated state.Many mid-cap stocks are still in a downward trend, while the recent recovery is mainly technical.For many codes, the MA20 line plays a role as a strong resistance zone.
Historical data is also supporting a positive market diễn biến scenario in August.In the last 6 years, VN-Index has all increased points in this month, with an average increase of about 3.9% - the highest in months of the year.Besides seasonal factors, the buying move of business leaders also strengthens the recovery space for market sentiment.
