In the trading session on June 20, the stock market continued to fluctuate and the VN-Index returned to fluctuate slightly around the reference level.
The market ended the weekend session with a slight decrease of only 2.7 points due to a lack of consensus among major stocks. Meanwhile, export stocks including seafood and textiles have reversed the general market and increased sharply.
At the end of the session, the HOSE floor had 135 stocks increasing and 167 stocks decreasing, the VN-Index decreased by 2.69 points to 1,349.35 points. Total trading volume reached nearly 847.6 million units, worth more than VND 22,097 billion, up 6.9% in volume and nearly 18% in value compared to yesterday's session (16).
Regarding foreign transactions, the group of foreign investors continued to net sell more than 572 billion VND in today's session. On HoSE alone, foreign investors net sold nearly VND574 billion.
According to experts, the VN-Index has not completely escaped the short-term adjustment trend. However, the balance of forces after the adjustments shows that selling pressure has not increased, while demand is returning sooner and stronger than initially expected.
According to observations, foreign cash flow is paying special attention to the consumer - retail group and some private joint stock commercial banks. Technically, the 1,300-point zone of the VN-Index is attracting bottom-fishing demand.
The return of both domestic and foreign investors shows that market confidence is gradually recovering, but cash flow is still mainly focused on certain stock codes, not yet spreading widely. Bottom-fishing signals appear around the 1,300-point area - an important support level identified by experts for many weeks and continue to be a " wall" to protect the long-term uptrend of the VN-Index.
According to the adjusted wave structure, the VN-Index can still create another down side in the support zone of 1,300 points. Based on the positive performance of the buying group in recent sessions, it is forecasted that demand will dominate this support zone and the index will not fluctuate for a long time in this zone.
Mr. Nguyen Manh Dung - Senior Director of Market Strategy Research of HSC Securities Company - said that in the coming period, investors can allocate portfolios according to two schools.
Stocks are in an upward trend and have not decreased sharply in the recent correction. Increasing the proportion of this group of stocks following a technical buying and selling strategy is expected to be stronger when the general market sentiment improves. This strategy is currently suitable for some stocks of joint stock commercial banks, consumer - retail.
On the other hand, it is possible to increase the proportion of domestic stocks and good industry prospects, which are in the accumulation phase or have deeply discounted in the previous adjustment period. This is a safer disbursement strategy and allows investors to expect lower adjusted risks. This strategy can now be applied to real estate groups, industrial parks and industrial materials.
