In yesterday's trading session (May 18), although VN-Index closed to create a new peak in points, the general trend of the index was still fluctuating and accumulating in the range of 1,900-1,940 points.
Stepping into this morning's trading session (May 19), the market was quite gloomy as investors hesitated, causing the electronic board to differentiate strongly and the price range of stocks was almost only at a low level. The sideways movement of VN-Index continued to be maintained in the first half of the morning session. Pressure from Vingroup shares is a major barrier to the index.
At the end of the morning session, VN-Index decreased by 5.24 points (-0.27%), to 1,922.7 points. Total trading volume reached more than 385.8 million units, worth 12,906.3 billion VND, an increase of more than 6% in volume and 18% in value compared to yesterday's morning session. Block transactions contributed more than 24.6 million units, worth 1,705 billion VND.
The bluechip group has almost no outstanding stocks, with the two most volatile stocks in the downward direction, BSR and GVR, also losing only a little 2%. Meanwhile, in the opposite direction, only VCB shouldered the burden with an increase of only 2.4% to 64,700 VND.
Two Viettel stocks maintained their attractiveness with CTR increasing to the ceiling price + 7% to 93,400 VND, matching 1.63 million units and VTP +6.2% to 72,400 VND, matching 2.24 million units.
Securities companies' stocks stagnated, with VND, although still the highest matched order code on the exchange with more than 23.2 million units, the stock price only decreased by +2.7% to 17,100 VND at the end of the session.
Market developments are showing that the VN-Index surpassing the 1,900 point zone has created a positive technical effect.However, external variables such as geopolitical developments, energy prices or high capital costs have not been completely eliminated, causing market sentiment to continue to be in a sensitive state.
Mr. Huynh Anh Huy - Industry Analysis Director, Kafi Securities Company - said that the point to be closely monitored is the developments of the pillar stock group.If this group enters a correction phase after a period of hot increase, it is likely that part of the cash flow will be withdrawn from the large capitalization group and circulated to medium and small capitalization industry groups, especially those groups with attractive valuations or private stories.
At that time, the scenario that is likely to occur is that the general VN-Index may be under adjustment pressure, but the market breadth will be improved, with some smaller industry groups recording positive developments and increasing points. This is also an opportunity for investors to restructure their portfolios in a more balanced direction between pillar groups and niche industry groups.
AIS Securities Company believes that VN-Index can still continue to maintain the upward momentum to move towards the 1,950 point zone, and further to the 2,000 point zone.However, fluctuations, adjustments, and accumulations are inevitable with the nearest support being around the 1,900 point zone.Investors should take advantage of fluctuations to buy and hold stocks with solid fundamental prospects and positive short-term price trends.Sell out stocks with signs of price weakening.
