Stock market set to test the 1,100 – 1,108 point range

Đình Vũ Port Investment and Development JSC (DVP) increased by 10 per cent last week. — VNA/VNS Photo

HÀ NỘI — The VN-Index this week is anticipated to hover within the range of 1,100-1,108 points, indicating that the market will likely continue its exploration of price levels within this specific range.

Investors should closely monitor market movements and observe how supply and demand dynamics unfold within this price range, said experts.

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index rose 0.73 per cent to end Friday at 1,102.16 points.

It had risen 0.6 per cent last week.

Việt Dragon Securities Joint Stock Company (VDSC) noted that despite cautious movements and pressure last week, the market found support in the range of 1,090-1,095 points. Liquidity remains low, indicating that supply has not exerted significant downward pressure in low price areas, leaving room for cash flow to support the market towards the end of the session.

Based on the current support signal, VDSC predicts that the market will likely continue exploring supply in the range of 1,100-1,108 points this week.

It is important to note that this range has previously shown significance as a resistance level, and the market’s ability to breach and sustain above this range will be crucial in determining further upward momentum. Traders and investors should exercise caution and closely analyse market indicators and trading volumes to identify potential breakout opportunities or signs of a reversal, it said.

Market conditions, investor sentiment, and external factors may influence the stock market’s behaviour within this range. It is advisable to stay informed about any significant news or developments that could impact market movements during the week. By staying vigilant and responsive to market dynamics, investors can make informed decisions and navigate the stock market effectively.

According to Việt Nam Kiến Thiết Securities Joint Stock Company (CSI), the prominent trend last week was a sideways movement within a narrow range, accompanied by a significant drop in matched volume compared to the previous week and below the 20-session average. This reflects the hesitation and high caution among investors.

“Although the VN-Index closed the trading week in the green, the increase was limited and did not indicate a clear recovery trend. The support level of 1,063-1,075 points was maintained, suggesting that the VN-Index may still be in an accumulation phase to gather recovery momentum,” said CSI

“CSI expects the resistance level for the VN-Index next week to be between 1,120-1,128 points.”

Port and transportation stocks saw notable gains last week, with Đình Vũ Port Investment and Development JSC (DVP) increasing by 10 per cent, Việt Nam Sea Shipping Joint Stock Company (VOS) rising by 8.7 per cent.

In the real estate stocks group, some stocks showed positive developments, such as Nam Long Investment Corporation (NLG) up by 6.11 per cent and Vinhomes (VHM) up by 4.6 per cent.

Meanwhile, the majority faced downward pressure.  LDG Investment JSC (LDG) experienced a sharp decline of 11.31 per cent due to negative information, Licogi 14 (L14) decreased by 5.15 per cent, and CEO Group (CEO) declined by 3.57 per cent.

Banking stocks exhibited less positive movement during the past week, with most of them experiencing a decrease. Liquidity remained low, failing to attract significant cash flow. Sacombank (STB) decreased by 2.83 per cent, Eximbank (EIB) declined by 2.14 per cent. — VNS