The stock market started the new week with a cautious sentiment. VN-Index traded in the red throughout the session on September 9 as selling pressure dominated many large-cap stocks. Steel and oil & gas were the few sectors that shone in the recent session but failed to lift the overall index.
VN-Index closed the September 9 session down 6.23 points (-0.49%) to 1,267. Trading liquidity remained low, with the value of transactions on HoSE exceeding VND 11,600 billion. Foreign investors’ net selling was a downside, with a net sell value of VND 469 billion in the market.
Analysts from securities companies have provided mixed forecasts for the market in the coming sessions:
Potential Return to Uptrend
Yuanta Securities: The market is likely to resume its uptrend in the next session. Meanwhile, the market remains in an accumulation phase, so the VN-Index may continue to move sideways around the current level, and cash flow may remain divided among stock groups in the coming sessions. Additionally, the declining sentiment indicator suggests that investors remain pessimistic about the market’s current performance.
Seeking Balance in the 1,260 – 1,280 Range
BSC Securities: The market breadth was negative, with 15 out of 18 sectors declining, with the Insurance and Tourism & Entertainment sectors leading the losses. On the bright side, the Basic Materials and Utilities sectors posted positive performance. In terms of foreign investment, net selling was observed on both the HSX and HNX exchanges. The market is still seeking balance within the broad 1,260 – 1,280-point range, and this trend shows no signs of ending.
More Active Bottom-fishing Cash Flow
KBSV Securities: VN-Index formed a candlestick pattern with a long lower shadow after touching the 20-day MA, indicating more active bottom-fishing cash flow, continuously supporting the index. Despite the market breadth tilting towards declining stocks, the index is likely to conclude its correction phase around distant support levels, led by pillar stocks.
Insignificant Correction Pressure
Agriseco Securities: VN-Index pulled back from the 20-day MA and closed with a hammer candlestick pattern. Declining trading liquidity and narrowing Bollinger bands suggest that the upcoming correction pressure may be insignificant. Agriseco Research believes that the support of the 20-day and 50-day MAs will help VN-Index consolidate around the 1,260 (+-5) point level in the coming sessions.
Testing Strong Support
SHS Securities: VN-Index has recovered and is facing correction pressure, retesting the highest price range of 2023 (1,250 – 1,255 points), which is also a strong technical support as the average prices of 20, 60, and 120 sessions are converging. This price range is relatively reasonable considering the market’s growth prospects, offering various reasonable accumulation positions based on enterprises’ business growth and Q3/2024 financial results.
Tomorrow’s Stock Market Outlook: Which Three Sectors Should Investors Consider for Profit-Taking?
The stock market witnessed another volatile session on September 9th. Despite the fluctuations, the emergence of buying interest indicates that investor sentiment is not overly pessimistic. The presence of buyers suggests a hopeful outlook for a potential rebound.
