The VN-Index closed at 1,341 points on May 28, a modest gain of 2 points or 0.15%.
Vietnam’s stock market opened on May 28 with a nearly 5-point jump. However, the upward momentum was short-lived as selling pressure intensified. Nonetheless, thanks to the strong performance of large-cap stocks such as VIC, VPL, GVR, VHM, and VRE, the VN-Index maintained its positive trajectory throughout the morning session.
In the afternoon, the market experienced increased volatility. Despite the best efforts of large-cap stocks to prop up the index, profit-taking at higher levels caused the VN-Index to trim its gains and even dip below the reference level at times, as more than 50% of stocks declined. However, a strong rally by the Vingroup stocks, particularly VIC, VHM, and VRE, ensured the index remained in positive territory at the closing bell.
At the end of the trading day, the VN-Index settled at 1,341 points, up 2 points or 0.15%.
According to VCBS Securities Company, the reduced liquidity on May 28 indicates that the market is entering a healthy accumulation phase, building a solid foundation for future rallies. They suggest that investors take advantage of market fluctuations to seek opportunities in sectors attracting investment capital, such as real estate, securities, and oil & gas. VCBS also recommends a cautious approach, advising investors to gradually deploy capital and consider reducing exposure in stocks facing strong selling pressure.
Meanwhile, VDSC Securities Company forecasts continued market tug-of-war between buyers and sellers in the next trading session. They identify the 1,340 – 1,345 range as a crucial test for the index. If the VN-Index successfully breaches this range with strong absorption of profit-taking supply, the uptrend will be reinforced and extended.
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