Stock market seen seesawing next week

10-Dec-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

The VN Index is predicted to move in the range of 950-970 points next week, Tran Xuan Bach of the macro and market research department at Bao Viet Securities JSC (BVSC) said in a report.

Either upward or downward escape from this band will result in the VN Index’s new trend of volatility in the short term.

According to BVSC’s report, the market will likely touch the resistance level of 970 points, testing the resistance range of 980-985 points in the short term.

In the second half of December, the market is expected to improve and will retest the resistance range of 990-995 points.

BVSC advised investors to maintain their equity exposure at 30-35 percent of the total portfolio. Investors with high equity exposure should reduce stock holdings during market upward correction as the current market situation still poses a high risk to them.

Meanwhile, BIDV Securities Company forecast that the market will continue to hover in the range of 950-983 points. Foreign investors’ net sales may obstruct a recovery of the market but the current prices of stocks are favourable to the disbursement in the next two to three months.

The market will continue to experience somber trading before a stronger recovery in the coming periods. Investors are advised to maintain their stock portfolios at 30-40%, according to Thanh Cong Securities Company.

This week, the VN Index lost for three days. At the end of the week, it dropped 7.19 points, or 0.74%, to 963.56 points compared to the close of this week. On the Hanoi Stock Exchange, the HNX-Index closed the week at 102.5 points, equal to the close of the week.

The biggest losers on the HCM City bourse this week were dairy firm VNM (down 2.66 points), consumer goods company MSN (down 2.56 points) and gas distributor GAS (down 1.41 points). Adversely, the best performers included brewery firm SAB, steelmaker HPG and lender HDB, adding to the index 1.32, 0.81 and 0.37 points, respectively.

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Category: Stocks, Vietnam

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