Market Update [October 23] – VN-Index loses more than 28 points at lows

23/10/2018 17:26

Report: Market Update
Source: ASEANSC
ASEANSC’S VIEWPOINTS

On Tuesday (October 23rd), the VN-Index traded on a negative note, losing more than 28 points at its lows. However, the late bottom fishing demand rose sharply, helping trim the early losses. Particularly, SAB, BVH and MBB were 3 large-cap gainers, rising 0.41%, 0.22% and 1.42% respectively.

By the closing bell, the VN-Index fell 13.83 points (-1.45%) to close at 939.68. The HSX’s trading volume rose to 200 million shares, worth over 5,000 billion. Foreign investors net sold nearly VND63 billion on the HSX.

In view of technical analysis, the VN-Index shows a red candlestick called “hammer” at 920 – 940 support range, and a “common gap” at 950 – 953 range, are quite positive. Therefore, we believe that, in a positive scenario, VN-Index will return to fill the “common gap” of 950 – 953 in the next session, the next resistance range is forecast at 960 – 980. In a negative scenario, the nearest support range of VN-Index is forecasted at 920 – 940. Based on Kelly formula, the recommended proportion of the portfolio is 90% cash/ 10% stocks.

Please see the attached file for more details.