Market Update [November 22] – VN-Index inches up on mixed blue chips

22/11/2018 17:07

Report: Market Update

On Thursday (November 22nd), the market fluctuated in narrow margin as blue chips traded mixed throughout the bourse. In particular, while VIC, VNM, VHM, MSN, BVH, VPB, and HDB were gainers, helping buoy the index, adversely, VCB, GAS, BID, CTG, HPG, VRE and MBB were losers, weighing on the index.

By the closing bell, the VN-Index rose 1.86 points (+0.20%) to close at 924.42. Trading volume was more than 155 million shares, worth VND4,000 billion. Breadth was positive, with gainers topping losers 146 to 142. Foreign investors net sold nearly VND76 billion on the HSX.

In view of technical analysis, the VN-Index’s chart shows a red candlestick called ‘doji’, is quite negative. Therefore, we believe that, in a negative scenario, the VN-Index will test the nearest support range of 910 – 920, the next support range is forecast at 890 – 900. In a positive scenario, if the index rebounds, the nearest resistance range of VN-Index will be forecast at 930 – 940, at which investors can sell a part of the existing short-term portfolio. Based on Kelly formula, the recommended proportion of the portfolio is 70% cash/ 30% stocks.

Please see the attached file for more details.