Market Update [November 28] – VN-Index rises over 7 points thanks to bank stocks
On Wednesday (November 28th), bank stocks played an important role in pushing the VN-Index higher as outperforming the market. In addition, VIC, VNM, VHM and SAB were the large-cap gainers, helping to support the index.
By the closing bell, the VN-Index rose 7.08 points (+0.77%) to close at 930.20. Trading volume was over 136 million shares, worth VND3,200 billion. Breadth was widely negative, with losers topping gainers 147 to 132. Foreign investors net bought VND55 billion on the HSX.
In view of technical analysis, the VN-Index’s chart shows a long green candlestick, and breaks out the resistance level of 930, which are quite positive. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance range of 940 – 950, at which investors can sell a part of the existing short-term portfolio. In a negative scenario, the nearest support range of VN-Index is forecast at 920 – 930, the next support range is expected at 900 – 910. Based on Kelly formula, the recommended proportion of the portfolio is 50% cash/ 50% stocks.
Please see the attached file for more details.