Market Update [November 30] – Bargain hunters help VN-Index narrow losses

30/11/2018 17:23

Report: Market Update

On Friday (November 30th), although losing 6 points at lows, however, the late bottom fishing demand helped the VN-Index narrow the losses. In particular, VNM, VCB, GAS, CTG, MBB and PLX were the large-cap gainers, offsetting the relative weakness in VIC, VHM, MSN, HPG, VJC, VRE and NVL.

By the closing bell, the VN-Index lost 0.25 points (-0.03%) to close at 926.54. Trading volume was nearly 160 million shares, worth VND4,000 billion. Breadth was positive, with gainers topping losers 148 to 125. Foreign investors net sold VND14 billion on the HSX.

In view of technical analysis, the VN-Index’s chart shows a green candlestick at the support level of 926, or MA(5), which is quite positive. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance range of 930 – 940, at which investors can sell a part of the existing short-term portfolio. In a negative scenario, if the index loses the support level of 926, the next support range will be forecast at 910 – 920. Based on Kelly formula, the recommended proportion of the portfolio is 50% cash/ 50% stocks.

Please see the attached file for more details.