Market Update [December 21] – VNM, VHM and GAS drag VN-Index down

21/12/2018 17:10

Report: Market Update
Source: ASEANSC
ASEANSC’s VIEWPOINTS

On Friday (December 21st), the VN-Index opened lower, and failed to recover lately due to high selling pressure in ATC phase. In particular, VNM, VHM, GAS, MSN, NVL and VRE were the large-cap losers, offsetting the small gains in CTG, PLX, BVH, ROS and VPB.

By the closing bell, the VN-Index lost 5.98 points (-0.65%) to close at 912.26. Trading volume was nearly 200 million shares, worth VND5,400 billion. Breadth was negative, with losers topping gainers 132 to 143. Foreign investors net sold VND314 billion on the HSX.

In view of technical analysis, the VN-Index’s chart shows a blue candlestick called ‘Doji’ at the support range of 900 – 910, which is quite positive. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance range of 920 – 930, 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 900 – 910, the next support range is expected at 880 – 890. Based on Kelly formula, the recommended proportion of the portfolio is 90% cash/ 10% stocks.

Please see the attached file for more details.