Market Update [January 09] – VN-Index rises nearly 10 points at highs
On Wednesday (January 09th), the VN-Index traded on a positive note, and closed at its highs of the day. In particular, most of large caps in the VN30 rallied, contributing significantly to the rise of VN-Index.
By the closing bell, the VN-Index added 9.55 points (+1.08%) to close at 896.99. Trading volume was over 160 million shares, worth VND3,000 billion. Breadth was widely positive, with gainers topping losers 177 to 99. Foreign investors net bought VND31 billion on the HSX.
In view of technical analysis, the Vn-Index shows a green candlestick with improved liquidity, which is quite positive. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance range of 900 – 920, 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 860 – 880, the next support range is expected at 820 – 840. Based on Kelly formula, the recommended proportion of the portfolio is 70% cash/ 30% stocks.
Please see the attached file for more details.