Market Update [January 10] – VN-Index inches up on mixed blue chips

10/01/2019 16:52

Report: Market Update

On Thursday (January 10th), the VN-Index fluctuated in a narrow margin as blue chips traded mixed throughout the bourse. Particularly, GAS, VHM, MSN, PLX, CTG, HPG and VRE were the large-cap gainers, offsetting the relative weakness in VIC, VNM, VCB, SAB and BID.

By the closing bell, the VN-Index added 1.31 points (+0.15%) to close at 898.30. Trading volume was over 130 million shares, worth VND2,700 billion. Breadth was negative, with losers topping gainers 129 to 163. Foreign investors net bought VND143 billion on the HSX.

In view of technical analysis, the VN-Index’s chart breaks out the resistance level of 896, or MA(14), which is quite positive. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance range of 900 – 910, 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 880 – 890, the next support range is expected at 860 – 870. Based on Kelly formula, the recommended proportion of the portfolio is 70% cash/ 30% stocks.

Please see the attached file for more details.