Market Update [January 15] – VN-Index rises nearly 8 points on strong blue chips

15/01/2019 17:18

Report: Market Update
Source: ASEANSC
ASEANSC’S VIEWPOINTS

On Tuesday (January 15th), although opening lower, however, the VN-Index regained the ground, and closed at its highs of the day as blue chips rallied. Particularly, VHM, VCB, GAS, BID, MSN, TCB, VRE and MBB were the large-cap gainers, offsetting the relative weakness in VNM, SAB, VJC and ROS.

By the closing bell, the VN-Index added 7.88 points (+0.87%) to close at 909.68. Trading volume was nearly 130 million shares, worth VND2,800 billion. Breadth was widely positive, with gainers topping losers 189 to 98. Foreign investors net bought VND64 billion on the HSX.

In view of technical analysis, the VN-Index’s chart breaks out the resistance level of 902, or MA(20), which is quite positive. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance range of 910 – 920, the next resistance range will be forecast at 930 – 940. In a negative scenario, the nearest support range of VN-Index is forecast at 890 – 900, the next support range is expected at 870 – 880. Based on Kelly formula, the recommended proportion of the portfolio is 50% cash/ 50% stocks.

Please see the attached file for more details.