Market Update [January 18] – VN-Index ends nearly flat on mixed blue chips
On Friday (January 18th), the VN-Index closed nearly unchanged as major top-cap shares traded mixed throughout the bourse amid a lack of fresh leads. Particularly, VIC, VNM, VHM, MSN, TCB, HPG and VPB were the large-cap gainers, offsetting the relative weakness in VCB, BID, PLX, CTG, VRE and BHN.
By the closing bell, the VN-Index inched up 0.41 points (+0.05%) to close at 902.30. Trading volume was over 140 million shares, worth VND3,900 billion. Breadth was negative, with losers topping gainers 127 to 158. Foreign investors net sold VND24 billion on the HSX.
In view of technical analysis, the VN-Index’s chart shows a red candlestick called ‘Doji’ at the support level of 900, which is quite positive. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance level of 905, or MA(5), the next resistance range will be forecast at 910 – 920. 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.