Market Update [January 28] – VN-Index tops 910 after rising over 3 points

28/01/2019 17:11

Report: Market Update
Source: ASEANSC
ASEANSC’S VIEWPOINTS

On Monday (January 28th), the VN-Index bounced back, and topped 910 after nearly hitting the unchanged line thanks to the rise of some large caps such as VHM, VIC, MSN and VNM. Adversely, VCB, BID, TCB, PLX, VPB and ROS were the large-cap losers, weighing on the index.

By the closing bell, the VN-Index rose 3.30 points (+0.36%) to close at 912.18. Trading volume was over 130 million shares, worth VND3,100 billion. Breadth was negative, with losers topping gainers 135 to 139. Foreign investors net bought VND117 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 908.9, or MA(5), 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 50% cash/ 50% stocks.

Please see the attached file for more details.