Market Update [February 21] – Abnormal transactions in ATC session push VN-Index up nearly 17 points

21/02/2019 17:14

Report: Market Update
Source: ASEANSC
ASEANSC’S VIEWPOINTS

On Thursday (February 21st), the highlight of the market was unusual transactions in the ATC session, which rose sharply demand in large caps such as VHM, VIC, VNM, VCB, GAS, SAB, MSN, VRE, PLX and HPG, pushing up the VN-Index nearly 17 points.

By the closing bell, the VN-Index soared 16.99 points (+1.75%) to close at 987.57. Trading volume was nearly 180 million shares, worth VND4,500 billion. Breadth was negative, with losers topping gainers 124 to 170. Foreign investors net bought VND260 billion on the HSX.

In view of technical analysis, the VN-Index’s chart shows a long green candlestick, which is quite positive. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance range of 990 – 1.000, 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 970 – 980, the next support range is expected at 950 – 960. Based on Kelly formula, the recommended proportion of the portfolio is 50% cash/ 50% stocks.

Please see the attached file for more details.