Market Update [February 27] – VN-Index rises over 3 points thanks to VIC, VHM and VNM

27/02/2019 16:51

Report: Market Update

On Wednesday (February 27th), the VN-Index fluctuated in a 7-point range as blue chips traded mixed throughout the bourse. In particular, VIC, VHM, VNM, GAS and BVH were the large-cap gainers, offsetting the relative weakness in VCB, TCB, CTG, PLX and VJC.

By the closing bell, the VN-Index rose 3.21 points (+0.33%) to close at 990.27. Trading volume was nearly 260 million shares, worth VND5,200 billion. Breadth was positive, with gainers topping losers 165 to 140. Foreign investors net bought VND52 billion on the HSX.

In view of technical analysis, the VN-Index’s chart shows a green candlestick called ‘doji’ at the support level of 990, or MA(5), which is quite positive. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance level of 995, or 38.2% fibonacci retracement level, the next resistance range will be forecast at 1.000 – 1.010. In a negative scenario, the nearest support range of VN-Index is forecast at 980 – 990, the next support range is expected at 960 – 970. Based on Kelly formula, the recommended proportion of the portfolio is 50% cash/ 50% stocks.

Please see the attached file for more details.