Market Update [June 20] – VN-Index rises nearly 10 points thanks to bank stocks

20/06/2019 16:33

Report: Market Update
Source: ASEANSC
ASEANSC’S VIEWPOINTS

On Thursday (June 20th), the VN-Index traded on a positive note, and closed at its highs of the day thanks to the rise of bank and oil & gas stocks. By the closing bell, the VN-Index soared 9.49 points (+1.00%) to close at 959.18. Trading volume was nearly 190 million shares, worth VND4,400 billion. Breadth was positive, with gainers topping losers 187 to 116. Foreign investors net sold VND11 billion on the HSX, mainly in E1VFVN30.

In view of technical analysis, the VN-Index’s daily chart shows a long green candlestick, and breaks out the resistance levels of 956 and 958, or MA20 and MA200, which are the signs of positivity. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance range of 960 – 970, at which investors can sell a part of the existing short-term portfolio. In a negative scenario, the nearest support level of VN-Index is forecast at 958, the next support level is expected at 956.

We recommend investors to observe carefully the support levels of 958 and 956, at which investors can buy a part of the short-term portfolio, and consider cutting loss if these levels are broken.

Please see the attached file for more details.