VN-Index continues a tug-of-war phase

In the yesterday’s session, VN-Index opened up 3 points compared to the reference and continued to fluctuate within a narrow range with an increase of about 6 points until the end of the morning session. The banking and consumer groups continued to maintain the upward momentum and led the general market by attracting cash flow; on the contrary, the Vingroup group and some large-cap stocks such as BCM, GMD put pressure on the index.

In this morning's session, the securities groups (VIX, VND, HCM) and real estate (TCH, HHS, NVL) recorded cash flow returning after being under strong selling pressure from previous sessions. At the end of the morning session, VN-Index stopped at 1666.23 points, up 4.53 points compared to the reference.

Entering the afternoon session, VN-Index quickly consolidated its upward momentum thanks to the green color of many stocks in the banking industry such as STB (5.1%), TCB (1.85%) and LPB (3.03%). On the contrary, the downward pressure on VN-Index mainly came from VIC and VHM but erased most of the price increase impact from the banking stocks.

In addition, the highlight of the afternoon session was the livestock stocks group that began to attract the attention of cash flow when HAG code increased by 3.68%, besides the stocks in the securities and real estate industries still maintained their strength until the end of the session. Trading liquidity decreased by more than 35% compared to yesterday's session with 21.4 trillion VND. Notably, foreign investors continued to sell strongly with a total value of more than VND 1,651.21 billion, focusing on selling FPT, VHM and MWG. At the end of the session, VN Index closed at 1,665.05 points, up 3.35 points, equivalent to 0.20%.

In this morning session, VN-Index rose to 1,672 points, up 0.48% with many stocks in uptrend, such as ACB, BIC, BVH, CTD, DCM, GAS…

On the daily chart, VN-Index continued to move around the 1,660 support zone, with liquidity somewhat decreasing compared to the same session, showing the market's tug-of-war. At the same time, the RSI and MACD indicators remained almost unchanged compared to the previous session, partly reflecting the index's sideways movement within a narrow range.

On the hourly chart, VN-Index moved closely to the MA20 line and the narrow Bollinger band showed the VN-Index's cumulative sideways movement around the 1,650-1,670 point zone. Along with that, the CMF indicator pointed down slightly, partly showing that the cash flow was diverging and had not really spread strongly in the market.

The tug-of-war movement in yesterday's session is common after the VN-Index had a strong increase. The stock market is in the phase of re-testing supply and demand in the 1,650-1,670 range. At the same time, cash flow is clearly differentiated, focusing on groups of stocks with their own stories or with positive Q3 business results expectations.

VCBS recommends that investors can take advantage of the corrections and fluctuations during the session to disburse new purchases or increase the proportion of some stock market sectors that have created a foundation in deep discount price areas or have just started to break out from the foundation such as retail, securities, and banking.