Stocks seen steady this week – brokerages

The VN-Index of the Hochiminh Stock Exchange fell 0.23% at 980.76 points last Friday while trading value on the exchange sank 15% against the previous day at VND3.8 trillion. After falling 1.5% a week earlier, the index closed down 0.8% last week.

During March, the index was up 1.6%, capping the third monthly spike. The index finished the first quarter of 2019 up 9.9%, its best quarterly performance since early 2018.

Property firm VHM was the biggest contributor to the day’s loss. Meanwhile, its fellow Vingroup subsidiary VRE was one of the largest gainers.

By sector, bank and brokerage stocks saw lower rises. The two industry indexes gained only 0.5% each at the end of the day.

According to BIDV Securities Corporation, international and regional economic developments would continue weighing on domestic market sentiment, especially the U.S.-China trade talks.

Bao Viet Securities Company said investors will be looking for supportive news over the next three weeks as many listed firms will hold their annual general meetings. Therefore, the VN-Index may move in the range of 970 and 980 points this week before rising to new highs.

In the worst-case scenario, the market may go down and test the 950-point mark again. The VN-Index has previously bounced back from this level.

Besides, there will be better buying opportunities on the Vietnamese stock market when the consolidation phase ends.

In near term, a short consolidation is needed as the VN-Index could ease off its recent rallies. The main index must stand firmly above the supporting zone from 950 to 980 points before approaching 1,000 points again, it said.

FPT Securities Company, meanwhile, said the market has shown signs of edging down. In short term, the market is expected to be in negative territory as investors are more cautious at the current peak.

Foreign investors are not yet active, seriously affecting investor sentiment and making domestic investors cautious.

This week, they will keep a close watch on market movements, possibly resulting in poor stock trade, the firm said.