Stocks reverse for the second time from the historical peak of 1,500 points

Specifically, after a sharp increase in the morning session, VN-Index turned down more than 12 points (equivalent to 0.82%), closing at the session's lowest level of 1,485.05. Liquidity on the HoSE floor reached more than VND35,412 billion, down 4% compared to the previous session.

Similarly, the HNX-Index decreased by 1.98 points, equivalent to 0.8% to 245.79 points, and the UPCoM-Index decreased by 0.47 points, equivalent to 0.45% to 104.27 points.

Leading sectors such as real estate and securities put pressure on the general market. These three sectors alone took away more than 12 points from the general index.

Stocks reversed for the second time and fell sharply from the 1,500 point mark. (Illustration photo).

Real estate stocks were in the red with LDG hitting the floor after a series of vertical increases. Vin stocks also lost steam with VIC down 5.9%, VHM and VRE down 4.2% and 1.5% respectively. In addition, many stocks lost more than 2% of their market value such as L14, DXS, SCR, HDG, CII, HTN, CEO, etc.

On the contrary, rare green was seen in HPX (+2.5%), HDC (+0.8%), GVR (+0.7%), QCG (+0.4%)...

This is the second time the stock market has reversed after surpassing 1,500 points due to the weakness of many bluechips. Red dominated the VN30 basket with 17 stocks falling, while 10 stocks rose. Previously, in the trading session on July 18, this index also dropped its historical mark after reaching it.

Forecasting the stock market this week, many analysis groups agree that VN-Index is in an uptrend, but cannot avoid the possibility of technical correction. In a recent market update report, Phu Hung Securities Company gave 3 important points in the current period. Specifically, VN-Index will fluctuate strongly to consolidate the price base of 1,500 points. The higher resistance target is the old peak of 1,530 points, and conversely, the short-term support level is at 1,450 points.

The analysis team of Saigon - Hanoi Securities Company (SHS) is also confident about the possibility of reaching the price range of 1,500-1,537 points. In a less positive scenario, this team believes that the support level is 1,480 points, which means an adjustment of about 20 points compared to the current level.

SHS predicts that the VN30 index will find it difficult to surpass its historical peak in 2021. In fact, the index representing the large-cap basket has surpassed its own peak and created momentum to lead the VN-Index to continue to rise.

Ngoc Vy

Source: https://vtcnews.vn/chung-khoan-lan-thu-hai-dao-chieu-tu-dinh-lich-su-1-500-diem-ar955532.html