Stock market October 29: Waiting for the uptrend to own stocks

(NLDO) - Vietnam's stock market recovered impressively on October 28; it is forecasted that in the session on October 29, VN-Index may continue to increase to retest the resistance zone of 1,700-1,720 points.

At the end of the session on October 28, the VN-Index closed at 1,680 points, up nearly 28 points (+1.69%)

Opening on October 28, VN-Index continued to decline following the inertia from the previous session. Blue-chip stocks such as VIC (-2.8%), VHM (-3.1%) and MBB (-2.5%) put great pressure on the general index. Banking and real estate stocks suffered strong selling pressure, while securities stocks adjusted their prices down quite deeply.

In the afternoon session, the demand for stocks suddenly increased sharply when VN-Index reached the support zone of 1,630 points. Green spread across the market, led by the securities group with codes SSI (+6.8%), HCM (+6.5%), VCI (+5.9%). Many other stocks increased to the ceiling such as CTD (+6.9%), STB (+6.8%)... showing a significant optimism among investors.

Notably, foreign investors reversed to net buy more than 1,500 billion VND, focusing onFPT and VRE codes.

At the end of the session, VN-Index closed at 1,680 points, up nearly 28 points (+1.69%). The entire HoSE floor had 219 stocks increasing compared to 94 stocks decreasing - a positive ratio, rarely seen in recent volatile sessions.

According to VCBS Securities Company, after a 30-point drop on October 27, the VN-Index tested the old bottom and recovered strongly at the end of the October 28 session. Most industry stocks returned to green.

"Investors should closely follow the market, taking advantage of the increase in the session on October 29 to own stocks that are attracting cash flow" - VCBS Securities Company recommended.

Meanwhile, Dragon Viet Securities Company (VDSC) commented that the cash flow on October 28 was supporting the market at the 1,620 point area and then quickly rebounded.

"On October 29, the VN-Index may continue to increase to retest the resistance zone of 1,700 - 1,720 points" - VDSC forecasts.

Source: https://nld.com.vn/chung-khoan-ngay-29-10-cho-nhip-tang-diem-de-so-huu-co-phieu-19625102818133322.htm