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 close of trading on October 28, the VN-Index closed at 1,680 points, up nearly 28 points (+1.69%).

Opening on October 28th, the VN-Index continued its downward trend from the previous session. Blue-chip stocks such as VIC (-2.8%), VHM (-3.1%), and MBB (-2.5%) exerted significant pressure on the overall index. Banking and real estate stocks faced strong selling pressure, while securities sector stocks experienced a substantial price correction.

In the afternoon session, demand for stocks unexpectedly surged as the VN-Index touched the 1,630-point support level. The market turned green, led by the securities sector with stocks like SSI (+6.8%), HCM (+6.5%), and VCI (+5.9%). Many other stocks hit their upper limit, such as CTD (+6.9%) and STB (+6.8%), indicating significantly optimistic investor sentiment.

Notably, foreign investors reversed their trend and bought net over 1,500 billion VND, focusing onFPT and VRE stocks.

At the close of trading, the VN-Index settled at 1,680 points, up nearly 28 points (+1.69%). Across the HoSE exchange, 219 stocks rose compared to 94 that fell – a positive ratio rarely seen in recent volatile trading sessions.

According to VCBS Securities Company, after a 30-point drop on October 27th, the VN-Index tested its previous low and recovered strongly at the end of the trading session on October 28th. Most stocks in various sectors recorded gains.

"Investors should closely monitor the market and take advantage of the upward movement on October 29th to acquire stocks that are attracting capital inflows," VCBS Securities Company recommended.

Meanwhile, Rong Viet Securities Company (VDSC) noted that the money flow on October 28th was supporting the market at the 1,620 point level, and that it would quickly rebound afterwards.

"On October 29th, the VN-Index may continue to rise 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