Stocks continue to move sideways, new buying opportunities in the medium term are unclear

The market had a fairly positive trading week (6 - 10.5), maintaining a fairly good recovery trend after a sharp decline. VN-Index increased by 1.94% compared to the previous week to 1,244.70 points. HNX-Index increased by 3.27% to 235.68 points. Average liquidity on HOSE improved compared to previous weeks but was below average.

The market is strongly differentiated, the good recovery is concentrated in stocks/groups of stocks with positive Q1 business results, many stocks/groups of stocks exceeded or approached the old peak price range. Foreign investors continuously sold net with a value of VND 3,139 billion on HOSE, especially concentrated in VHM.

The most prominent developments were in the technology and telecommunications stocks before the reports of good growth in the first quarter of 2024 business results. Many stocks continued to increase strongly in price, liquidity fluctuated, surpassing the most recent price peak such as CMG (+30.60%), ELC (+17.36%), FOX (+7.72%), VGI (+5.45%)... Textile stocks after a period of accumulation also had very prominent developments last week. Most of them increased very strongly in price, liquidity fluctuated for many years with VGT (+27.50%), TNG (+10.89%), MSH (+10.56%), STK (+3.44%)...

Oil and gas stocks also performed positively after the news that Petrovietnam had just made two important discoveries at well R79, Rong field in Block 09-1 and well BA-1X, Bunga Aster field, Block PM3 CAA. Meanwhile, banking stocks were more diversified, mostly fluctuating within a narrow range, with liquidity below average.

According to the assessment of SHS Securities Company, the medium-term trend of the index is still swinging in the accumulation zone with the channel of 1,150 - 1,250 points and is expected to last. Currently, VN-Index has approached the upper barrier of the accumulation channel, so the opportunity for medium-term disbursement is unclear.

"In the current context, it is reasonable for the market to continue to accumulate. Short-term investors should not chase prices at the current price range and wait patiently. Medium- and long-term investors should continue to hold their portfolios and should wait for a correction if they want to disburse more because the current price level is no longer too attractive when the VN-Index is moving at the upper resistance of the accumulation channel" - SHS assessed

Experts from Vietnam Construction Securities Company (CSI) also said that at present, although profit-taking pressure is increasing, demand is still relatively strong, so the downward reversal trend has not been confirmed. There is a high probability that the accumulation and sideways trend will prevail in the coming sessions.

Mirae Asset Securities (Vietnam) pointed out that the milestones that investors should pay attention to next week are the support level of 1,225 - 1,230 points and the resistance level of 1,255 points. In the positive case, if VN-Index surpasses the 1,255 point mark, investors should pay attention to the strong resistance zone at 1,275 - 1,280 points.

Source: https://laodong.vn/kinh-doanh/chung-khoan-tiep-tuc-di-ngang-co-hoi-mua-moi-trong-trung-han-khong-ro-rang-1338808.ldo