Stocks last week: VN-Index adjusted, cash flow tends to shift to real estate

The stock market was volatile last week.

From the beginning of the week, VN-Index increased sharply thanks to large cash flows into pillar stocks, especially Vingroup stocks and some stocks in the VN30 basket, bringing VN-Index close to the 1,800-point mark. However, increased selling pressure at high prices quickly stopped the increase, the market fell into a tug-of-war state around 1,760 points.

Since mid-week, Vingroup stocks have been sharply adjusted, putting great pressure on the market. At the end of the week, VN-Index plunged 35.66 points, equivalent to 2.02%, to 1,731.19 points. HNX-Index also lost nearly 1 point, down to 276.11 points. For the entire week from October 13-17, VN-Index decreased by 16.36 points. Two stocks VIC and VHM caused the index to lose more than 13 points in the last session of the week. Bank stocks such as VPB, CTG, TCB also contributed to the market's sharp decline.

Most sectors ended the trading week in a downtrend. Real estate fell the most, losing more than 3%, with many key stocks plunging. Some rare bright spots came from stocks such as NTL hitting the ceiling, NVL, DXG, NHA and VCR going against the trend. Finance and information technology also fell nearly 2%. Media services was the only group to stay green thanks to stocks VGI, MFS and SGT. Some individual stocks such as BMP, VSH, DDV, ANV still maintained their upward momentum.

Last week, foreign investors continued to net sell nearly 5.2 trillion VND on both exchanges, of which HOSE was net sold more than 4.8 trillion VND, HNX was more than 340 billion VND. Prolonged net selling pressure made investors more cautious.

According to analysis by Mr. Dinh Viet Bach, analyst of Pinetree Vietnam Securities Company, the short-term market is likely to enter a phase of "adjustment to go up"! The 1,700 point area is considered an important support level. If this area cannot be maintained, the VN-Index may fall back to the 1,670 point area.

Cash flow in recent times has focused on Vingroup stocks and some codes in the VN30 basket. When this momentum weakens, the market needs time to re-accumulate to find a new leading group. Real estate is still the industry expected to attract capital in the coming period. Banking and securities will differentiate more strongly when the third quarter business results are gradually reflected in stock prices.

The correction is considered necessary to consolidate the foundation for a sustainable uptrend. The market still has the opportunity to maintain a positive trajectory if cash flows spread to new sectors.

TIEN TRUNG

Source: https://nhandan.vn/chung-khoan-tuan-qua-vn-index-dieu-chinh-dong-tien-xu-huong-chuyen-sang-bat-dong-san-post916225.html