Possibility of support zone 1,000 points

Investment Comments

Agirbank Securities : RSI and MACD indicators are pointing down and have not shown any signs of a market bottom, so the decline may continue. VN-Index may retreat to the 1,010 - 1,020 point range to find stronger support demand. As technical signals have shown in previous sessions, the market trend is still down in the short, medium and long term.

Agriseco recommends that investors carefully observe the market and limit disbursement until a clear bottom is formed or when the market establishes a stable price level.

Phu Hung Securities: From a technical perspective, the VN-Index had a strong decline again. Trading volume dropped below the 10- and 20-session averages, implying that cash flow is quite cautious. Not only that, the index maintained a close below MA5, along with MA5 maintaining a negative divergence compared to MA20, indicating that the downtrend is continuing.

In addition, the MACD and RSI indicators are pointing down negatively, indicating that the bearish pressure is intensifying and the index may continue to be under pressure around the psychological support zone of 1,000 points.

Overall, the market is in a downtrend after the decline on October 30. Therefore, investors should continue to maintain a safe proportion and consider carefully before opening new buying positions to limit unexpected risks from the general market.

KBSV Securities: Strong selling pressure on a number of large-cap stocks has negatively impacted the entire industry group, putting the market situation at a riskier level.

Although the index has fallen sharply to near the mentioned support levels and the RSI has fallen below 30, the downtrend is still playing a dominant role and the index is still likely to face the risk of falling back to around the support level of 1,000. KBSV recommends investors to sell off their positions in early recovery sessions.

Stock news

- A representative of the Banking Association said that financial companies are facing many difficulties as consumer credit growth is low, while bad debt is increasing sharply.

- According to data released by VASEP, Vietnam exported 6.6 billion USD in the first 9 months of 2023, down 22.6% year-on-year. In September alone, export turnover only decreased slightly by 5% year-on-year. With the above results, VASEP forecasts that seafood exports in the fourth quarter of 2023 could bring in about 2.4 billion USD, equivalent to the same period last year, bringing the export turnover for the whole year of 2023 to 9 billion USD.

- 951/1609 listed enterprises and banks, representing 92.5% of the total capitalization value on the 3 floors, have announced their business results. The total profit after tax in the third quarter of 2023 was announced to increase by 7% over the same period .

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