The market is still in a short-term accumulation phase.

VN-Index in the short term is under correction pressure at a strong resistance zone.

With foreign investors increasing their net selling momentum on June 11 as the market approached the strong resistance level of 1,300 points, VN-Index ended the trading session on June 11 down 6.26 points (-0.49%), at 1,284.41 points, the positive point was that HNX still closed in green at 246.41 points (+0.83 points, equivalent to +0.34%). Market breadth on both exchanges was negative with 226 stocks decreasing in price, 108 stocks increasing in price, and 41 stocks remaining unchanged at HOSE. On HNX, there were 98 stocks decreasing in price, 76 stocks increasing in price, and 54 stocks remaining unchanged.

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Liquidity on both exchanges increased compared to the previous trading session when trading volume (excluding agreements) increased by +10.4% at HOSE and +11.07% at HNX, all higher than the average of 1 week, 2 weeks and 1 month.

VN-Index ended the trading session on June 11 down 6.26 points (-0.49%), at 1,284.41 points.

Notably, in the session of June 11, some industries witnessed many stocks increasing points such as the Fertilizer industry with DCM (+1.29%), DPM (+0.52%), LAS (+0.87%), the Securities industry group with SSI (+1.3%), HCM (+1.4%), MBS (+2.1%), BSI (+2.9%), and especially VCI (+4.9%)... Besides, the impressive growth of the Information Technology group has not stopped yet when FPT (+1.74%), ITD (+6.36%), ELC (+4.23%). Cash flow also moved positively in the Oil and Gas group, stocks such as: PLX (+2.98%), PVD (+0.94%), PVS (+0.9%) or typical electricity industry stock POW (+3.7%).

The most negative impact on VN-Index in the session of June 11 was the Real Estate group of stocks including VIC (-0.6%), VHM (-1.9%), VRE (-1.8%) along with NVL (-3.4%), TCH (-2.02%), HPX (-3.37%), QCG (-3.06%)... The Insurance group continued to have a session of decline with BVH (-1.4%), along with BMI (-2.51%), MIG (-0.95%). In addition, the Tourism group must also be mentioned with VJC (-2.94%), HVN (-1.9%), SCS (-2.73%)... except for SKG (+2.37%).

According to experts from Saigon - Hanoi Securities Company (SHS), in the short term, investors are cautiously waiting for information from the FED meeting on June 13, leading to an increase in selling positions in speculative stocks, stocks that have increased sharply in a short period of time when the VN-Index is facing strong resistance. In the short term, the VN-Index is under pressure to adjust at a strong resistance zone and is returning to accumulate in the price channel of 1,250 points - 1,300 points, the equilibrium point of this price channel is the 1,275 point zone, which is similar to the average price of 20 sessions of the VN-Index.

The medium-term trend of VN-Index maintains accumulation in a wide channel of 1,180 points - 1,200 points to 1,300 points, expanding to 1,320 points. Of which, 1,200 points is the highest price zone in 2018, 1,300 - 1,320 points is the highest price zone in June and August 2022. The equilibrium point of the medium-term accumulation channel is the zone of 1,245 - 1,255 points, corresponding to the highest price zone in 2023.

“Short-term investors have disbursed, if the proportion remains high, they should start considering selling, reducing the proportion of stocks that have met expectations, or restructuring the sale of weak stocks if any. Medium- and long-term investors should continue to monitor market developments, because this is not yet an attractive price range,” said SHS experts.

The market is still in a short-term accumulation phase.

According to the analysis team of ASEAN Securities Company (ASEANSC), the market on June 11 experienced a period of fluctuations with strong selling pressure, mainly from foreign investors (-1,843 billion VND), focusing on pillar stocks. However, the sentiment of domestic investors appeared relatively stable, reflected in the fact that the VN-Index only decreased by 6.26 points, which is relatively mild in the current context. The increase in liquidity shows a relatively good absorption capacity at the old peak, but the level of differentiation is becoming more and more obvious.

The market is still in a short-term accumulation phase (Illustration: KT)

“Investors should prioritize short-term trading activities, accumulating stocks in the 1,270-1,280 point range,” ASEANSC experts said.

Meanwhile, experts from Yuanta Vietnam Securities Company (YSVN) said that the market may return to an upward trend in today's session, June 12. At the same time, the market is still in a short-term accumulation phase and the market may soon exit the accumulation phase. The positive point is that cash flow is showing positive signs and tends to increase in large-cap stocks. In addition, the short-term sentiment indicator has decreased slightly, showing that investors are cautious, but investors may be restructuring their portfolios as many stocks have had a strong increase in recent times.

“The short-term trend of the general market remains bullish. Therefore, short-term investors in the general market should maintain a high proportion of stocks and investors should prioritize new purchases in large-cap stocks,” YSVN experts recommended.

Source: https://vov.vn/thi-truong/chung-khoan/nhan-dinh-chung-khoan-126-thi-truong-van-trong-giai-doan-tich-luy-ngan-han-post1100947.vov