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Shares may extend gains during pre-Tết period

Workers at FPT Corporation (FPT). Information technology stocks rose the most last week, mainly thanks to the push from FPT stocks, increasing  一 六. 三 per cent. — Photo courtesy of FPT

HÀ NỘI — The Vietnamese stock market may continue to advance during the two last trading days before the Tết (Lunar New Year) holiday but cash poured into the market is believed to decline and there might be a differentiation between flows.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange rose  一. 三 二 per cent to end Friday at  一, 一 二 六. 九 一 points.

It had climbed  六. 六 五 per cent last week.

An average of  五 九 八. 七 million shares was traded on the southern exchange during each session last week, worth VNĐ 一 三. 五 trillion (US$ 五 九0. 二 million).

“The market is expected to continue its advance in the next two trading days. After overcoming the resistance zone around  一 一 一 五- 一 一 一 八 points, VN-Index is very likely to head towards a strong resistance zone around  一 一 八0- 一 二00 points in the short-run,” said Bảo Việt Securities Co.

“The capital flow into the markets is expected to weaken slightly as the investors usually refrain from trading when Lunar New Year Holidays are approaching.

“As a result, there might be a divergence of capital flow next week,” it said.

The company said investors should maintain equity exposure at around  五0 per cent to  七0 per cent of total portfolio value.

“Investors holding a high proportion of cash may considerably increase the size of the positions when the market enters correction phases.

“For the investors with large equity proportions and are using margin, they would consider utilising the days the market rises sharply to reduce the equity exposure to a safer targeted level of exposure,” it said.

According to MB Securities Joint Stock Company (MBS), the stock market grew last week following the same trend with other markets around the world.

“Domestic investors still traded positively and there were few signs of cautiousness even with Lunar New Year approaching. Market breadth was quite positive in most stock groups, showing that the market's uptrend will continue in the coming sessions” said MBS.

“The recent recovery momentum showed that the market was claiming what has been lost since the end of January when the market failed to surpass  一, 二00 points.

“Although it is probably likely that the market would go forward, it will face challenges at  一, 一 七0 points, which may be an opportunity for the late money flow,” the company said.

According to Việt Dragon Securities Co, although the market was shaky during Friday, selling pressure was not significant.

“Therefore, the market got over the short-term profit-taking pressure with quite positive movements at the end of the session. It is expected that the market will continue to recover in the near future.

“Investors can rely on the current recovery but avoid using leverage to minimise unexpected risks when the market enters the Lunar New Year holiday,” Việt Dragon Co said.

Information technology stocks rose the most last week, mainly thanks to the push from pillars such as FPT Corporation (FPT), increasing  一 六. 三 per cent, CMC Corporation (CMG) up  四 per cent.

It was followed by banking group, with gainers in the industry being Bank for Investment and Development of Việt Nam (BID), up  四. 八 per cent, Military Bank (MBB), gaining  五. 五 per cent, Asia Co妹妹ercial Bank (ACB), rising by  六. 三 per cent, Vietcombank (VCB) increasing by  七. 五 per cent, Saigon-Hanoi Bank (SHB), increasing by  一0. 三 per cent, Techcombank (TCB), up  一 三. 四 per cent, Vietinbank (CTG), going up  一 七. 四 per cent and VPbank (VPB), gaining  二 三. 三 per cent.

Oil and gas group also performed well with notable stocks such as Việt Nam National Petroleum Group (PLX), rising  六. 五 per cent, PetroVietnam Technical Services Corporation (PVS), rising  一0. 八 per cent, PetroVietnam Drilling and Well Services Co (PVD), up  一 二. 七 per cent and Bình Sơn Refining and Petrochemical Company (BSR) up  一 四. 六 per cent. — VNS