Stock market expected to move flat this week
Securities experts have predicted a negative outlook for the local stock market this week, saying that the global fluctuations and international trade disputes will have adverse effects and make the benchmark index move flat in the next few sessions.
Phan Dung Khanh, investment director of Maybank Kim Eng Securities, told tinnhanhchungkhoan.vn that there is increasing negativity observable on the stock market as its movements depend on news at home and abroad. Trade conflicts and currency war are escalating on the global market, he added.
Besides this, foreign investors have increased their net selling in recent sessions, putting the stock market under pressure.
The market is likely to continue the trend of foreign net selling in the next trading sessions if there is no positive supporting news, Khanh said.
Nguyen Trung Du, director of securities service unit of VNDirect Securities Company, said that the VN-Index will find it hard to reach the resistance level of 1,000 points in the context of global fluctuations and rising difficulties facing the stock market.
The liquidity on the local stock market plunged last week, Du said, adding that many domestic stocks made sluggish moves. As such, it is difficult for the stock market to see a bright outlook this month due to the shortage of strong supporting news.
Du also predicted that that VN-Index will keep moving sideways this week.
In the coming sessions, VN-Index will fluctuate in a narrow range after the National Day holiday on September 2, Tran Xuan Bach from the macro and market research department of Bao Viet Securities JSC (BVSC) wrote in a daily report.
“VN-Index is likely to test the resistance zone of 988-992 points in the early sessions this week,” he added.
Bach predicted that the index on the southern bourse will face selling pressure and fall when approaching this resistance zone. The market is expected to be affected by the third quarter business results, the restructuring of the portfolio of exchange traded funds and the U.S. Federal Reserve (Fed)’s meeting in September.
In a daily report, Thanh Cong Securities Company said that the market is still under high pressure due to the lack of supporting information amid international trade disputes.
Last Friday, the benchmark VN-Index on the Hochiminh Stock Exchange picked up 0.56%, or 5.47 points, to end at 984.06. The southern bourse saw over 143.2 million shares worth VND3.2 trillion changing hands.
On the Hanoi Stock Exchange, the HNX-Index bounced back after a two-day loss, closing the session up 0.37% at 102.32.
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