The market is forecast to continue its uptrend with alternative ups and downs in a narrow range next week, analysts have predicted.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose strongly by 1.12 per cent to close at 1,185.90 points.

The index had gained a total of 1.5 per cent last week.

“With the ongoing uptrend, it is likely that the market will continue to be supported and move towards the resistance zone of 1,200 -1,220 points in the near future, which may temporarily put pressure on the market,” said Việt Dragon Securities Co in its report.

“Therefore, investors can expect the market's ability to expand the uptrend. In the meantime, it is possible to continue holding or exploiting short-term opportunities in stocks with good signals from the accumulation background.

“However, it is still necessary to consider taking profits at stocks that have risen to the resistance area to rebalance the portfolio,” the report said.

Analyst Nguyễn Huy Phương, Việt Dragon Securities Joint Stock Company (VDSC), said that amid the not-so-large supply situation, the cash flow increased its efforts to support and help the market have a strong rally at the end of last week, accompanied by great liquidity.

Phạm Bình Phương, an expert from Mirae Asset Securities (Vietnam), said that the VN-Index had surpassed the resistance of 1,180 after four struggling sessions, the short-term profit-taking sentiment of investors has been removed and this has created a push for the VN-Index to continue its uptrend in the early sessions of this week.

However, Mirae Asset Securities (Vietnam) said the level of 1,200 – 1,210 points is a strong resistance area. This will be a very important challenge for the short-term and medium-term uptrend of VN-Index.

“The money flow is moving to increase support efforts. With this signal, it is likely that the market will continue to be supported and head to the resistance zone of 1,200 -1,220 points in the near future, temporarily this area may put great pressure on the market,” said Việt Dragon Securities Co.

“Therefore, investors can continue to hold or exploit short-term opportunities in stocks with good signals from accumulation. However, it is still necessary to consider taking profits at stocks that have risen to the resistance zone to rebalance the portfolio,” it said.

According to Sài Gòn-Hà Nội Securities JSC (SHS), the market received positive news last week that the Hà Nội Stock Exchange (HNX) officially opened a separate corporate bond trading system on July 19.

Putting the trading system into operation will contribute to increasing transparency, limiting risks for investors, promoting liquidity for the corporate bond market, and creating conditions for the primary market for corporate bonds to develop more sustainably.

Real estate stocks, which have high bond issuance rates, witnessed quite positive movements last week, with many gainers with strong liquidity, such as Danang Housing Investment Development (NDN) up 21.57 per cent, Bà Rịa - Vũng Tàu House Development (HDC) up 16.49 per cent, C.E.O Group (CEO) up 13.21 per cent, Development Investment Construction JSC (DIG) up 10.71 per cent and Phát Đạt Real Estate (PDR) up 10.05 per cent.

The majority of banking stocks also had positive movements in the past week, such as VPBank (VBP) up 7.54 per cent, Sài Gòn-Hà Nội Bank (SHB) up 5.11 per cent, HDBank (HDB) up 4.66 per cent, Maritime Bank (MSB) up 4.33 per cent.

However, there were still stocks under pressure, such as Sacombank (STB) down 0.86 per cent and Eximbank (EIB) down 0.99 per cent. — VNS