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Market comment – Aug. 10
Market comment of Aug.10 is as follows:
Investors are in a buying mood this month following the central bank’s confirmation it’s not selling compulsory bonds. Another reason is most listed companies posted healthy second-quarter earnings result.
Recent forecasts for a healthy economic growth rate at the end of the year boosted the sentiment on the stock exchange too. The market will fluctuate between 475 and 490 this week.
Vietnam International Securities Co.
The markets continued to move up with the HCMC market still clearly leading the way although the Hanoi market did close just on top of its recent tight trading range. However, Hanoi hasn’t convincingly broken through yet. Market breadth was very wide in both markets and foreign participation was up on Friday’s woeful levels.
The market seems to be inching its way toward a year high and so far both sentiment and distribution seems to offer the prospect of more upside. Even so, investors are proceeding fairly cautiously as we approach the May highs.
Blue chips were all up Monday and we continue to see special situation stocks such as LSS and now SBT do well. More conventional earnings such as HSG are also getting traction.
So far so good and the good thing is the market hasn’t gotten carried away - with bulls having the slight edge but selling pressure has remained steady all the way up.
Fiachra Mac Cana, Head of research at HCMC Securities Corp.
thanhnien
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