Market comment – Aug. 15

Although it is easy to lose sight because of the slow upward pace of the index this week, the VN-Index still put in a 5.4 percent performance for the week and that is a very substantial performance. Investors are still rather uncertain as to the direction of the index in the foreseeable future and as a result we have moved up at a subdued pace over the past days on relatively high turnover. This indicates the distribution that is taking place among investors.

But the fact that we managed to close the week above important overhead resistance levels both on HOSE and on HNX could reinforce the upward momentum that is currently taking shape among the large caps. And price gains in large caps can only result in higher levels for the indexes. We still haven’t seen an overly optimistic public and as long as that is the case, the market is likely to move higher at a gradual pace.

Johan Kruimer,

Head of brokerage at Ho Chi Minh City Securities Corp.

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