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Shares to move up but investors should be cautious
Securities companies have forecast that the stock market's uptrend may continue this week but investors should adopt risk management measures.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index gained 1.31 per cent, to close Friday at 1,377.77 points, the highest milestone so far.
It gained 1.93 per cent in total last week.
An average of 770.9 million shares were traded on the southern exchange each session last week, worth VND23.9 trillion (US$1 billion).
According to SSI Securities Incorporation (SSI), the VN-Index has the impetus to continue towards the target of 1,400 points in the coming sessions.
“However, the buying force might increase when the index approaches the resistance zone of 1,400 points. Therefore, investors should focus on risk management during the index's uptrend,” it said.
BOS Securities Joint Stock Company (BOS) said it was likely the VN-Index would maintain an increase and move towards a stronger resistance area at 1,380 - 1,400 points.
However, according to the company, the index may retest the old peak of 1,370 - 1,375 points in the early sessions of this week before confirming the short-term uptrend.
MB Securities Joint Stock Company (MBS) believes the market has recovered after the correction in the early sessions of June. The return of leading stocks like banks, securities and steel have helped VN-Index reach a new high.
“Technically, the market may enter a new bullish wave after successfully surpassing the old peak to move towards the short-term target at 1,420 - 1,450 points,” it said.
Viet Dragon Securities Joint Stock Company (VDSC) said at the end of last week, the VN-Index set a new peak with many stocks rising to new price ranges, boosting investors' sentiment.
“The spread of smart money has not stopped,” VDSC said.
Saigon-Hanoi Securities Joint Stock Company (SHS) said the market rallied last week with reduced liquidity compared to the previous week, but still higher than the average level of the last 20 trading weeks.
“The buying demand is still relatively strong. However, there was more caution among investors than before,” it said.
“From a technical point of view, the VN-Index ending last week above the threshold of 1,375 points opens an opportunity for an extension of the uptrend with the target around 1,400 points,” it said.
“However, the index's gaining momentum over 1,375 points is not definitive and the liquidity dropped. Therefore, it is still necessary to observe more movements in the session on June 21 to assess the trend of the VN-Index,” it said.
Energy stocks gained the most last week, mainly thanks to the increase of pillars such as PetroVietnam Gas JSC (GAS) up 6.6 per cent, PV Power (POW) rising 2.1 per cent, Binh Son Refinery (BSR) increasing 8.8 per cent, Vietnam National Petroleum Group (PLX) climbing 4.6 per cent and PV Oil (OIL) up 3.5 per cent.
They were followed by materials stocks, including Phu My Fertilisers (DPM) up 7.5 per cent, Hoa Sen Group (HSG) up 7.3 per cent, Petro Viet Nam Ca Mau Fertilizer JSC (DCM) rising 6.6 per cent and Nam Kim Group (NKG) gaining 4.2 per cent.
The financial group also performed well with gainers like Viet Capital Incorporation (VCI) up 14.4 per cent, Saigon-Hanoi Securities Co (SHS) up 10.2 per cent, VNDirect (VND) rising 9.8 per cent and SSI Securities Co (SSI) up 2.7 per cent.
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