Illustrative image (Source: VNA) Hanoi (VNS/VNA)- Vietnamese stocks are expected to rise further with thebenchmark VN-Index forecast to surpass its all-time peak of 1,170 in2007 on rising investor confidence in the market outlook, analysts said.
The benchmark VN-Indexgained 2.49 percent to close at 1,102.85 points on February 23, after dropping1.02 percent to finish at 1,076.03 points on February 22.
The southern market indexgained 4.07 percent in three sessions last week.
The HNX Index on the HanoiStock Exchange rose 1.24 percent to end at 126.24 points, recovering from itsone-day decline of 0.92 percent to end the session at 124.70 points on February22.
The two stock indiceswitnessed a weekly rise of 4.07 percent and 1.55 percent, respectively, asmoney flowed into large-cap stocks, driving up the market.
An average of more than239.82 million shares were traded in each session, worth 6.8 trillion VND (298.5million USD).
The UPCOM Index on theUnlisted Public Company Market (UPCoM) inched up 0.43 percent to finish at59.56 points. It lost 0.15 percent to finish at 59.28 points in the previoussession.
Furthermore, the unlistedmarket index gained 1.81 percent after the three trading sessions of the week.
According to Duong VanChung, head of MB Securities Co’s northern branch, during the beginning of February,the market fell sharply - the VN-Index was dragged down below 1,000 points.
“I recommended investors topurchase more stocks as after Tet, the market will likely to turn upward andcould possibly exceed its peak of 1,130 points set before the Tet holiday, andeven surpassing the all-time peak of 1,179 in 2007,” Chung toldtinnhanhchungkhoan.vn.
“With the growing momentumduring the last week, I expect that the VN-Index’s recent peak of 1,130 pointswill be broken in the next week, led by the strong cash flow poured intofinancial-banking stocks,” he added.
Vietcombank shares (VCB)have increased by 23.2 percent since the beginning of the year. The figures forBank for Investment and Development of Vietnam (BID) and Vietinbank (CTG) are44.3 percent and 18.1 percent, respectively.
According to Chung, Vietnam’sstock market is a small frontier market, which is strongly affected by thefluctuations of the world stock market.
“The market has muchpotential. I think in 2018, the market will experience highly volatile tradingcondition as investors will be trading more actively than before instead ofbuying and holding stocks for a long-term,” Chung said.
In March, the VN-Index maymove up to reach 1,182 points to a maximum of 1,225 points, Chung forecast.
Hoang Thach Lan, head ofindividual client analysis at Viet Dragon Securities Company, said the VN-Indexis expected to continue to rise next week, due to investors increasing theirstock proportion in the pillar stocks, supporting the overall market.
“In theory, the VN-Indexwill inevitably exceed its all-time peak of 1,170. With the current uptrend,perhaps the Index will surpass that record next week,” Lan said.
“However, in terms oftechnical analysis, my indicators showed that there are more risks than a fewmonths ago. In the worst-case scenario, the Index would continue toincrease more to surpass the peak and then suddenly decline deeply for a longperiod,” Lan added.
He said the uptrend ofPetroleum stocks is backed by oil price rebounded.
Brent crude price closed February23 at 67.31 USD, up 0.6 percent from last year’s ending figure and up 50.1 percentfrom last year’s lowest hit on June 21.
PetroVietnam Gas JointStock Corporation shares (GAS) have climbed 8.8 percent since the beginning ofthis year.
According to Bao VietSecurities Company (BVSC), large-cap stocks will likely extend gains early nextweek, supporting the overall market. However, the market may experience somevolatility when VN-Index approaches the old peak.
Meanwhile the BIDVSecurities Co (BSC) said in its report that investors may consider increasingtheir stock proportion in the pillar stocks of the market, because these stocksare attracting major cash flows in the market.-VNA
The benchmark VN-Indexgained 2.49 percent to close at 1,102.85 points on February 23, after dropping1.02 percent to finish at 1,076.03 points on February 22.
The southern market indexgained 4.07 percent in three sessions last week.
The HNX Index on the HanoiStock Exchange rose 1.24 percent to end at 126.24 points, recovering from itsone-day decline of 0.92 percent to end the session at 124.70 points on February22.
The two stock indiceswitnessed a weekly rise of 4.07 percent and 1.55 percent, respectively, asmoney flowed into large-cap stocks, driving up the market.
An average of more than239.82 million shares were traded in each session, worth 6.8 trillion VND (298.5million USD).
The UPCOM Index on theUnlisted Public Company Market (UPCoM) inched up 0.43 percent to finish at59.56 points. It lost 0.15 percent to finish at 59.28 points in the previoussession.
Furthermore, the unlistedmarket index gained 1.81 percent after the three trading sessions of the week.
According to Duong VanChung, head of MB Securities Co’s northern branch, during the beginning of February,the market fell sharply - the VN-Index was dragged down below 1,000 points.
“I recommended investors topurchase more stocks as after Tet, the market will likely to turn upward andcould possibly exceed its peak of 1,130 points set before the Tet holiday, andeven surpassing the all-time peak of 1,179 in 2007,” Chung toldtinnhanhchungkhoan.vn.
“With the growing momentumduring the last week, I expect that the VN-Index’s recent peak of 1,130 pointswill be broken in the next week, led by the strong cash flow poured intofinancial-banking stocks,” he added.
Vietcombank shares (VCB)have increased by 23.2 percent since the beginning of the year. The figures forBank for Investment and Development of Vietnam (BID) and Vietinbank (CTG) are44.3 percent and 18.1 percent, respectively.
According to Chung, Vietnam’sstock market is a small frontier market, which is strongly affected by thefluctuations of the world stock market.
“The market has muchpotential. I think in 2018, the market will experience highly volatile tradingcondition as investors will be trading more actively than before instead ofbuying and holding stocks for a long-term,” Chung said.
In March, the VN-Index maymove up to reach 1,182 points to a maximum of 1,225 points, Chung forecast.
Hoang Thach Lan, head ofindividual client analysis at Viet Dragon Securities Company, said the VN-Indexis expected to continue to rise next week, due to investors increasing theirstock proportion in the pillar stocks, supporting the overall market.
“In theory, the VN-Indexwill inevitably exceed its all-time peak of 1,170. With the current uptrend,perhaps the Index will surpass that record next week,” Lan said.
“However, in terms oftechnical analysis, my indicators showed that there are more risks than a fewmonths ago. In the worst-case scenario, the Index would continue toincrease more to surpass the peak and then suddenly decline deeply for a longperiod,” Lan added.
He said the uptrend ofPetroleum stocks is backed by oil price rebounded.
Brent crude price closed February23 at 67.31 USD, up 0.6 percent from last year’s ending figure and up 50.1 percentfrom last year’s lowest hit on June 21.
PetroVietnam Gas JointStock Corporation shares (GAS) have climbed 8.8 percent since the beginning ofthis year.
According to Bao VietSecurities Company (BVSC), large-cap stocks will likely extend gains early nextweek, supporting the overall market. However, the market may experience somevolatility when VN-Index approaches the old peak.
Meanwhile the BIDVSecurities Co (BSC) said in its report that investors may consider increasingtheir stock proportion in the pillar stocks of the market, because these stocksare attracting major cash flows in the market.-VNA
VNA
