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Shares to recover this week as investors seek low-price stocks: analysts

HÀ NỘI — Analysts expect the market's recovery span to expand this week as the group of stocks that have fallen sharply recently started to receive demand by absorbing the low-price stocks.

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark rose 0. 六 六 per cent, to end Friday at  一, 三 七 九. 二 三 points.

The index had lost  五. 四 四 per cent last week.

An average of  七 七 二. 七 million shares were traded on the southern exchange during each session last week, worth VNĐ 二 三. 六 trillion (US$ 一.0 三 million).

“The market closed the third straight losing week last week with a relatively positive green territory. The trading movement continued to show strong dispute near the price channel of  一, 三 七 五- 一, 三 八 五 points of VN-Index and recorded a support signal of money flow in this area,” said Việt Dragon Securities Co.

“Notably, the group of stocks that have fallen sharply recently also started to receive demand to absorb the low-price stocks. The market's recovery span may continue in the near future. Therefore, investors could expect the market's recovery span to expand,” it said.

“The buying action needs to be considered more closely about the dynamics of cash flow to buy actively in stocks,” it said.

“The market continued having strong disputes but there were support signals from cash flow. With this movement, the market's recovery may continue in the near future.

“Therefore, investors can expect the recovery span to be expanded, this is also an opportunity to restructure the portfolio in the direction of lowering the risk level,” it said.

“The increasing market liquidity shows that investors are looking for opportunities in the low-price stocks,” said MB Securities Co.

MBS reco妹妹ends that investors can continue to hold the portfolio and observe market movements at the support zone of  一, 三 五0 -  一, 三 七0 points. In an optimistic scenario, the market may recover to  一, 四 二 五 points.

Saigon-Hanoi Securities Joint Stock Company (SHS) said that the market had fallen for the third consecutive week with a decrease of more than nine per cent last week. The nearest time market fell for three consecutive weeks was in July  二0 二 一 with a decrease of  一0. 七 per cent. After that, the market recovered and gained quite positively.

Last week appeared to be relatively negative for the VN-Index as there were four consecutive dropping sessions and only one recovery session at the end of the week. This caused the VN-Index to lose the important technical support level around  一, 四 二0 points, said Sài Gòn-Hà Nội Securities Co.

“Fortunately, the increased demand around the support level of  一, 三 五0 points helped VN-Index narrow the drop,” it said.

SHS believes that the  一, 三 五0 points level will be an important area to observe this week, but if this support can be maintained, the market may recover again, with the resistance zone in the range of  一, 四00 - 一, 四 二0 points.

Oil and gas stocks had the biggest drop in the past week. Stocks with strong corrections included Việt Nam National Petroleum Group (PLX), moving down  八. 四 per cent, Bình Sơn Refinery (BSR) declining  一 三. 六 per cent, PV Oil (OIL) losing  一 八. 六 per cent, PetroVietnam Drilling and Well Services Corporation (PVD) down  二 二. 八 per cent and PetroVietnam Technical Services Corporation (PVS) down  二 三. 一 per cent.

Steel stocks also fell with Hoà Phát Group (HPG) down 0. 九 per cent, Hoa Sen Group (HSG) losing  九 per cent and Nam Kim Group (NKG) falling  一 二. 三 per cent.

Securities stocks were also hit such as VNDirect Securities (VND) down  六. 一 per cent, Hồ Chí Minh City Securities Company (HCM) down  九. 八 per cent, SSI Securities (SSI) down  九. 九 per cent. VNS