The market ended lower last week as many large-cap stocks faced selling pressure after the VN-Index hit a new high of over 1,255 points. Novaland Investment Group’s head office in Nguyen Du Street, District 1, Ho Chi Minh City. — Photo vinhomecitys.com Some analysts from securities firms expected that the market’s bullish trend will continue this week, while others were more cautious and see a downward trend dominating the market. The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) fell 8.54 points, or 0.68 per cent, in Friday’s trade to 1,238.71 points. The index hit a record high of 1,255.87 points on Wednesday. For the week, the index still rose slightly by 0.57 per cent, while foreign investors net sold a value of over VND2.4 trillion. Analyst from Saigon – Hanoi Securities JSC (SHS) said that the third straight weekly gain of the market and a new record in liquidity showed investors’ big interest during this period. However, based on Elliott Wave Theory, the index was likely at the end of wave 5 last week and is about to turn to corrective waves with a closest target being around 1,135 points. Therefore, a downward trend might influence… Read full this story
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