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Shares to move up but investors should be cautious

HÀ NỘI - Securities companies have forecast that the stock market's uptrend may continue this week but investors should adopt risk management measures.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index gained  一. 三 一 per cent, to close Friday at  一, 三 七 七. 七 七 points, the highest milestone so far.

It gained  一. 九 三 per cent in total last week.

An average of  七 七0. 九 million shares were traded on the southern exchange each session last week, worth VNĐ 二 三. 九 trillion (US$ 一 billion).

According to SSI Securities Incorporation (SSI), the VN-Index has the impetus to continue towards the target of  一, 四00 points in the coming sessions.

“However, the buying force might increase when the index approaches the resistance zone of  一, 四00 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  一, 三 八0 -  一, 四00 points.

However, according to the company, the index may retest the old peak of  一, 三 七0 -  一, 三 七 五 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  一, 四 二0 -  一, 四 五0 points,” it said.

Việt 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  二0 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  一, 三 七 五 points opens an opportunity for an extension of the uptrend with the target around  一, 四00 points,” it said.

“However, the index's gaining momentum over  一, 三 七 五 points is not definitive and the liquidity dropped. Therefore, it is still necessary to observe more movements in the session on June  二 一 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  六. 六 per cent, PV Power (POW) rising  二. 一 per cent, Bình Sơn Refinery (BSR) increasing  八. 八 per cent, Vietnam National Petroleum Group (PLX) climbing  四. 六 per cent and PV Oil (OIL) up  三. 五 per cent.

They were followed by materials stocks, including Phú Mỹ Fertilisers (DPM) up  七. 五 per cent, Hoa Sen Group (HSG) up  七. 三 per cent, Petro Việt Nam Cà Mau Fertilizer JSC (DCM) rising  六. 六 per cent and Nam Kim Group (NKG) gaining  四. 二 per cent.

The financial group also performed well with gainers like Việt Capital Incorporation (VCI) up  一 四. 四 per cent, Saigon-Hanoi Securities Co (SHS) up  一0. 二 per cent, VNDirect (VND) rising  九. 八 per cent and SSI Securities Co (SSI) up  二. 七 per cent. VNS