Vietnam stock market among five best global gainers

By Phuong Dong   February 7, 2021 | 05:56 pm GMT+7
Vietnam stock market among five best global gainers
An investor looks at stock prices on a smartphone at a brokerage in HCMC's District 1, January 2020. Photo by VnExpress/Quynh Tran
Vietnam’s stock market was a top five global performer last week with a single session loss and four consecutive gaining sessions.

With a 6.65 percent increase to reach 1126.91 points, the VN-Index ranked fourth among the most active markets in the past week, according to StockQ.org.

The top three on the list were India, Russia and Italy with respective increases of 9.91 percent, 7.13 percent and 6.73 percent. Vietnam was followed by Spain, with its stock market gaining 6.17 percent last week.

An overall gain of 34.51 percent has allowed the VN-Index to get back to the group of 10 markets with the most impressive growth in the last six months.

Last week overcame a contrary performance in the previous one, when four consecutive losing sessions had made the VN-Index one of the world's strongest losers.

The Bao Viet Securities Company (BVSC) had predicted that for the last two sessions before Vietnam enters the Lunar New Year holiday, the VN-Index will likely to challenge the psychological resistance levels of 1,180-1,200 points.

Cash flow into the market will likely abate as investors refrain from trading ahead of the holiday, the longest national break in Vietnam, the company’s analysts said.

Meanwhile, the Dong A Securities Co., Ltd has taken a more cautious view, saying that the VN-Index is only likely to approach 1,165 points.

Its experts said 1,200 points will remain the resistance level for the long term because the index has tested this threshold three times and failed each time.

If there are no signs of breaking this level, the uptrend will not sustain and risks may increase in the short term, they said.

Experts have advised investors to be cautious in the last two sessions of this lunar year before the week-long Tet break begins February 10.

 
 
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