After six consecutive declining sessions, the VN-Index has dropped below the 1,100-point mark and is testing the MA5 trendline at this level.
The index is expected to rebound today to retest the MA200 resistance at 1,115 points. If buying pressure is strong enough to close the VN-Index above this resistance, the index may continue its upward momentum towards the next resistance, the MA50 trendline at around 1,140 points in subsequent sessions.
Meanwhile, Gelex Corporation’s GEX stocks surged following the announcement of a deal to buy and sell a renewable energy portfolio with Sembcorp, totaling 245 MW. According to Vietcap’s analysis, GEX’s pre-tax divestment profit is estimated to be between 800 and 1,100 billion VND, leading to a significant adjustment potential for GEX’s net profit after minority interest in 2024. In terms of technical analysis, GEX’s performance is more favorable than the VN-Index, as it is closing above the MA50 resistance at 21,400. GEX’s strong resistance level is currently around the old peak range of 24,500-26,000.
In the banking sector, the State Bank of Vietnam (SBV) has halted bond issuance since November 8, while 40 trillion VND in bonds matured on November 9 and 10, resulting in a net injection of 40 trillion VND into the system. Vietcap’s analysis estimates that around 154.6 trillion VND in bonds will mature from November 13 to December 6. If the SBV does not issue additional bonds to absorb liquidity during this period, approximately 154.6 trillion VND will be injected into the banking system.
For the derivative market, the F2311 contract opened with a price gap down, fluctuating strongly within the range of 1,109-1,123 points before closing below this trading channel. The forecast suggests that F2311 may increase to retest resistance at 1,119-1,120 points. The recommended trading strategy is to buy when surpassing the resistance at 1,109 points, with a target of 1,119 points and a stop-loss at 1,107 points.
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Source: Vietnam Insider