{"id":57684,"date":"2020-04-27T08:49:26","date_gmt":"2020-04-27T01:49:26","guid":{"rendered":"https:\/\/yuanta.com.vn\/?post_type=phan-tich&#038;p=57684"},"modified":"2020-04-27T08:49:26","modified_gmt":"2020-04-27T01:49:26","slug":"weekly-market-roundup-technicals-take-over-at-800","status":"publish","type":"phan-tich","link":"https:\/\/yuanta-uat.ysvn.com.vn\/en\/analysis\/weekly-market-roundup-technicals-take-over-at-800","title":{"rendered":"Weekly Market Roundup: Technicals take over at 800"},"content":{"rendered":"<p><a href=\"http:\/\/yuanta-uat.ysvn.com.vn\/wp-content\/uploads\/2020\/04\/Weekly-April-27.pdf\">Weekly &#8212; April 27<\/a><\/p>\n<p>The VNI closed down -1.6% last week to reach 777 points after a steep -4% drop on Tuesday \u2013 the mainboard actually rose every other day of the week. A correction is reasonable given sharp recent gains and the VNI\u2019s approach to the 800-point line on Monday\u2019s close of 795 \u2013 the highest level since the high-volume 5% selloff of March 12. Market breadth shifted back to negative, although not to the extremes of March.<\/p>\n<p>VNINDEX: 777 (-1.6% WoW \/ -19.2% YTD \/ -20.5% YoY)<br \/>\n\uf0b7 HNINDEX: 107 (-3.2% WoW \/ +4.4% YTD \/ -0.2% YoY)<br \/>\n\uf0b7 UPCOM Index: 51.7 (-1.0% WoW \/ -8.7% YTD \/ -7.8% YoY)<br \/>\n\uf0b7 Average daily turnover: US$192mn (+10% WoW)<br \/>\n\uf0b7 Foreigners net sold US$73 million of the 3 indexes\u2019 constituents.<br \/>\n\uf0b7 VND:USD rate: 23,502 (-51bp WoW \/ -140bp YTD \/ -121bp YoY)<\/p>\n<p>Market breadth shifted negative after two very bullish weeks, with 206 losers vs 158 gainers among VNI components. Breadth on the VN30 stocks was far worse than the broader VNI, with just 7 stocks rising vs 23 losers. Again, this illustrates the continued FINI selloff.<\/p>\n<p>Vingroup shares led the market lower, with VIC (-3.2%), VHM (-5.1%), and VRE (-9.4%) dragging down the market, with select full-FOL banks such as TCB (-3.7%), MBB (-5.6%), and VPB (-4.4%) adding to the index decline.<\/p>\n<p>Weekly gainers included HPG (+6.8% WoW), which continued its recent recovery, and VNM (+3.5%), which announced a stock buyback of 1% of outstanding shares on April 23.<\/p>\n<p>Market view. The failure to broach 800 points on the VNI provides a further illustration of who has been supporting the markets YTD: domestic investors. The local penchant for technical analysis (and, more broadly, \u201cbig numbers\u201d such as 800) suggests that overcoming this level may prove difficult until foreign net selling turns into buying. That said, with national social distancing policies beginning to ease from April 23 and the IMF forecasting 2.7% GDP growth for Vietnam in 2020 (i.e., the highest level in emerging Asia), we think it just a matter of time before the persistent foreign fund outflows reverse.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Weekly &#8212; April 27 The VNI closed down -1.6% last week to reach 777 points after a steep -4% drop on Tuesday \u2013 the mainboard actually rose every other day of the week. A correction is reasonable given sharp recent gains and the VNI\u2019s approach to the 800-point line on Monday\u2019s close of 795 \u2013&#8230;<\/p>\n","protected":false},"author":10,"featured_media":0,"template":"","class_list":["post-57684","phan-tich","type-phan-tich","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.3 (Yoast SEO v23.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Weekly Market Roundup: Technicals take over at 800 | Yuanta Vietnam<\/title>\n<meta name=\"description\" content=\"Weekly -- April 27 The VNI closed down -1.6% last week to reach 777 points after a steep -4% drop on Tuesday \u2013 the mainboard actually rose every other day\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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