The VN-Index of the Hochiminh Stock Exchange is forecast to come under further downward pressure next week, according to Bao Viet Securities Company.

A statue of a bull and a bear outside the Hochiminh Stock Exchange
in District 1, HCM City (Photo: HSX)

The company said in a report: “We leave open the possibility that the index will reverse direction in this resistance zone and drop to the support zone of 930-940 points.” 

It noted that investors should carefully weigh buying stocks at high prices.

Also, investors with big share holdings should think of selling to lower their stock exposure when stocks rise.

Both the VN-Index and the HNX-Index of the Hanoi Stock Exchange lost last week. The benchmark VN-Index dropped 9.26 points, or 0.97% to close the week at 949.94 points. Meanwhile, the Hanoi bourse saw four sessions decreasing and only one session increasing before settling at 103.51 points, down 1.34 points, or 1.28% from a week earlier.

On Friday, the VN-Index eased off three straight sessions of losing as it rallied in Friday afternoon trade. The index was down 1% for the month. For the second quarter of this year, the index finished down 3.1%.

Housing developer VHM was the leading contributor to the gain as it got out of a three-day losing streak to add 2.3%.

Lender VCB bounced back with a 1.4% rise after falling 4.8% in the last three sessions. Fellow bank HDB, which picked up 3.6% on Friday, jumped to a six-week high. On the other hand, CTG plunged to a five-month low, declining a sharp 5.6%.

Steelmaker HPG rebounded by 4.2% following a 5% loss over the past four days.

Airline shares performed strongly as VJC rose to its highest price in more than six months and HVN posted its first daily gain in a week, adding 2.8% and 1.9%, respectively.

Brewer SAB edged up a slight 1.1% while its northern counterpart BHN surged to its daily trading ceiling with a 7% rise.

Leading fuel distributor PLX, down 3.9%, has fallen in five out of six trading sessions and plunged to its lowest price since the end of March.