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Market comment   2009-06-20 - HSC

Market comment
The markets traded lower toward the end of another seesaw session with early gains not being followed up.


Volume was lower than Thursday and market breadth was narrower too. However, foreigners turned slight net buyers. Bids were higher to begin with but moved below the critical 10 million level later on and profit-takers easily succumbed to the temptation of selling positions ahead of the weekend.

A few key stocks such as SSI and KLS have now broken down below their 21-day moving average line and if others follow, this would signal a broader correction to come. On the other hand FPT seems to be moving sharply higher in the past few days after having broken down earlier.

So far market sentiment has been fairly steady in recent days although volumes are somewhat lower than last week. We think the market’s bias is still to the downside although it’s just as likely that the market may consolidate in a sideways pattern for some time first. With the Bao Viet and Vietcombank listings coming soon, attention will turn to their share prices in the OTC market ahead of listing and their daily price movement will start to drive overall market sentiment.

We remain cautious and suspect the correction will extend into next month once these listings are out of the way. However, the market is well supported above 400 on the VN-Index.

Ho Chi Minh City Securities Corporation (HSC)

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