Headquarters of Novaland (NVL) in HCM City. NVL rose 1.9 per cent last week. Photo Novaland

HÀ NỘI — A new price level is gradually being established amid the current sideways accumulation trend of the VN-Index and it is unlikely that a new downtrend will appear in the short term, said brokerages.

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index rose 0.22 per cent to end last week at 1,479.79 points.

The index had gained 1.11 per cent last week.

An average of 995.6 million shares were traded on the southern exchange during each session last week, worth VNĐ28 trillion (US$1.2 billion).

According to Vietcombank Securities Limited Company (VCBS), the VN-Index last week mainly struggled in a narrow range around the threshold of 1,470 points. The index recorded a sharp drop of nearly 100 points from the nearest peak of 1,500 points.

“After falling sharply last week following negative news about the Omicron variant, many major stock indices around the world, as well as the prices of basic commodities, recovered. However, the immediate impact of these factors on Việt Nam's stock market was still insignificant, as most of the leading stock groups did not record any major changes,” said VCBS.

“A new price level is gradually being established amid the current sideways accumulation trend and it is unlikely that a new downtrend will appear in the short term,” it said.

“Investors should consider disbursing gradually to accumulate stocks with good fundamentals and positive growth potential for medium and long-term investment portfolios for 2022,” VCBS recommended.

MB Securities Joint Stock Company (MBS) said that last week, the world's key central banks raising interest rates, the structure of ETFs (exchange-traded funds) and derivatives maturity, were the news that dominated the stock market.

“The VN-Index still shows a cautious movement at the resistance zone of 1,480-1,490 points,” it said.

With a more optimistic view, Saigon-Hanoi Securities Corporation (SHS) said that the VN-Index continued to be in an uptrend and in the next trading week from December 20-24, the index will continue to increase towards the psychological resistance level of 1,500 points.

Almost all stock sectors gained last week. Real estate stocks gained the most last week with gainers including Novaland (NVL), up 1.9 per cent, Vinhomes (VHM) rising 4.4 per cent, Khang Điền House (KDH) gaining 5.4 per cent, Nam Long Group (NLG) up 15.9 per cent,  Development Investment Construction JSC (DIG) climbing 32.8 per cent, C.E.O Group JSC (CEO) rising 39.1 per cent.

Securities stocks also performed well such as Hồ Chí Minh City Securities Corporation (HCM) increasing by 5.4 per cent, VNDIRECT Securities JSC (VND) increasing by 1.3 per cent, and MB Securities Joint Stock Company (MBS) rising by 1 per cent.

They were followed by steel stocks such as Hòa Phát Group (HPG), rising 0.4 per cent, Hoa Sen Group (HSG) rising 2.6 per cent, and Nam Kim Group (NKG) up 5.3 per cent.

On the other side, bank stocks dropped and put pressure on the market, with typical losers of VPBank (VPB) down 5.6 per cent, Vietcombank (VCB) losing 3.5 per cent, Saigon-Hanoi Bank (SHB) down 3.3 per cent, Tiên Phong Bank (TPB) dropping 1.3 per cent, Techcombank (TCB) losing 0.7 per cent, Asia Commercial Bank (ACB) dropping 0.6 per cent, and Military Bank (MBB) down 0.5 per cent. — VNS