6PM Call: Breaking the ‘Old’ Top Remains a Challenge - Update on Insurance sector
Eleven years ago, on March 12th 2007, the VN-Index set an all-time high at 1,170. After many ups and downs, the index is now again close to that level.
To break above that level however is not that simple. Since March 2018, the Index has failed to go through that double top several times, a consequence of profit taking pressure from domestic investors and the withdrawal of ETF funds. Today is no exception as VIC and VNM went down while bank stocks were generally higher. CPTPP’s recent signing seems not to be a catalyst for the market as a whole.
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