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VCSC Daily - Market correct near resistance levels

Our view: Though the State Bank of Vietnam (SBV) hinted that it would continue relaxing monetary policy (i.e. by approving 27% credit growth for Tien Phong bank and possibly 25% for MBB), the stock market closed the week retreating slightly in the last session. The indices were bogged down by pretty strong technical resistance levels of 425-430 on the VNI and 72 on the HNI. The VNI lost 0.33% to close at 425.6, while the HNI dropped 0.63% to 70.3.