Weekly Wrap — Consolidation, not collapse

Weekly — June 29

The VNI fell by -2% WoW to reach 852 on Friday, June 26. All sectors declined with the exception of IT, which was flat. Not surprisingly, breadth on the mainboard was negative at 126 gainers vs 232 losers. Foreign investors were net sellers for the first week in June. We reckon the market should continue to consolidate, but not collapse, heading into earnings season and given the myriad external uncertainties.