VIN stocks stop the market from falling

VIN stocks stop the market from falling 10/3

Stocks on March 10 could not resist the sell-off trend in the world market. From the beginning of the session, the VN-Index was in red. Liquidity decreased significantly.

Closing the stock market session on March 10, VN-Index stopped at 1,053 points after decreasing by 2.95 points, equivalent to 0.28%. VN30-Index decreased by 3.08 points, equivalent to 0.29% to 1,047.2 points. Previously, VN-Index decreased much more sharply. The reason this index only lost nearly 3 points was because VIN stocks recovered at the end of the session.

Although the floor was red from the beginning, by the end of the session, the trio VIC, VHM and VRE all increased significantly. Of which, VRE recovered the most when it increased by 1,000 VND/share, equivalent to 3.7% to 28,000 VND/share.

Stock market 10 3 outstanding stocks of the market picture 1 — VIN shares recovered at the end of the session, preventing the stock market from falling on March 10. Illustrative photo

On the Hanoi Stock Exchange, the indices also fell slightly. The HNX-Index fell 1.17 points, or 0.56%, to 207.86 points. The HNX30-Index fell 3.01 points, or 0.81%, to 367.92 points.

VCBS Securities Company assessed that VN-Index recorded a recovery last week with improved liquidity, which has partly eliminated short-term risks. Demand for many large-cap stocks in the banking and steel sectors has created a positive premise to help VN-Index improve its score.

According to statistics, last week, the most prominent stocks were securities, aviation and tourism stocks with an increase of approximately 5%. In addition, demand also continuously sought many large-cap stocks, contributing positively to the general index.

Last week, foreign net buying returned. By the end of the week, foreign investors disbursed 889 billion, focusing on buying SSI, HSG, POW. At the end of the week, VN Index closed at 1053.00, up 28.23 points, equivalent to 2.75% compared to the previous week.

During the hearing before the US Senate on March 7, the Fed Chairman mentioned the possibility of higher interest rate increases along with higher target interest rates. This development continues to be a notable point for the financial market as the trend of raising interest rates by major central banks in the world has not ended. Thus, in the context of the world situation continuing to develop unfavorably, the pressure on macroeconomic stability indicators, especially exchange rates and interest rates, will still exist at a significant level.

VCBS forecasts that in the medium term, the VN-Index will continue to have a divergent upward trend towards the upper zone. VCBS recommends that investors continue to maintain their stock positions but need to closely follow the market and have a plan to realize partial profits for stocks whose upward trend has begun to show signs of weakening in recent sessions, while limiting new disbursements before the VN-Index successfully breaks out of the current resistance zone around 1,050.

Sell-off in Asian markets

Stocks in Asia-Pacific fell on Friday, as investors awaited the closely watched February non-farm payrolls report from the United States that could further determine the direction of the Fed's upcoming interest rate hike.

Hong Kong's Hang Seng Index fell 3.09%, leading the decline in the region. In mainland China, the Shenzhen Composite fell 1.2% and the Shanghai Composite fell 1.4%.

In Australia, the S&P/ASX 200 fell 2.28% to close at 7,144.7 - continuing a sell-off on Wall Street led by banking stocks on concerns about contagion linked to Silicon Valley Bank. South Korea's Kospi lost 1.01% to 2,394.59 and the Kosdaq fell 2.55% to 788.60.

Japan's Nikkei225 index fell 1.67% to 28,143.97 and the Topix fell 1.91% to 2,031.58 as the Bank of Japan kept interest rates at -0.1%, in line with expectations in a Reuters poll.

Japan's parliament has approved Kazuo Ueda as the next governor of the Bank of Japan, Kyodo reported, with current governor Haruhiko Kuroda chairing his final policy meeting before his term ends on April 8.

Overnight in the US markets, stocks fell on Thursday, with the S&P 500 closing 1.8% lower and the Dow Jones Industrial Average dropping more than 500 points as investors braced for a key payrolls report on Friday that could set the tone for interest rates.

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