The market closed the last week of March maintaining a slight upward momentum. Trading statistics on HOSE last week, the VN-Index had 3 increasing sessions and 3 decreasing sessions. At the end of the trading week, VN-Index increased 2 points (+2,29%) to 0,18 points and the cumulative first quarter of 1.284,09 was quite positive with a strong increase of 2024% compared to the end of 13,64. .
During the week, liquidity on HOSE reached just over 124 trillion VND, down 18,3% compared to the previous week, at an average level. Part of the reason came from an unprecedented incident when the system of VNDirect Securities Company was attacked and disconnected from the Exchange during all 5 sessions of the last week of March.
However, for the whole month of March, the VN-Index still recorded an increase of more than 3 points, equivalent to an increase of 31%. Along with establishing the highest score in nearly 2,5 years, March was marked by the return of vibrant cash flow. All trading sessions in the month far exceeded the level of 2 billion VND, there was even a market session with a total transaction value of more than 3 billion VND established at the last session on March 20.000.
Although the market has increased, experts still recommend that the VN-Index is still in an area with unusually strong fluctuations as it approaches the strong resistance of 1.300 points. Market movements still need more accumulation to overcome this barrier.
Regarding industry groups, in March, banking stocks were in a slight downward adjustment period with mainly codes decreasing within a margin of around 3%. Meanwhile, there are still successful upstream codes, with the bright spot being that LPB continued to widen its amplitude in the afternoon session and closed up 1% to the highest price of the day of 3,8 VND/share, liquidity reached nearly 17.550 million units.
Investors are very interested in which industry group's stocks will play a leading role in the market in the near future.
Dr. Nguyen Duy Phuong, Investment Director of DG Capital, gave his opinion that the banking group's capitalization currently reaches more than 2 million billion VND, accounting for 31,5% of the entire market capitalization. Fluctuations in banking stocks will have a major impact on the overall index and market sentiment in 2024.
If the driving force for the stock market in 2024 is expected to lie in economic growth and low interest rates, it is highly likely that banking stocks will have many opportunities to lead the market, because of the prospect of spending Cost of capital is cheaper, net interest margin recovers, credit is boosted, leading to profit growth.
According to experts from AIS Securities Company, if there are no unusual fluctuations, the VN-Index is expected to increase to 1.450 - 1.500 points this year. Therefore, investors can expand their search for opportunities in stocks and industry groups with prospects for profit growth in 2024 from a low base in 2023 such as: Import-export (seafood, rubber, seaports, logistics, textiles); Building materials. In the medium and long term, industry groups such as: Banking (expected to exceed credit growth of 15%); Industrial Park Real Estate, Securities.
