The decline shows no signs of stopping.

Investment Comments

Phu Hung Securities: From a technical perspective, the VN-Index had a session of decline again. Trading volume dropped below the 10- and 20-session averages, implying that cash flow is somewhat cautious. In addition, the MACD and RSI indicators are pointing downwards, indicating that the index may soon decline to the near support zone around 1,150 points or further to the psychological zone of 1,100 points.

Overall, the market shows signs of ending the technical recovery (Bull trap) and returning to a short-term downtrend. Therefore, investors should keep their portfolio weight low to limit unexpected risks from the general market.

BOS Securities: Technically, the VN-Index increased sharply at the beginning of the session and then closed down nearly 8 points, showing that some investors took profits from short-term positions.

Although the index has dropped quite sharply, the volume is 37% lower than the monthly average, indicating that there is no panic selling. The index is expected to decline slightly in the next session. Investors are advised to keep their stock holdings at a moderate level.

Yuanta Securities: The analysis team believes that the VN-Index may continue to fluctuate near the 50-day moving average in the next trading session. At the same time, technical indicators have decreased to near the oversold zone, so the market may experience some recovery in the next few trading sessions. The positive point is that selling pressure is showing signs of weakening.

In addition, the sentiment indicator is still in an overly pessimistic phase, so investors should limit selling at this stage. The short-term trend of the general market is still DOWN. Therefore, in the short term, Yuanta recommends that investors stop selling at the current stage and consider buying with a low proportion of less than 10%.

Stock news

- The disbursement rate of public investment capital in June and July 2023 has had positive changes. However, the pressure to disburse public investment capital in the remaining months of 2023 is very large when the capital plan is up to over 700,000 billion VND. According to the latest statistics of the Ministry of Finance , the disbursement of public investment capital in the first 7 months of 2023 reached over 267,625 billion VND, equal to 37.85% of the annual plan, higher than the same period last year (34.47%).

The Ministry of Finance said that 12 ministries, central agencies and 39 localities had disbursement rates of over 35%. There were 32 ministries, central agencies and 4 localities that only disbursed less than 20% of the capital plan.

- On August 23, state-owned commercial banks changed their interest rates on savings deposits. At Agribank , the interest rate for 1-2 month terms decreased by 0.3 percentage points to 3%/year. The term over 12 months also decreased by 0.5 percentage points to 5.8%/year, the term over 12 months decreased to 5.5%/year.

Similarly, Vietcombank, VietinBank and BIDV also reduced short-term interest rates from 1-3 months by 0.3 percentage points to 3%/year; 3-month term reduced by 0.3 percentage points to 3.8%/year, 6-9 month term reduced by 0.3 percentage points to 4.7%/year, 12-month term reduced by 0.5 percentage points to 5.8%/year and over 12 months reduced to 5.8%/year .

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