Investment Comments
Asean Securities (Aseanc) : The market on March 11 recorded the second consecutive decline with the closing price near the lowest level of the day, which is quite negative. This shows that the sellers are temporarily dominating and the super short-term trend continues to worsen. VN-Index is forecasted to have a high probability of retesting the support zone near 1,220 - 1,230 points in the next session.
Aseanc recommends that investors observe the reaction zone at the 1,220-point threshold. If there is a successful test, investors can increase the proportion of trading positions towards the 1,300-point zone, especially focusing on stocks that are expected to report positive financial reports for the first quarter of 2024. On the contrary, if this zone cannot maintain the index, investors need to reduce the proportion of positions.
BIDV Securities (BSC) : Cautious sentiment prevailed in the market in the morning session of March 11 as the VN-Index struggled above the reference level. In the afternoon session, selling pressure appeared, causing the index to fall sharply when the market received information that the State Bank of Vietnam issued credit notes.
The general market's decline is not large and the index may rebound after touching SMA20. However, BSC does not rule out the possibility that the market will continue to weaken to create a short-term bottom at 1,210 - 1,220 points in the next few sessions.
Dong A Securities (DAS) : The VN-Index moved away from the 1,275-point mark, confirming the formation of a short-term resistance zone. Foreign investors also had a balanced buying and selling session. The market had an adjustment after the cash flow invested in banking stocks, profit-taking and not finding a new driving force. The adjustment is reasonable to have a more attractive price, attracting buying power to participate.
Investors can hold stocks with an average proportion in their portfolio, patiently waiting for new buying opportunities at more attractive prices. Short-term transactions have a low probability of profit, so they should only be executed with a small proportion.
Stock news
- Surpassing Chile, Vietnam ranks second in fruit and vegetable exports to China. Figures released by China Customs show that in 2023, exports of vegetables, tubers, fruits and processed products from countries to this market reached 24.4 billion USD. Of which, Thailand continues to lead with a turnover of 8.6 billion USD, accounting for 36% of the market share. Compared to the same period in 2022, Thailand's market share decreased by nearly 2%.
Second place belongs to Vietnam with a turnover of 3.4 billion USD. Vietnam's market share in the Chinese market nearly doubled from 8% in 2022 to 14% in 2023. Vietnam emerged as a phenomenon and surpassed Chile (the country that has ranked second in fruit and vegetable export turnover to China for many years).
- Japan: Proposal for sharp wage hike could prompt BoJ to end negative interest rates. Proposals for an average wage increase of 5.85% this year could increase the possibility that the BoJ will adjust its stimulus program and end negative interest rates as early as March. A growing number of Bank of Japan (BoJ) policymakers are in favor of ending negative interest rates this month, as it is likely that a sharp wage hike will be proposed in this year's negotiations .
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