At the close of trading on Friday, the VN-Index fell 18.16 points to 1,174.85 points; the HNX-Index decreased by 5.4 points to 220.80 points. Although the trading volume in this session was only 1,279.8 million units, liquidity was quite high, exceeding 27,040 billion VND.
Notably, in this trading session, foreign investors made net purchases of over 2,614 billion VND, while net sales were lower by 600 billion VND, reaching 1,992.44 billion VND. Finance, securities, and real estate continued to be the sectors experiencing sharp declines in this session. Similarly, the top 10 biggest losers remained VIC, CTG, VHM, TCB, BCM,FPT , BID, LPB, SAB, and GVR.
With today's decline, securities firms believe that the short-term outlook for the market cannot immediately become optimistic again, as investors are reacting to a number of negative news. Therefore, experts recommend that investors take advantage of any rebounds to reduce their stock holdings to a safe level, and should not try to buy at the bottom as the market shows no signs of stopping its decline.
According to Ms. Nguyen Hoai Thu, General Director of Securities Investment at VinaCapital, the Vietnamese stock market is currently affected not only by political conflicts in the Middle East, but also by exchange rate fluctuations due to the Fed maintaining high interest rates, resulting in a significant increase in the USD/VND exchange rate in recent days. Since the beginning of the year, the USD/VND exchange rate has risen by more than 4%. These exchange rate fluctuations have created more challenges for the State Bank of Vietnam in controlling interest rate, exchange rate, and inflation targets.
Similarly, Shinhan Securities Vietnam Co., Ltd. (SSV) also believes that these factors have caused the stock market to continuously decline. Including the previous three sessions, the market has fallen by more than 100 points, losing the gains made over the previous two months. The lack of buying interest at the bottom has led to continued strong downward momentum, causing support levels at moving averages to be repeatedly broken.
Furthermore, given the market's vulnerability, numerous unfounded rumors contributed to the VN-Index once again failing to hold the 1,250 level. SSV expects the VN-Index to consolidate in this area. Investors are advised to remain calm and take advantage of any rallies to reduce their stock holdings to a safe level, and to avoid bottom-fishing as the market shows no signs of stopping its decline.
Due to the April 30th - May 1st holiday, there will be no stock market trading on Saturday to compensate for lost trading.
On Saturday, May 4th, 2024, a compensatory working day, stock exchanges and the Vietnam Securities Depository and Clearing Corporation (VSDC) will not conduct trading or clearing and settlement activities. Therefore, the market will not have a compensatory trading day for Monday's session (April 29th, 2024).
Based on Official Letter No. 2450/VPCP-KGVX dated April 12, 2024, from the Government Office agreeing to the proposal to swap working days during the holidays of Victory Day (April 30) and International Labor Day (May 1) 2024; and Official Letter No. 2780/UBCK-PTTT announcing the holiday schedule for debt instruments in 2024, the State Securities Commission recently issued a notice regarding the trading schedule during the holiday period.
Accordingly, the Vietnam Stock Exchange (VNX), the Ho Chi Minh City Stock Exchange (HOSE), the Hanoi Stock Exchange (HNX), and the Vietnam Securities Depository and Clearing Corporation (VSDC) will implement a swapped holiday schedule as per Official Letter 2450/VPCP-KGVX dated April 12, 2024, from the Government Office. Officials, civil servants, and employees of state administrative agencies and public service units will be on holiday from Saturday, April 27, 2024, to Wednesday, May 1, 2024.
In total, the holiday lasts 5 days, including the first three working days of the week due to the shift from Monday, April 29, 2024 to Saturday, May 4, 2024. Trading on the stock exchange will therefore also be suspended during these holidays.
In addition, the State Securities Commission also announced that on the compensatory working day, Saturday, May 4, 2024, the stock exchanges and VSDC will not conduct trading or clearing and settlement activities.
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