VN-Index hits 1,209 points

The first week after the Lunar New Year 2024 was positive, VN-Index maintained its uptrend and moved above the psychological resistance zone of 1,200 points. At the end of the session, VN-Index increased by 7.2 points (+0.60%) and closed at 1,209.70 points.

The market continued to maintain a positive trend, with active trading as the VN-Index surpassed the psychological price zone of 1,200 points. At the end of the session, the VN-Index increased by 7.20 points (+0.60%) to 1,209.70 points, surpassing the highest price of the previous trading session and heading towards the price zone around 1,211 points, corresponding to the highest price of 2018.

However, the nearest support level at 1,200 points has not been tested, so new buying points should prioritize corrections to have the most optimal disbursement point.

The HNX-Index increased by 0.29 points (+0.13%) to 233.04 points. The breadth on the two listed floors remained positive, but the level of differentiation was stronger with 390 stocks increasing in price (11 stocks hitting the ceiling), 269 stocks decreasing in price (6 stocks hitting the floor) and 139 stocks keeping the reference price. Liquidity on the two listed floors reached VND 19,488.33 billion, down -5.48% compared to the previous session, exceeding the average level, short-term cash flow continuously circulating among the stocks.

The information of interest is Directive No. 06 dated February 15, 2024 of the Prime Minister, the Prime Minister requested the Ministry of Finance to preside over and coordinate with the State Bank of Vietnam and the Ministry of Planning and Investment to promptly resolve problems in the assigned areas to meet the criteria for upgrading the stock market from frontier to emerging market. The Prime Minister requested the Ministry of Finance to report the results of the implementation of this issue to the Prime Minister before June 30, 2024.

The momentum of the increase originating from the banking group and the large-cap group is still maintained, and thanks to the rhythmic rotation of leading roles within the group, it has created a good foundation for the index each time there are corrections. After the banking group, the codes that have not increased much in the VN30 have traded very actively in today's session. Notable ones are GVR (+6.81%), VNM (+3.55%), VIC (+3.29%), BVH (+2.91%)..., while the banking sector continues to be more differentiated, most of them are under pressure to adjust after a period of strong growth such as HDB (-1.48%), STB (-1.44%), LPB (-1.37%), BID (-0.82%)...

Leading stocks such as VIC and VHM had a positive impact on real estate stocks when most of them increased strongly such as NRC (+8.70%), FIR (+7.00%), CRE (+5.11%), SCR (+3.62%)...

Meanwhile, industrial park and rubber real estate stocks recovered well after the previous session's correction pressure, many codes continued to exceed the most recent peak price, liquidity increased well with GVR (+6.81%), DPR (+2.95%), SIP (+2.56%), PHR (+2.41%)... Steel, construction, and building materials stocks were mostly under slight correction pressure, liquidity decreased sharply compared to the previous session such as NKG (-0.61%), HPG (-0.21%)... PC1 (-2.02%), CTD (-1.04%), KSB (-1.00%)...

Foreign investors had their second consecutive net selling session after the Tet holiday, with VNM and STB being the two most sold stocks with values of VND122.9 billion and VND119 billion respectively. In the net buying direction, this group was quite cautious in disbursing, with DIG being the most bought stock with a value of just over VND55 billion.

HSC Securities Company believes that, in a positive scenario, cash flow can continue to spread to groups of stocks that have not increased and accept higher levels of risk to seek opportunities. Therefore, new purchases need to improve position management further when the height and level of risk of the market are getting bigger. The fundamental factors of the business combined with a tight price base and strict control of the margin leverage ratio and stop loss threshold are the actions that will be prioritized when participating in the market at the present time.

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