Investors entered today's session with a rather cautious mood. Because before that, the US stock market lost points because of US President Donald Trump's announcement of imposing a 100% tax on Chinese goods.
Despite the global financial market fluctuating strongly last weekend, Vietnamese stocks have just had an explosive trading session, setting many new records. From the red price at the beginning of the session, the VN-Index reversed and increased by nearly 18 points, thereby closing at the highest level in history, over 1,765 points.
Despite the strong increase, the electricity billboard recorded a "green skin, red heart" state with 187 codes decreased, while the number of codes increased was only 119.
The positive point of the market is that HoSE's liquidity exceeded VND40,000 billion. Specifically, more than 1.3 billion shares were transferred, equivalent to a trading value of more than 41,000 billion VND.
The group of large-cap stocks played a leading role with strong increases such as VIC, TCB, VJC, HDB, VRE, ... The main driver of the index is still Vingroup stocks, in which VIC contributed nearly 13 points to the VN-Index. The remaining 2 codes, VHM and VRE, contributed nearly 3 points to the index.
The VN30 index closed up nearly 32 points, up to over 2,012 points. This is the first time this important stock index has surpassed 2,000 points. However, foreign investors remained negative with more than VND1,240 billion net sold on the HoSE. Notably, there were 3 stocks that were net sold by foreign investors for more than 300 billion VND: HPG, VRE and VHM.
Since FTSE Russell announced the upgrading of Vietnam to the Secondary Emerging Market on October 8, the stock market has increased for 4 consecutive sessions. It can be seen that investors have high expectations for market prospects after this turning point decision.
The analysis department of Maybank Invesment Bank (MSVN) believes that new developments in the US-China trade war have caused significant pressure to adjust the US stock market and the cryptocurrency market due to concerns that the parties will soon have escalation moves in the trade war, which in the short term could create disadvantages and worse psychology for the Vietnamese stock market.
However, it should be noted that the Vietnamese stock market has just had a very positive week after the information about successful upgrading based on FTSE's system, along with positive Q3 macro data, the market is preparing to enter a peak period in terms of announcing the Q3 business results of listed companies - expected to be a bright picture.
Therefore, MSVN experts believe that internal factors are creating enough added points to balance the adverse impacts of US-China trade war information.
J.P. Morgan has also raised the VN-Index target for the next 12 months to 2,000 points for the base scenario and 2,200 points for the optimistic scenario, equivalent to an increase of 20 - 30% compared to the current level. A solid macro foundation and corporate profit growth are two key factors supporting the positive trend of the market.
