After a strong recovery session yesterday, the Vietnamese stock market opened the morning session of July 30 with a state of stalemate amid being affected by information that the US Federal Reserve (Fed) decided to keep the basic interest rate unchanged for the fifth consecutive time.
The Fed's continued maintenance of interest rates is not surprising to the global financial market. However, this decision is still being closely monitored by investors as it may affect expectations about the US monetary policy management roadmap as well as the developments of capital flows in emerging markets, including Vietnam.
US and international stock markets simultaneously dropped sharply. According to Scripps News, the Dow Jones index lost more than 1,100 points, equivalent to 1.9%, while the S&P 500 and Nasdaq Composite both fell more than 1.5%.
Negative information from the global financial market did not affect Vietnamese stocks. In the first minutes of trading, VN-Index continuously fluctuated around the reference level when buying and selling forces were quite balanced. However, entering the continuous order-matching session, cash flow clearly improved, helping the index quickly reverse direction and go up.
At the end of this morning session, VN-Index increased by 30.8 points, equivalent to 1.81%, to 1,735.48 points. Liquidity in the morning session increased sharply with 417.7 million shares matched, equivalent to a trading value of 9,800 billion VND.
The entire HoSE recorded 246 gainers, while the number of losers was only 60. Green also occupied almost the entire VN30 board with 29 gainers, only SSB slightly decreased. Contributing the most gains to the market was VHM code (6.3 points). Next are 3 bank codes VCB, BID, CTG.
The market's recovery is also reflected in the net buying movement of foreign investors. At the end of the morning session, foreign investors net bought 420 billion VND on the HoSE exchange.
After the recent strong adjustment, the market's valuation (P/E) is currently at 11.9 times, significantly lower than some markets in the region such as Thailand (16.1), Malaysia (15.2), Singapore (17.3). P/E slipped (calculated in the last 12 months) at times to about 10 times, around the lowest level in 10 years.
The stock market has seen a series of leading stocks fall to the lowest level in many years for investors to consider. For example, in the banking group, there are VCB, CTG, EIB, TPB... falling to the lowest level in a year; while securities have SSI, VIX, VCI.
In the real estate group, KDH returned to the price range at the end of 2022, while NLG was at the beginning of 2023. PNJ shares fell to the lowest level since October 2020, which is nearly 6 years, due to legal risks and corporate governance, before signaling a strong recovery.
Some stocks are trading at a valuation equivalent to the period after the US announced counterpart tax policies in April 2025, which is the lowest in about a year and a half.
The current price range, according to the assessment of Dragon Capital fund experts, creates opportunities for stock accumulation of businesses with good foundations, stable profit growth and high asset quality for a 2-3 year investment vision.
Forecasting the upcoming trend, experts from Dragon Capital fund believe that it is impossible to confirm that the market will fully recover within a few months. Short-term fluctuations may continue as the market assesses liquidity, geopolitics, trade policies and business prospects of each business.
However, based on historical data, experts expect strong recovery waves to occur as the level of uncertainty decreases and confidence gradually recovers.
