The stock market closed the weekend session with a decrease of nearly 10 points as it was under pressure to take profits due to the amount of cheap stocks coming into the account, pushing VN-Index to the lowest level in 13 trading sessions but still within the price range. quite safe 1,260 - 1,265 points.
In the market stock group, the focus is on Quoc Cuong Gia Lai Company (QCG) stock. After the news of the temporary detention of General Director Nguyen Thi Nhu Loan , QCG shares were sold off massively. Closing, QCG decreased 6.97% to 9,070 VND/share with matched volume of 1.6 million units and floor selling surplus of 3.5 million units. This is QCG's 6th consecutive decrease, with a total decrease of nearly 26%.
The remaining stock groups on the market all decreased. In particular, the group of banking stocks reversed and decreased slightly by less than 0.5%, due to pressure from large codes. However, banking stocks still remain vibrant.
Despite net buying nearly 500 billion VND in SBT shares, with strong selling pressure on blue-chip stocks, foreign investors quickly returned to a net selling state of more than 360 billion VND in the July 19 session.
Looking back at the first 3 weeks of July 2024, VN-Index had a recovery period, but slowed down when the index faced the 1,300 point threshold and continuously adjusted due to profit-taking pressure in last week's trading session.
The decrease in liquidity also shows that many investors are cautious and not really confident in the VN-Index's breakthrough, especially in the context of a very large amount of money having to balance the selling force of investors. foreign investment. Foreign investors net sold more than 52,000 billion VND in the first 6 months of 2024 and continued to sell in the first days of July.
However, up to now, domestic demand has supported prices very well and has not been panicked by foreign investors' divestment activities. Experts assess that this is only a psychological threshold, hindered in the short term, but in the medium term there are many supporting factors to break through to higher thresholds.
The growth motivation of the stock market at the end of 2024 mainly comes from strong economic recovery and the business results of listed enterprises are forecast to grow well by 15 - 22% compared to 2023. However, the stock market still faces many risks, especially the VND exchange rate and international macro factors.
Dr. Nguyen Duy Phuong, Investment Director of DG Capital, said that from now until the end of 2024, the Fed is expected to lower interest rates in September, thereby relieving exchange rate pressure, along with the profits of listed companies. with prospects for continued growth will be the main fulcrum for the market.
In addition, the net selling by foreign countries in just over the past 6 months and the majority of non-financial stock groups being highly valued will be major barriers to the Vietnamese stock market. Therefore, the point of view is that risk assessment is still mixed and we do not expect the stock market to be too positive in the second half of the year but will likely lean towards differentiation between industry groups and between stocks and assets. Phuong expressed his opinion.
