Entering the first trading session of December, although demand is still cautious and the general state of the market is differentiation, the positive developments of large stocks, typically Vingroup and Gelex, continue to be the fulcrum to help the VN-Index skyrocket.
At the end of the trading session on December 1, the VN Index increased by 10.68 points, equivalent to 0.63%, to 1,701 points.
As usual, Vingroup stocks continue to be the "push up" for the index. In today's session, VIC shares increased by 3.65% to VND269,900/share, bringing 8.5 points to the VN Index. Next are VPL (contributing 2.8 points), VHM (2.6 points), VRE (0.3 points).
On the other hand, banking and securities stocks put downward pressure on the market. Trading in a negative state, market liquidity decreased sharply with 613 million shares matched, equivalent to a trading value of VND18,533 billion.
After the net buying session at the end of November, foreign investors were also affected by the negative sentiment of domestic investors. In today's session (December 1), they net sold VND300 billion on the HoSE.
Notably, the stocks that were strongly sold by foreign investors were the Vingroup group such as: VHM (230 billion VND), VIC (160 billion VND). Foreign investors also strongly sell banking stocks such as VCB, TCB, HDB, ACB, LPB.
According to MB Securities Company (MBS), in the context of a lack of strong supporting information, the VN-Index will continue to maintain an upward trend on a low liquidity base until it surpasses the 1,700 point mark or has a large enough impact. Investors need to pay attention to seasonal risks such as short-term deposit interest rates and fluctuations in the USD/VND exchange rate at the end of the year.
Notably, the recovery of the index on a low liquidity basis shows that the "test for supply" process is taking place effectively. Many stock groups have had a "buffer" of profit margins in the past two weeks, thereby creating an opportunity to form a second bottom if the market faces short-term profit-taking pressure or adjusts when approaching the threshold of 1,700 points (where the MA100 line appears). Although liquidity is low, domestic cash flow is still directed to construction groups - materials (especially steel), food, retail, seafood, industrial park real estate...
The large-cap group also recorded bright spots such as VIC setting a new peak, GEX and MSN regaining momentum. Thanks to the " pillar" factor and the intertwined buying power from foreign investors, the stock market overall continues to change positively.
Analysts from DSC Securities Company believe that the resonating global macro pressures make investors more cautious, tend to seek shelter or withdraw from risky assets. For emerging markets like Vietnam, risks appear in many aspects - from fluctuations in foreign capital flows to pressure on exports and input costs.
Regarding the upcoming scenario of the market, DSC experts believe that the VN-Index is likely to continue to increase and gradually move towards the peak of 1,730-1.750 thanks to the support of the group of stocks called VIN. A exploding session could appear when many groups of stocks have run out and retreated to the support zone. As long as demand is at an average level, the market can suddenly increase and recover more clearly.
