The developments of the stock market in the recent series of consecutive declines are showing high differentiation.
In the trading session on January 28, in the bluechip group, Vingroup stocks continued to bear downward pressure and many bluechips weakened. In the context of the stock market lacking a supporting point, the 1,800-point mark had a supporting effect, helping selling pressure to slow down.
VN-Index at one point fell below nearly 1,790 points, equivalent to a decrease of nearly 40 points before luckily regaining the 1,800 point mark at the end of the session when this threshold strongly supported psychology. However, liquidity slowed down significantly, reflecting investor caution.
Closing today's trading session on January 28, VN-Index decreased by 27.59 points to 1,802.91 points. Total trading volume reached more than 1.04 billion units, value 34,585.4 billion VND, an increase of more than 30% in volume and 35% in value compared to yesterday's session.
Foreign investors' transactions are a minus point when net selling is about 1,834 billion VND. On HOSE, foreign investors net sold 1,777 billion VND.
From a neutral perspective, investors believe that VN-Index is likely to continue to fluctuate and accumulate with a technical correction trend to absorb short-term supply pressure, before establishing a new equilibrium zone. The near support zone of the index is around the threshold of 1,820 - 1,830 points, while the near resistance zone is the area of 1,840 - 1,850 points.
Experts from Yuanta Securities Company believe that the market may have a recovery phase in the next session. At the same time, this recovery phase is technical as many stocks fell into the short-term oversold zone, but the positive point is that the ongoing differentiation shows that cash flow shows no signs of completely withdrawing from the market. In addition, the short-term trend of the general market remains neutral.
TPS Securities Company believes that VN-Index continues to adjust with reduced liquidity, reflecting the cautious psychology of investors in the context of a highly differentiated and selective market. Cash flow does not withdraw from the market but focuses on some stocks with their own story, notably the group of state-owned enterprises.
The downward pressure is largely from the Vingroup stock group, while the market breadth is positive. Therefore, TPS forecasts that the market will soon balance in the short term at a strong support zone of 1,800 points (which was a strong resistance before that that the index had successfully conquered).
TPS believes that although the market is moving in a short-term bubble zone, the medium-term trend is still maintained positively. The current correction is considered healthy and necessary, aimed at rebalancing supply and demand, and at the same time, reducing valuation pressure, thereby creating conditions to attract new cash flow back to the market.
The appropriate strategy at this stage, according to experts, short-term investors prioritize risk management, limit new position opening and closely monitor market reactions in support zones; at the same time, they can observe stocks with their own stories such as state capital divestment, Resolution 68 - private economic development, Resolution 79 - state economic development, or offshore cycles associated with the discovery of new oil fields.
Medium and long-term investors continue to maintain their holding positions and consider partial disbursement in technical adjustments for banking, securities, retail, technology and public investment stock groups with good fundamentals and high liquidity.
