The stock market extended the series of days of increasing points with improvement. Cash flow is showing signs of shifting from the large-cap group to the Midcap group, in contrast to previous weeks, when the main index was "pushed up" by pillar stocks.
At the end of the session on May 27, the VN-Index increased by 7.3 points to 1,339.81 points. Liquidity improved sharply compared to the previous session with the matched value on HoSE reaching about VND23,593 billion.
The market did not receive support from the bluechip group, while cash flow tended to shift to seek opportunities in other stock groups, as well as pressure from strong net selling by foreign investors.
Foreign transactions were a minus point when they sold a strong net of more than VND1,178 billion on May 27. HPG shares were sold the most net by foreign investors in the whole market in the session with a value of VND157 billion. The following stocks were also net sold by foreign investors for more than a hundred billion VND, including VIX, VIC and VCB. Following that, NVL shares were also sold for about VND99 billion.
In contrast, FPT was net bought the most in the whole market with a value of 127 billion VND, GMD was net poured more than 100 billion VND. CTD, KBC and HVN were also net bought with values ranging from VND34 billion to VND44 billion per share code.
After 2 consecutive years of net selling with trading value increasingly accounting for a low proportion, the movement of foreign investors has no longer had a great impact on market sentiment. However, at this time, foreign investors' net buying transactions are characterized by focusing on a few stocks and buying in large volumes in a session.
Analysts from DSC Securities Company (DTCK) commented that the stock exchange rate above the highest average price in the past 200 days of the market is currently only around 25 - 30%, meaning only about a quarter of the market is in a long-term uptrend.
This reflects a reality that the current recovery is mainly led by pillar stocks with large capitalization and strong influence on the index. In contrast, most of the mid- and small-cap stocks, where cash flow is concentrated by individual investors, are still in a state of weak recovery, or have not escaped the downtrend.
"Therefore, the market is likely to see an adjustment to balance again. That is the time to shake off some small investors, but create opportunities to welcome new cash flow into the market when there are attractive discount prices" - DSC experts commented.
Experts recommend that investors should take short-term profits for positions that have made a profit and maintain a reasonable cash ratio, about 30% of net asset value, to proactively respond to risk adjustments and protect holding psychology.
At present, investors should not disburse large, but wait for a clearer adjustment. At that time, it is possible to disburse the part and structure a balanced portfolio between bluechip stocks and mid- and small-cap stocks with good fundamentals.
