The stock market has just had a positive trading week, especially the explosive session on April 8th after the upgrade information.
Ending the trading week from April 6-10, the VN-Index increased by 65.96 points, equivalent to +3.92% to 1,750 points and recorded the third consecutive week of increase. However, the matched order volume is only equivalent to the 20-week average.
Accumulated in the week, liquidity on the HOSE floor reached 914 million shares/session, a slight increase of more than 4% compared to the previous week, the average trading value reached 24,337 billion VND/session, a slight decrease of more than 2%.
Although foreign investors strongly net sold with a value nearly 3 times higher than the previous trading week, the bright spot is that "national stock" HPG was net poured by this block to more than 1,000 billion VND.
On the HOSE exchange, foreign investors net sold for 4 sessions and only net bought for 1 session. In total, foreign investors net bought 14.9 million units, while last week net sold 56.6 million units; the total value is still 3,207.4 billion VND net selling, an increase of 86.6% compared to the previous week.
On the HOSE exchange, the Gelex stock pair, GEX and VIX, had a positive week of increase. Among them, new information related to GEX is the issuance of more than 225.5 million shares to pay dividends for 2025 at a ratio of 4:1 and more than 180.4 million shares to increase capital from equity at a ratio of 5:1.
The remaining stocks are mostly real estate and construction codes such as LGL, NVL, PHC, TNT, EVG, SJS, reflecting expectations that the increasingly clear downward trend of interest rates will support.
Maybank Investment bank (MSVN) experts believe that there are some catalytic factors in the short term that are positively supporting price movements and market sentiment for the real estate group.
First, expectations for the downward trend of interest rates are becoming increasingly clear, especially in the context that the previous interest rate level was under increasing pressure due to external factors. In addition, rumors related to the 12-month term deposit interest rate ceiling, if realized, will contribute to reducing capital costs in the banking system, thereby indirectly helping to lower home purchase loan interest rates. This is important in stimulating real estate demand as well as supporting market liquidity.
Second, the valuation factor is becoming more attractive as many real estate stocks have adjusted to low levels, even trading below the P/B level of 2022.
Third, the market is recording positive signals from the supply side as investors begin to return to opening new project sales after a period of stagnation. Some projects record high absorption rates in a short time, showing that real market demand is still present, especially in products with good locations, clear legal status and reasonable prices. These developments contribute to strengthening the belief that the real estate market is gradually entering a more stable phase and has a basis for improvement in the near future.
In terms of valuation, the real estate industry P/B ratio of about 1.25x is currently considered an attractive entry point for long-term investors. In general, investors continue to prioritize high-quality investors with good deployment capacity and clean land funds, typically NLG, KDH and VHM.
