Continuing the recovery momentum after the Fed's interest rate cut, the stock market had another positive trading week amid a return to vibrant liquidity. With the main lead of pillar stocks, VN-Index advanced to challenge the strong resistance zone of 1,290 - 1,300 points.
Liquidity also improved significantly, as well as the cash flow spread well, in which the banking group was a bright spot as the main driving force in both scores and sentiment.
However, once again, the hesitant sentiment appeared at an important threshold, causing the index to temporarily end the trading week, the VN-Index increased by 18.88 points, to 1,290.92 points.
Liquidity on the two main exchanges remained high, reaching about VND22,000 billion/session, the matched volume on the HOSE increased by 22.5% compared to the previous week and increased by more than 10% on the HNX.
Foreign investors net sold more than VND528 billion on both exchanges this week.Of which, foreign investors net sold nearly VND571 billion on the HOSE and net bought more than VND42 billion on the HNX.
In terms of contribution, banking stocks were the main support for the market yesterday when 8 stocks in this industry were in the top 10 most positive influences on the index, helping the VN-Index increase by nearly 3 points.On the contrary, VHM created the most negative pressure, causing the index to lose more than 1 point, followed by GVR, GAS and MWG, which also took nearly 1 point from the VN-Index.
The stock market is currently receiving a lot of supportive information such as the Fed lowering interest rates, upgrading the market, etc. In addition, there is also a cyclical story with the end of the year being the strongest growth period for the world stock market and the Vietnamese stock market as well.
In October, many experts predict that the stock market will have difficulty rising due to the impact of the US market entering the election season, because the US is the largest export market and the FDI story.
Dr. Nguyen Duy Phuong, Investment Director of DG Capital, commented that in October, the market is unlikely to have any significant changes and if there is a decline, it will be a buying opportunity.On the other hand, profits in the third quarter of 2024 will not have any significant changes and will have to wait until the fourth quarter.
"In the third quarter alone, profits will be differentiated with the real estate industry still facing difficulties, but banks will be the growth driver of the market.The falling Interest Rate helps banks expand their NIM, thereby remaining a strategic group that helps investors make a profit until the end of 2024.At the same time, the valuation of the banking group is currently very cheap.The market does not have much positive information to surpass the peak, so by the end of 2024, it may only fluctuate in the range of 1,305-1,320 points," Dr. Phuong stated his opinion.
