Investor psychology in the stock market is still very excited, FOMO cash flow flows are strong, buying orders are always ready to be put in and are still a support for any correction in the session. Along with that, net cash flow from foreign investors is also a fulcrum to help the indicators reach new highs.
At the end of today's trading session (September 10), the VN-Index increased by 14.32 points to 1,445.64 points. The total trading volume reached more than 1,129.8 million units, worth VND 27,645.2 billion. Although there is a slight decline in liquidity, the VN-Index score still shows the overall confidence and excitement of investors.
Vingroup's home equities group is the main driving force for VN-Index's scores in today's session, with VIC and VHM codes contributing a total of more than 10 positive points. Of which, VIC shares have increased the ceiling by +7% to VND 101,600 - the highest level since January 2022, matching more than 70.6 million units. VHM +5.1% to VND 86,000, not far from the record of nearly VND 90,000/share, matched the order of this session to 7.1 million units. The remaining code is VRE +6.2% to VND 28,450, matching 13.96 million units.
Notably, after a long period of continuous net selling, foreign cash flow has been "massively" returning to the Vietnamese stock market recently. Since the beginning of July, foreign investors have net bought more than VND9,200 billion on HoSE. This is the period when foreign cash flow into Vietnamese stocks has been the most intense in nearly 3 years.
In the newly published market assessment report, analysts from SGI Capital commented that foreign capital flows returned to Vietnam very strongly in the first sessions of July, somewhat in line with net purchases in other ASEAN countries. The fear of high taxes on Vietnamese exports to the US is a barrier to foreign capital that has been removed.
The attractive valuation with the prospect of Vietnam being upgraded by FTSE is becoming increasingly clear along with the high growth rate, helping Vietnam have a special attraction for foreign capital after being sold for a record net of 8 billion USD over the past 4 years.
After the heating ups of real estate prices, gold prices and Crypto prices, stocks are the only remaining major asset channel that is still cheap and below the 2022 peak. Meanwhile, many businesses have had revenue and profit exceeding the 2022 peak with the prospect of continued strong growth and cash dividend payment far exceeding real estate rental profits and can be compared to the deposit channel, emphasized SGI Capital.
This investment fund believes that in the short term, the market will be under profit-taking pressure when the increase becomes too hot under the impact of foreign capital flows. However, the valuation is still in a reasonable range along with many short-term, medium and long-term push-ups, which will help the Vietnamese stock market maintain an uptrend and have the opportunity to surpass the upper edge of the valuation channel when it is officially upgraded at the end of this year or early 2026.
