VN-Index had a comeback session, reversing the increase after the previous sharp decline in the trading session on July 18. Liquidity decreased quite sharply compared to the previous strong selling session, but was still equivalent to the 20-session average.
The positive highlight in yesterday's session was that VN-Index tested the support threshold of 1,255-1,258 points once more and rebounded. This is a quite positive signal showing that buyers are ready to deposit money at the current price level.
Although the reversal signal has not been confirmed, there is a high possibility that selling pressure has decreased significantly and it will be difficult for VN-Index to fall further in the coming sessions. Foreign investors continue to promote disbursement and record the largest net buying session in 2024, with a value of more than 1,000 billion VND.
Analysts from Asean Securities Company commented that the market reacted relatively well at the expected buying zone mentioned in the previous session when demand returned. Besides, the banking group maintained its upward momentum and became the driving force for the market. In addition, the index anchors above the 1,250 point area and still maintains the long-term upward trend line from the end of 2023.
Therefore, experts still recommend that investors continue to consider disbursement if the market experiences increased panic, pay attention to discounted stocks and have expectations about business results. The second quarter was positive, but there was no increase with a reasonable buying zone of 1,260-1,265 points.
Dr. Nguyen Duy Phuong, Investment Director of DG Capital, said that it is likely that divergence will take place mainly when stocks have reached different support and resistance levels, but the main uptrend is still ongoing. is maintained. Investors continue to be recommended to hold a low proportion and combine rotational trading with a portion of the stock at support areas.
Commenting on supporting factors in the coming time, Dr. Phuong said that the profit picture of many industries in the second half of 2024 is more positive than the first half of the year, with motivation from non-financial groups will be a solid fulcrum. . The prospect of non-financial group profit growth in the last 6 months of 2024 is supported by the low base level of the same period in 2023 as well as the results of the Government's policies to support production recovery and better prospects. from major economies around the world.
Considering the whole year 2024, the profit growth of 80 listed enterprises representing all industries, accounting for about 70% of capitalization on HOSE, is estimated at 19.1%. The ability to recover in 2024 and maintain growth momentum in 2025 creates attractiveness in the valuation of industry groups such as textiles, chemicals, fertilizers, industrial parks, retail, and steel.
Notably, in the group of banking stocks , recently, the decline in stock prices in this industry has pulled the 2024 P/B valuation of many banks to the low range since 2016 until now. With the prospect of profit recovery, in which banks' pre-tax profits plan to grow by about 20%, high dividend payout ratio..., stocks in this industry group with the largest market capitalization may attract flows. money back.
