After yesterday's adjustment session, the market reversed and recovered right in this morning's trading session (September 10). However, widespread selling pressure and pressure from some large stocks, typically Vingroup, banking and securities, caused VN-Index to quickly turn red and at one point retreat to near the 1,810 point mark before recoiling towards the end of the session.
At the end of the session, VN-Index increased slightly by 2.11 points (+0.12%) to 1,829.23 points with 132 gainers and 163 losers.
What is noteworthy is that market liquidity decreased sharply. Total trading volume reached 484.6 million units, value 13,565 billion VND, down 14.5% in volume and 6.8% in value compared to yesterday's session. In which, negotiated transactions contributed 1027 million units, value 2,3382.8 billion VND. Current developments show that the general psychology is mainly cautious and staying outside to monitor.
The Vietnamese stock market is being simultaneously affected by two different trending factors. Domestically, capital flows and psychology revolve around the FTSE Russell upgrade of Vietnam, effective from September 21. Meanwhile, externally, there is a revaluation process in the global bond market, when the long-term yield level in many economies is increasing.
Liquidity in September, according to historical observations, also does not usually improve significantly compared to August, so cash flow is likely to continue to circulate between industry groups instead of forming a clear upward trend across the market. Meanwhile, the general level of interest rates is still a noteworthy variable. The gap between credit and deposit has narrowed, but interest rates may still remain high in the short term.
Market liquidity is currently not high, so basic cash flow only focuses on certain stocks. In this context, the circulation of cash flow between stock groups, especially leading stocks, will be a very important story in the current period.
Leading stocks such as VCB, VHM, VPL are currently in a fairly high price range. Therefore, the probability of this group of stocks adjusting is also increasing.
The recommendation given to investors is to maintain a reasonable proportion of stocks, limit the use of high leverage, especially for stocks that have increased sharply. Investors can take advantage of recovery waves to restructure their portfolios, reduce margin and reduce proportion in stocks with weak cash flow.
Short-term investors can maintain an average proportion, trading in the support zone of 1,820 - 1,830 points and the resistance of 1,840 - 1,850 points.
For medium and long-term investors, the recommended strategy is to disburse partially when the market adjusts to the support zone, prioritizing businesses with good fundamentals, appropriate valuation and clear growth prospects.
