Caution was still clearly shown in the decisions of investors in the trading session on the morning of February 24. This is reflected in the fact that immediately after the VN Index re-established 1,300 points, the sell order was pushed to the electric board, causing the index to quickly fall from this important score mark.
VN Index even lost points in the afternoon session when the sellers competed to sell. The reason investors are cautious about the 1,300-point mark is that historically, every time they surpass this score, the market often falls into a sell-off situation and tends to retreat to the 1,200-point threshold.
However, in the last minutes of today's session, cash flow suddenly reappeared in the stock group. In addition, along with the return of the "king" group of stocks, which are banking stocks, the VN-Index increased by nearly 8 points, thereby closing the 24th session on February 24 at 1,304.56 points (equivalent to an increase of 0.6%), the highest in 991 days (since June 9, 2022). HoSE's equity also increased by more than VND32,400 billion, reaching VND5.44 trillion.
The cash flow poured back in the last minutes, helping market liquidity improve sharply with 892 million shares matched, equivalent to a trading value of approximately VND 21,100 billion.
According to statistics, the stock code that had the most positive impact on the index was HPG code, which increased by 4.7%. The Ministry of Industry and Trade's anti-dumping tax on Chinese steel products has helped the group of stocks, including HPG, increase sharply. In addition to the steel group, VN Index is supported by banking codes such as CTG, VCB, STB, HDB, BID, VPB, LPB, MBB...
On the other hand, FPT (down 1.15%) was the code that had the most negative impact on the index. Notably, FPT continues to become the most heavily traded stock in the market by foreign investors. In today's session, foreign investors net sold FPT with a value of nearly VND250 billion. FPT's stock code, FRT, was also strongly disbursed with a net selling value of VND70 billion.
Assessing the market, Dr. Nguyen Duy Phuong, Investment Director of DG Capital, still maintains a cautious view when he said that the last time the VN-Index touched 1,300 was the session on June 12, 2024. However, the main index can only anchor above this threshold for two sessions of 12-13.6.2024 and then turn to adjust, with the trend of sideways being the main trend. It took more than half a year (257 days) for the VN-Index to return.
"After a series of strong increases, we believe that if there are no large international macro fluctuations, the VN-Index can continue to accumulate or make slight technical adjustments in the range of 1,200-1,300 points in the short term. When the domestic positive macro signals are gradually becoming clear as mentioned, along with the outside risk of cooling down, investor sentiment will be consolidated, creating the premise for a new increase with a wider spread", Dr. Phuong stated his opinion.
Many long-time investors also believe that, even in the positive scenario when an early breakthrough occurs at the 1,300-point zone, the VN-Index will likely have to carry out the beats to confirm the breakthrough signal as well as this new support with subsequent adjustments. Therefore, in terms of opportunities, new buying transactions should be patient when the "collision" is approaching, opening a position in a state of decline in the market will bring a low probability of success, even risk.
In the optimistic scenario, the VN-Index will continue to rely on the ability of large-cap stocks to rotate flexibly to retain and attract more cash flow to the market.
