The stock market failed to explode following last week's upward momentum. In the trading session on December 10, red was widespread, causing the VN-Index to drop nearly 2 points to 1,272.07 points. The HNX-Index also weakened in the afternoon session but still maintained its green color and edged up 0.03 points to 229.24 points.
The lack of driving force has slowed down the cash flow in the market. Market liquidity has fallen into a gloomy zone. Today's trading value was VND16.3 trillion, down about 10% compared to the previous session. Foreign investors net sold nearly VND170 billion. MWG shares were sold the most with a value of nearly VND82 billion. On the contrary, DHT shares were a bright spot with a net purchase of more than VND172 billion.
The market is still supported by many large-cap stocks such as EIB, HDB, HPG, FPT. However, the widespread red has created pressure to push the index below the reference. Today's downward pressure mostly comes from small and mid-cap stocks. Software stocks led the increase today thanks to FPT (up 1.7%).
Not only did it increase in today's session, this code has had a year of steady growth, bringing its market price to nearly double the level at the beginning of the year. The wave of technology stocks around the world is showing its strength on the leading technology stocks in Vietnam.
According to SSI Research, the Vietnamese stock market regained balance in the first days of the month with the improvement of many stocks in the VN30 basket, including the financial group (banking and securities); in addition to the port and logistics groups, textiles, seafood and real estate are still maintaining good price momentum. The market is expected to continue its accumulation state in December, with the support level of 1,230 points and the resistance level that needs to be challenged at 1,295 points.
SSI Research believes that there are three main factors attracting the market's attention. First, GDP growth in the fourth quarter is expected to remain positive. Some sectors such as public investment are expected to accelerate not only in the fourth quarter but also in 2025. Imports and exports are also expected to remain positive before the new US tariff policies are introduced.
Second, the Government's action plan for 2025 with breakthrough economic growth reforms and solutions is awaited. Third, the goal of upgrading to emerging market status is still being promoted. Although there are still some operational problems, FTSE has had a positive assessment of putting the NPS (Non Pre-funding solution) product into practice. FTSE is expected to hold a meeting to assess Vietnam's upgrading prospects in January 2025.
After a month of adjustment, the advantage will belong to the industry groups that are in the low valuation zone and have short-term supporting factors such as: banking, securities, export (textiles, seafood), real estate. Taking advantage of the decrease in volatility to accumulate leading stocks in these groups, investors need to diversify their portfolios and proactively protect profits when they reach expectations.
