After a series of gaining days, VN-Index entered a new week full of storms with alternating ups and downs sessions. Average trading value was at 24,826 billion VND/day, slightly down compared to the previous week.
However, VN-Index still progressed in terms of points with an increase of more than 6 points to 1.921.6 points. Even in the week, it sometimes reached over 1. 925 points, continuing to set a new record in points.
The oil and gas industry duo GAS and BSR contributed the most points, respectively more than 8 points and more than 6.5 points. Following, VIC brought in nearly 3.7 points, GVR nearly 1.9 points, LPB nearly 1.8 points and another oil and gas stock PLX contributed more than 1.3 points.
Oil and gas stocks had a positive trading week, in the context of world oil prices maintaining high levels due to concerns about geopolitical tensions in the Middle East. According to observations, GAS increased by 20%, especially with two ceiling sessions.
In the opposite direction, after the period of "carrying" points, VHM had another difficult trading week with a decrease of 4% and directly took away nearly 4.9 points of VN-Index.
Observing market developments in the past time, the increase in the VN-Index mainly thanks to a few large-cap stocks is assessed by investors as an inevitable development in the current period, when the general cash flow in the market is showing signs of weakening and the level of concentration on the pillar group is quite high.
In the context that liquidity has not really spread, cash flow is showing a tendency to turn to stocks with large capitalization, good liquidity and clear fundamentals to ensure safety, instead of widely distributed to small industry groups.
Commenting on market diễn biến in the new week, many viewpoints believe that, in the context that VN-Index sets a new historical peak but the spread of cash flow and liquidity has not recorded improvement commensurate with the increase in points, the market is likely to continue to diễn biến phân hóa and may intertwine adjustment phases in the session to the near support level at 1,890-1,900 points, while the near resistance is placed at the threshold of 1,940 points.
The point to be cautious about is that liquidity has not really exploded commensurate with a peak overrun, while foreign investors still maintain net selling. Therefore, some experts believe that the market's risk is currently at an average to relatively high level, especially if VN-Index does not maintain the peak area just surpassed or there are increasing sessions but liquidity weakens. Investors should not chase buying in a state of excitement, but need to wait for more confirmation signals from the liquidity and breadth of the market.
According to Mr. Huynh Anh Huy, Director of Industry Analysis, Kafi Securities Company, the point that needs to be closely monitored is the developments of the pillar stock group. If this group enters a correction phase after a period of hot increase, it is likely that part of the cash flow will be withdrawn from the large-cap group and circulated to medium and small-cap industry groups, especially those groups that have attractive valuations or their own story.
At that time, the scenario that is likely to occur is that the general VN-Index may be under adjustment pressure, but the market breadth will be improved, with some smaller industry groups recording positive developments and increasing points. This is also an opportunity for investors to restructure their portfolios in a more balanced direction between pillar groups and niche industry groups.
With the current context, investors are recommended to still pay attention to trends in each stock group instead of completely depending on the index, and should prioritize choosing stock groups that grow both fundamentally and have price increase momentum with each separate impact story.
Low valuation does not mean that stock prices will increase, so investors should also adapt.Instead of looking for stocks with low valuations, consider stocks with growth momentum.
