Banking group continues to play a pivotal role
The Vietnamese stock market is entering an adjustment phase when the VN-Index is continuously facing pressure at the strong resistance zone of 1,340 points. However, experts assess the market's medium-term outlook as still positive, with banking stocks continuing to play a leading role.
Mr. Dinh Quang Hinh - Head of Macro and Market Strategy, VNDIRECT Securities Joint Stock Company - said that after a good increase at the beginning of the week and surpassing the 1,336 point mark, the VN-Index turned around and decreased in four consecutive sessions after that, closing the week at 1,321.88 points. The net selling pressure from foreign investors and cautious sentiment caused the index to adjust slightly, down 0.3% compared to last week.
In the trading session on March 24, bottom-fishing demand helped the market recover. VN-Index increased by 8 points, closing at 1,330.3 points, showing that cash flow is still maintained in a positive position, especially when the index maintained the support zone around 1,320 points.
Mr. Hinh assessed that the adjustment of the VN-Index when approaching the resistance zone of 1,340 points last week was predicted. Although it may still be under pressure in the first sessions of next week, the support zone of 1,300-1,320 points is considered an attractive area for disbursement. In the medium term, market valuation remains reasonable, along with a positive corporate profit outlook in 2025 and benefits from the KRX system will be a factor supporting the market. The possibility of Vietnam being upgraded to an emerging market is also a great expectation, helping to strengthen investor confidence.
In the context of a shaky market, banking stocks continue to show their pivotal role when leading the index to surpass the 1,300-point threshold firmly in recent times.
Mr. Tran Hoang Son - Director of Market Strategy, VPBank Securities Joint Stock Company (VPBankS) - commented that since the beginning of March, the top 1 bank group has had a strong increase, followed by an adjustment due to profit-taking pressure. The cash flow then quickly rotated to the top 2 and top 3 banking groups. Last week, stocks such as SHB recorded a strong increase thanks to information related to capital increases, while VCB, MSB and VPB also increased, contributing greatly to the index's upward momentum.
According to Mr. Son, banking stocks always play an important role in pulling and keeping the VN-Index above the 1,300-point threshold, creating a solid foundation for the market. After the top 1 banking group temporarily slowed down, cash flow tended to seek opportunities in the top 2 and top 3 stocks.
In the coming period, when the SPP conducts a test of the KRX system on March 17 and policies related to market upgrading continue to be promoted, the finance - banking group is expected to be an important destination for cash flow.
Real estate is Differentiated, cash flow seeks opportunities in small and medium-sized stocks
For the real estate group, after a period of strong increases thanks to codes under the Vingroup family, the market is recording a clear differentiation.
According to Mr. Tran Hoang Son, cash flow tends to shift to small and medium-sized real estate stocks, similar to the way of mobilization in the banking group. The state of intertwined profit-taking and opportunity seeking in the back-end stocks is clearly present in the market.
Mr. Nguyen The Minh - Director of Personal Customer Analysis, VNDIRECT Securities Company - said that the completion of the KRX system and the expectation of market upgrade are key factors supporting investor psychology this year.
In addition, Mr. Minh assessed industrial park real estate as a segment with great potential, as the wave of production shift and FDI capital flows into Vietnam still remained active. In particular, in the context of the US increasing taxation of many major trading partners, businesses that own land in large industrial parks will have more room for growth.
Experts say that although the market is in a period of differentiation and is under pressure to take profits, supporting factors on policies, new trading systems and the prospect of upgrading will continue to be the main driving force, helping investors maintain positive expectations in the second quarter.
"Ho Vin" stocks break out
At the end of the trading session on March 24, VIC shares increased by 7% to VND 56,700, while VHM increased by 6.3% to VND 51,300. These two stock codes were also purchased by foreign investors with net buying values of VND25 billion and VND32 billion, respectively.
On the other hand, foreign investors are giving off big money to TPB (VND161 billion). Next are LPB, NVL, DBC, HDB, SAB stocks... Therefore, throughout yesterday's session, foreign investors continued to sell net on HoSE, with a value of VND718 billion on HoSE.
At the end of the session, VN Index increased by 8.44 points, equivalent to 0.64%, to 1,330.3 points. Despite the strong increase, the HoSE electricity billboard is leaning towards red with 249 codes down, while the reverse side has only 196 codes up.
