The Vietnamese stock market witnessed a shift from red to green during the trading session on August 27, with the real estate sector, led by Vingroup’s (VIC) sudden surge, playing a pivotal role in this turnaround. VIC’s unexpected surge to the ceiling price, accompanied by a spike in trading volume, the highest in the past six months, injected optimism into the market.
The real estate sector’s performance was a key highlight, with VIC’s upward momentum spilling over to VHM and VRE, resulting in substantial gains for the trio. This sector’s allure to investors could be a pivotal factor in sustaining the market’s positive trajectory.
At the closing bell, the VN-Index settled at 1,280 points, reflecting a modest gain of 0.54 points. In contrast, the HNX-Index dipped by 0.06 points, concluding the session at 238.91 points.
However, the trading value on the HOSE fell short, registering just over VND14,400 billion, marking a 13.02% decline compared to the previous session. The persistent foreign net selling, totaling more than VND256 billion on the HOSE, with a focus on stocks like HPG and VPB, remained a dampener.
The stock market continues to accumulate around the 1,280-point level.
On August 28, investors anticipated a vibrant session for the VN-Index, breaking free from the accumulation phase around the 1,280-1,285-point range. However, Vo Kim Phung, Head of Analysis at Beta Securities Joint Stock Company, offered a contrasting perspective, noting that the slight increase in the VN-Index did not accurately reflect market sentiment, with 235 declining stocks outweighing 169 gainers. This disparity underscores investor caution amidst an uncertain market trend.
“The market may undergo a corrective phase as the index has risen sharply in the previous period, especially during the trading sessions close to the September 2 holiday,” Phung cautioned. “The VN-Index is exhibiting caution, with selling pressure remaining high, particularly for pillar stocks. Investors should closely monitor the evolution of capital flow divergence,” he added.
SHS Securities Joint Stock Company projected that the market would undergo a differentiation process within the 1,280-1,300-point range, advising that this zone is not an attractive buying opportunity due to historical tendencies for sharp corrections. If investing, they recommended focusing on leading stocks with robust Q2 business results and positive prospects for the year-end.
On the contrary, the session’s liquidity fell below the 20-session average, indicating a muted impact on the previously established trend. Analysts from Construction Securities Joint Stock Company (CSI) maintained their stance on portfolio retention, anticipating that the VN-Index would conquer the psychological threshold of 1,300 points and aim for the 1,320-1,330-point resistance zone.
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