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VN Market expected to further recover next week
Viet Nam's stock market is entering a more positive movement this week, spurred by a series of supportive solutions from the Government, said brokerages.
A worker of Phuoc Hoa Rubber JSC (PHR) collects latex. PHR gained 9.91 per cent last week. — Photo courtesy of the company
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The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) climbed 11.85 points, or 1.05 per cent, to close Friday at 1,138.07 points. The gain reclaimed all losses of Thursday's trading and lifted the index close to the peak of 1,140 points.
According to SSI Securities Joint Stock Company, Viet Nam's stock market is recovering from its bottom, led by a series of supportive solutions from the Government, through fiscal and monetary policies.
“However, SSI believes that Viet Nam's short-term macroeconomic still has many challenges ahead, due to the impacts from the weakening of major economies over the world and slow domestic consumption,” SSI said.
“The fourth quarter of 2022 and the first quarter of 2023 saw negative growth consecutively, however, the rate of decline has slowed down. By the second quarter of 2023, the decline in profit is likely to continue to narrow, as many leading enterprises start to improve their profits,” SSI said.
“The market's weakening state in the previous sessions temporarily halted. However, liquidity has not improved much, showing that the cautious sentiment is still there,” said Viet Dragon Securities Co.
“It is expected that the market will aim to retest the range of 1,140 to 1,145 points, this area may put a lot of pressure on the market. Therefore, investors need to observe supply and demand forces to assess the state of the market carefully.
“It's also necessary to consider a recovery to take profits or reduce the proportion of stocks that have shot up rapidly to the resistance zone or are under selling pressure from the resistance zone to minimise risks for the portfolio.
Foreign investors increased their proportion of transactions last week. They were net sellers for the third week in a row, with a net selling value of VND1.86 trillion.
Securities stocks gained strongly, such as Viet Capital Inc (VCI) increased by 11.48 per cent, Viet Dragon Securities (VDS) by 9.89 per cent, MB Securities (MBS) by 7.03 per cent, and Bao Viet Securities Co (BVS) by 6.38 per cent.
Industrial and rubber real estate stocks gained strongly such as Phuoc Hoa Rubber (PHR) up 9.91 per cent, Viet Nam Rubber Group (GVR) up 9.54 per cent, and Sonadezi (SZC) up 7.55 per cent. Retail stocks like Digiworld (DGW) were up 10.58 per cent, FPT Retail (FRT) was also up 5.03 per cent, and Mobile World Group (MWG) was up 5.08 per cent.
Banking stocks were more differentiated. The most positive were Saigon Hanoi Bank (SHB) with a gain of 8 per cent, Lien Viet Post Bank (LPB) up 6.27 per cent, and Vietcombank (VCB) up 5 per cent. On the other side, Eximbank (EIB) was down 4.71 per cent, Techcombank (TCB) fell 2.47 per cent, and Asia Commercial Bank (ACB) dropped 1.59 per cent.
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