Tuesday, November 5, 2024 11:24:10 AM - Markets open
VN-INDEX 1,245.27 +0.56/+0.04%
HNX-INDEX 224.50 +0.05/+0.02%
UPCOM-INDEX 91.77 +0.16/+0.18%
The market requires a prolonged period to reach stability.
vietnamnews - 8/5/2024 10:32:10 AM
 (0 ratings. You must sign in to rate.)
The stock market experienced significant volatility during the transitional trading week between July and August (from 29 July to 2 August). The final three sessions of July saw a recovery to approximately 1,255 points; however, there was a sudden sell-off during the first trading session of August 2024.
 
 
Ho Chi Minh Stock Exchange (HoSE) in HCM City. The stock market experienced significant volatility during the trading week between July and August. — VNA/VNS Photo
 
 The stock market experienced strong fluctuations during the transitional trading week between July and August (from 29 July to 2 August).
 
The last three sessions of July saw a recovery to around 1,255 points, but there was a sudden sell-off in the first trading session of August 2024.
 
By the end of the week, the VN-Index continued to adjust to the range of 1,200-1,211 points (a strong psychological support level, which is also the highest price level of 2018, as well as the one-year and five-year average price) before recovering.
 
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index closed the week at 1,236.6 points, while the HNX-Index on the Hà Nội Stock Exchange (HNX) ended at 231.56 points.
 
Both indices recorded weekly declines, with the former decreasing by 0.44 per cent and the latter by 2.15 per cent.
 
The average daily transaction value across the market was VNĐ16.1 trillion (US$638.6 million) per session, a slight drop of 0.1 per cent compared to the VNĐ16.12 trillion recorded the previous week.
 
After strong net selling amounting to VNĐ60 trillion since the beginning of the year, foreign investors reversed to net buying in the first two sessions of August. Foreign investors returned to net buying amidst a "turbulent" trading week.
 
Commenting on the return of foreign net buying in two consecutive sessions last week, Vietnam Construction Securities Joint Stock Company (CSI) noted that this is a positive signal, possibly indicating a new cycle of foreign net buying after a period of strong net selling.
 
Last week, steel stocks performed poorly with news of the EU's anti-dumping investigation. Specifically, Hòa Phát Group (HPG) fell by 0.73 per cent, Nam Kim Steel (NKG) dropped by 6.64 per cent and Hoa Sen Group (HSG) decreased by 7.34 per cent.
 
According to the Trade Remedies Authority under the Ministry of Industry and Trade, on July 30, 2024, the authority received information that the European Commission (EC) had received a valid request to investigate the application of anti-dumping measures on imports of non-alloy or alloy hot-rolled steel coil products from Việt Nam.
 
Experts from Saigon - Hanoi Securities Joint Stock Company (SHS) stated that the short-term trend of the VN-Index remains negative after a failed recovery attempt at the resistance zone around 1,255 points, corresponding to the highest price level of the year, and the short- to medium-term trendline connecting the lowest prices of November 2023, April 2024, and July 2024, leading to strong selling pressure.
 
Currently, the strong resistance level for the VN-Index is at 1,255 points, with support at the lowest price of 1,218.7 points on July 24, 2024.
 
In the last two trading sessions, the VN-Index adjusted to 1,209 points and rebounded above the lowest price on July 24, 2024, with many stocks experiencing sudden strong selling pressure and good recovery, especially those with good fundamentals and strong Q2 business results. This indicates a short-term shakeout of speculative and highly leveraged positions, and opens up many accumulation opportunities for quality stocks.
 
Experts from CSI Securities recommend that selling pressure still dominates, so the company continues to maintain a cautious view. Investors should temporarily refrain from opening new buy positions or increasing the proportion of stocks in their portfolios. Instead, they should patiently wait for clearer positive signals. In a downward trend, CSI expects the 1,195-point level to remain an important support level for the VN-Index next week.
 
This month, analysts from Nhất Việt Securities forecast two scenarios for the VN-Index. In the first scenario, with weakening pressure and active low-price demand in the 1,200 - 1,230 point range, the VN-Index may continue to fluctuate sideways within the 1,200 - 1,300 point range.
 
In the second scenario, if the VN-Index breaks through the 1,200 - 1,230 point support zone, a deeper correction risk for the market will be confirmed. The main index may have to find balance at lower price levels.
 
According to observations by economists and market experts, August is often one of the weakest months for stock trading activity. Moreover, with rising tensions in the Middle East and the lack of significant breakthroughs from major central banks, the trading outlook for global stock markets in the coming weeks does not appear bright. — VNS
 
Read original article here
Newer News
04/11 Vietnam stock market opens the week with a downturn as foreign investors continue net selling
04/11 Opportunities and challenges in a transitional phase
01/11 Eyeing the stock market post the US presidential election
30/10 Market continues moving upward as foreign investors record strong net sales
29/10 HOSE delists Sao Thai Dương (SJF) shares from 1 November
29/10 Market begins the week on a positive note
28/10 Caution prevails in market amid rising selling pressure
28/10 Securities clearing regulation amendment proposed
25/10 Market in sharp decline as investors resume strong net selling
24/10 Poor performances cast shadow over securities firm prospects
Older News
03/08 Foreign investors end five-month net buying streak in July on HNX
02/08 Market suffers strong selling pressure while foreign investors return to net buying
31/07 Market returns to its downtrend as foreign investors extend net selling
30/07 Vietnamese stock market sees remarkable 24-year transformation
29/07 Market expected to accumulate and recover, pushing VN-Index towards 1,260 points
25/07 Market upgrade status boosts attractiveness
25/07 Rubber stocks revive market, VN-Index ends losing streak
24/07 The market experiences severe fluctuations, the VN-Index drops close to the 1,300-point mark
23/07 VN-Index opens the new week with a sharp decline
22/07 Pillar stocks to sustain VN-Index's upward trend
 
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 11:15:01 AM
VN-INDEX 1,245.27 +0.56/+0.04%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.