VN-Index may go up further?

VN-Index may go up further

>> Vn-Index towards 1,300 in 2024: SSI

Yesterday, the VN-Index surged strongly by 16.3 points (1.3%) to reach 1,276.4—its highest closing since August 1, 2022 - as most sectors gained during the session. The HNX also rose by 3.1 points (1.3%) to 241.1. The morning session commenced with investors in a good mood as the VN-Index opened with a gap of 9.9 points after all three major US stock exchanges and many global markets jumped yesterday following dovish remarks by Fed Chairman Powell.

The index remained in the green throughout the session and reached its intraday high at the close. The securities sector traded positively following the news that the State Securities Commission (SSC) is seeking opinions to allow foreign investors to trade without the requirement to have 100% pre-funding. This is one of the bottlenecks that needs to be removed in the process of upgrading the stock market to emerging market status.

In addition, the banking and real estate sectors recorded impressive price increases in stocks such as TCB (6.6%), HDB (5.8%), PDR (7.0%), and KBC (3.7%). Of these, PDR has just announced a plan to issue 134 million shares at a price of VND10,000 per share to existing shareholders.

In the afternoon session, the upward momentum spread to other sectors. At the close, all sectors except utilities saw gains. Liquidity also improved compared to previous sessions, reaching around VND39.6tn (US$1.6bn), up 74% from the previous session. As the market keeps rising, foreign investors keep selling; however, the value of their net selling decreased by about 50% compared to the previous session, reaching VND285bn (US$11.5m). VCB was one of the market movers, with a 2.1% increase. Other market-moving stocks included TCB (6.6%), HDB (5.8%), MBB (2.5%), and CTG (1.6%). On the contrary, market laggard stocks included LGC (-6.6%), EIB (-1.6%), LPB (-0.9%), KOS (-1.7%), and NT2 (-1.8%).

Energy (1.9%), financials (1.8%), and real estate (1.4%) rose, while utilities (-0.1%) lost ground today. Top index movers included VCB (2.2%), TCB (6.6%), HDB (5.8%), MBB (2.5%), and CTG (1.6%). Top index laggards consisted of LGC (-6.6%), EIB (-1.6%), LPB (-0.9%), KOS (-1.7%), and NT2 (-1.8%). The top three major put-through transactions were SHB with 35.3 million shares (VND402 billion), MSB with 11.7 million shares (VND175.7 billion), and HPX with 22.4 million shares (VND136.8 billion).

>> VN-Index is expected to hit 1,414 points in 2024

Foreigner's net sold on HOSE to the amount of VND356.5bn, while net bought on HNX to the amount of VND91.3bn. They mainly bought VND (VND208.8bn), KBC (VND158.0bn), and SSI (VND131.4bn); and mainly sold VNM (VND232.7bn), MSN (VND190.4bn), and DIG (VND186.4bn).

At the opening of this morning, the VN-Index surpassed the 1,285 point mark.

At the opening of this morning, the VN-Index increased slightly but then quickly increased more than 9 points, surpassing the 1,285 point mark. HNX-Index increased slightly, holding 243.1 points

The Vn-Index surged and successfully surpassed the MA20 line (around the 1250-point area), paving the way to advance to the near resistance zone at 1280-1290 points. However, the trading volume was low, being lower than the 20-session average. This indicates that the index may be unable to break out of the current sideways channel.

“Vn-Index may likely fluctuate in the zone bound between the 1,230-1,240-point support zone and the 1,270-1,290-point resistance zone. The support zones for the Vn-Index are at 1,235-1,240 points and around 1,200-1,210 points. The resistance zones for the index are at 1,270-1,280 points and 1,295-1,300 points”, said BVSC.