The stock market ended the first trading week of the new year 2024 quite positively when it surpassed the average price lines of MA200 sessions on the daily and weekly charts, corresponding to the resistance zones around 1,130 points and 1,150 points. The VN-Index increased by 2.19% compared to the last week of 2023 to 1,154.68 points. The HNX-Index also increased by 0.74% with improved liquidity to 232.76 points.
Last week, liquidity on HOSE increased by 15.8% with 4 sessions having an average liquidity of VND 22,256 billion/session, especially the trading day on January 4, 2024 with a sudden increase in volume. This shows that market sentiment has improved, short-term cash flow has increased well and is positive again for large-cap stocks. Foreign investors continued to net sell VND 654 billion in the first week of 2024, focusing on steel, banking, and financial services.
In terms of specific developments, large-cap stocks, typically banks, received positive sentiment with information about credit growth reaching more than 13% in 2023 and the credit growth target of 15% in 2024, with the target assigned by the State Bank at the beginning of the year. Meanwhile, financial services, securities, and real estate stocks were diversified, with average trading volume.
According to the assessment of experts from SHS Securities Company, the market's development is positive but VN-Index may need more time to accumulate before surpassing 1,150 points. The market will fluctuate and adjust, but with the momentum of movement on a good short-term accumulation foundation, VN-Index will soon overcome this resistance to enter the expected medium-term accumulation area.
"Short-term investors need to be cautious when the index approaches the 1,150-point threshold because the market is very susceptible to adjustment and fluctuations around this threshold. In the medium and long term, the market is gradually consolidating and forming an accumulation foundation, but this process will take a long time. Therefore, medium and long-term investors can completely disburse but with the view of gradually accumulating because the time for a new uptrend to form will be quite long" - SHS recommended.
Kien Thiet Securities Company (CSI) expects the VN-Index to move towards the resistance level of 1,200 points in the coming weeks, but does not rule out the possibility of fluctuations at the level of 1,165 - 1,175 points. Investors can continue to hold their portfolios but limit opening new buying positions. In case of a correction, they can boldly increase the proportion of profitable stocks when the VN-Index corrects to the support zone of 1,130 - 1,137 points in the following week.
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