Investment Comments
Yuanta Securities: The upward momentum may continue in the next session. At the same time, the market is still in a period of strong volatility, so there is still a possibility of corrections. Investors should not rush to buy but can wait for buying opportunities at strong corrections. In addition, the short-term sentiment indicator increased and surpassed the overly pessimistic zone, showing that investors are more optimistic about the current market developments.
The short-term trend of the general market has been upgraded from bearish to neutral. Therefore, Yuanta recommends that investors consider buying gradually and increasing the proportion of short-term portfolios.
KB Securities (KBSV): The increased liquidity shows that the overwhelming demand spread to most industry groups, bringing the market into a more positive state. However, the short-term downtrend still plays a leading role.
VN-Index is likely to soon face correction pressure around the resistance level of nearly 1,095 points (+-10). KBSV recommends investors to sell to reduce the proportion to the safe level and avoid chasing in early recovery sessions.
Tien Phong Securities (TPS): VN-Index extended its recovery momentum after successfully holding the support zone of 1,020 - 1,040 points (Fibonacci Retracement 61.8%). Along with that, the appearance of the White Marubozu candlestick pattern and Rising Window along with improved liquidity (exceeding the 20-session average) proved that the buyers had regained control.
Currently, technical signals are supporting the index's recovery trend. If the uptrend continues, VN-Index will approach the resistance zone of 1,080 - 1,100 points (the bearish gap created in the session on October 26, 2023 and the 20-day SMA). This will be an important resistance zone that the index needs to overcome to reverse the uptrend in the short term.
Stock news
- After the recent sharp decline in the market, many securities stocks have fallen below the 5-year average P/B. With a low base in 2022, the first half of 2023 and the information that KRX will come into operation at the end of 2023, it will be a significant driving force for the growth of the securities industry group in the coming time.
- The Fed continues not to raise interest rates. On November 1, as expected by the market, the Fed decided not to raise interest rates after a two-day policy meeting. The benchmark interest rate in the US is currently around 5.25 - 5.5%, the highest in 22 years. In September, the agency also did not raise interest rates. In the announcement after yesterday's meeting, the Fed stated that "economic activity grew at a solid pace in the third quarter". Despite the Fed raising interest rates 11 times since March 2022 to curb inflation, the US economy has not been in recession so far, with GDP growing 4.9% in the third quarter, mainly thanks to vibrant consumption.
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