Investment analysis
Vietcombank Securities ( VCBS): On the daily chart, the VN-Index has approached the MA20 line as it faced renewed selling pressure. Investor sentiment remains cautious, and capital is still actively staying on the sidelines, waiting as the market is still in a sensitive phase and the trend is not yet clearly defined. On the hourly chart, the market will continue to trade within a narrow range in the coming sessions.
Therefore, VCBS maintains its view and recommends that investors maintain their portfolios of stocks that have formed a base after the correction, while considering reducing their holdings in stocks that show signs of losing upward momentum and falling below support levels.
Asean Securities (Aseansc): Market sentiment remains very cautious, and buying demand is unclear. In the short term, Aseansc believes the market will trade sideways around the 1,230 - 1,270 point range.
Therefore, Aseansc maintains its recommendation for investors to hold a low proportion of stocks, reserving buying power for periods of market volatility.
Dong A Securities (DAS): The VN-Index is in a correction phase from its 18-month peak and needs more time to accumulate before attracting buying interest. Stock groups will continue to diverge as companies release their Q1 2024 earnings results in the coming weeks.
The strategy is to hold the portfolio long-term, increasing the weighting when stocks become more attractive in the VN-Index range of 1,230 points. Focus on stocks in the basic manufacturing and business sectors, oil and gas, energy, securities, industrial parks, and public investment.
Stock market news brief
- The market is anxiously awaiting a key report to be released on the evening of April 10th: crucial data for the Fed and its interest rate cut roadmap. The Consumer Price Index (CPI) will measure the prices of a diverse basket of goods and services in the $27.4 trillion US economy . The March CPI and core CPI are predicted to reach 3.4% and 3.7% year-on-year, respectively. These figures are still far from the central bank's 2% target.
Economists at Goldman Sachs predict that prices related to air travel , transportation, and accommodation will fall. However, a New York Fed survey indicates a sharp increase in rental costs over the next year. This is bad news for policymakers, as they believe that lower housing costs are fundamental to lower inflation.
- Several factors have contributed to the continuous rise in gold prices. Over the past five days, gold has overcome headwinds from the USD, even though a rising USD typically reduces gold's attractiveness. Furthermore, gold has also overcome resistance from rising yields on US Treasury bonds. The USD's appreciation is driven by recent reports showing that US manufacturing grew in March for the first time in a year and a half.
Official data showed that factory orders recovered better than expected, while the number of stocks impacting the new jobs index rose slightly compared to estimates from February, suggesting the US economy is gradually strengthening and narrowing the chances that the Federal Reserve (Fed) will begin cutting interest rates in June .
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