Gold price increases hourly, real estate is 'hot', money in stocks disappears

Stock market trading gloomy with low liquidity - Photo: QUANG DINH

After yesterday's 10-point drop, stock investors were cautious, causing the VN-Index to move narrowly around the reference level today (October 23) with low liquidity.

Stocks gain 1 point after losing 10 points

VN-Index regained green at the end of this afternoon's session, after a slight adjustment in the morning session. But the meager increase of 1 point, to 1,270.9 points, made investors disappointed again.

Liquidity on the HoSE today reached just over VND14,000 billion, 25% lower than the previous session. Foreign investors have reduced their net selling momentum, but have not yet returned to net buying amid the "hot" exchange rate.

According to observations, the market currently lacks supportive information, while the weakening pillar group increases the adjustment pressure. Business results information is not "hot" enough to make the index bounce strongly.

Real estate is the most notable group today, when many codes were actively bought with strong liquidity increase. Many real estate stocks maintained green until the end of the session such as: PDR (+3.35%), HDC (+0.92%), KDH (+1.83%), NVL (+0.99%), CEO (+1.3%), TCH (+0.63%)...

Besides, the opposite developments of VHM and VIC when VHM (-2.59%) turned to adjust, had the most negative impact on the index today.

On the contrary, VIC (+2.37%) contributed the most in the top 10 stocks with the most positive impact on the market.

Overall, the number of stocks that fell today was not too large (294) compared to the number of stocks that increased (420), but the trading market was somewhat "sluggish". The number of stocks that "stayed still" was up to 853 stocks.

In general, the lack of excitement in cash flow has caused the market to be pushed further and further away from the 1,300 point mark.

Mr. Tran Thang Long, director of analysis at BSC Securities, said that the State Bank's return to net withdrawal of money through the treasury bill channel could affect the stock market sentiment.

According to Mr. Long, if the net withdrawal scale is below or around 100,000 billion VND, the stock market will fluctuate less. But if the net withdrawal reaches or exceeds 200,000, the possibility of the market falling more sharply is possible.

Domestic cash flow is dispersed to gold and real estate?

Sharing more with Tuoi Tre Online about the reason for low stock liquidity, Mr. Phan Dung Khanh - investment consulting director of Maybank Securities - said that cash flow is being dispersed to other investment channels.

While the stock market has been quite unstable recently, if not boring, many investors are likely to direct their cash flow to other channels, according to experts.

Looking at the gold and real estate markets, prices have skyrocketed and attracted attention. Meanwhile, stocks are still hovering around the 1,200 mark after two decades, Mr. Khanh commented.

In a recently published report, the Ballad Fund Vietnam Growth Stock Investment Fund (The Ballad Fund – TBLF) managed by SGI Capital made notable comments about the stock market.

"We continue to observe that the real estate market is heating up and is attracting domestic cash flow.

Therefore, stock market liquidity will be difficult to improve without strong net foreign buying flows," the fund said.

Also according to The Ballad Fund, in the 2010-2011 cycle, the Northern real estate market was hot at the same time as market liquidity dried up and bank interest rates increased.

The recent increase in the USD Index is also causing hot money to reverse and return to net selling in regional markets, except for China.

The stock market did not maintain its positive momentum with good macro information in September, partly reflecting the difficulty in attracting new cash flows, in the context of a scarcity of attractive opportunities.

Money waiting for stock trading falls again

Statistics from financial reports of securities companies show that customer deposit balance at the end of September reached more than 90,000 billion VND, continuing to decrease by nearly 4,000 billion VND after 1 quarter.

Source: https://tuoitre.vn/gia-vang-tang-tung-gio-bat-dong-san-nong-tien-vao-chung-khoan-lai-mat-hut-2024102315414514.htm