Stock market perspective for the last week of May: Prioritize VN30 stocks, leading stocks
Investors should prioritize VN30 stocks, industry leaders that have shown an accumulation pattern around the MA20 and MA50 lines to be ready to attract cash flow when the market rebounds.
At the end of the week, VN-index decreased by 0.88% compared to the previous week to 1,261.93 points, retesting the highest price zone in 2023.
Weekly liquidity on HOSE reached VND125,907.48 billion, a sharp increase of 34.3% compared to the previous week, with short-term speculation and rotation increasing. The market continued to recover alternately, improving strongly in the mid-cap group, and was under strong correction pressure in the last session of the week.
Foreign investors continued to net withdraw nearly VND5,400 billion on all 3 exchanges. The top codes sold the most included ABB, FPT and VHM. In the new disbursement direction, the codes that foreign investors net bought the most were DBC, NVL and HVN, respectively.
On the proprietary side, securities companies only maintained net buying on May 20 and reversed their trading on the following days, causing the whole week to record a net withdrawal of more than VND 1,600 billion, focusing mainly on selling VPB, DBC, PC1 codes.
The market is still trading very actively, prominently and very dramatically for stocks on the Upcom floor, when many codes increased very strongly in price, liquidity increased very dramatically such as ALV (+32.53%), PVO (+29.82%), VTK (+26.53%), VTD (+17.28%), MML (+18.43%), BSR (+15.31%), VEA (+13.94%).... Insurance stocks also had a week of strong price increases, many stocks headed towards the old historical peak,...
Meanwhile, technology and telecommunications groups with strong price increases in previous weeks have mostly begun to face selling pressure, strongly adjusting with liquidity exceeding the average level such as VTP (-8.13%), CTR (-5.88%), FOX (-3.05%), CMG (-2.61%)... Financial services and securities stocks have also faced strong selling pressure.
Last week, the market was filled with rumors about changes in exchange rate management policies. However, Mr. Pham Chinh Quang, Director of the Monetary Policy Department, later affirmed that some information about changes in the State Bank's exchange rate management was inaccurate and inconsistent with the Government's goals of stabilizing the market and stabilizing the macro economy.
Agriseco Research's assessment of the market and investment perspective next week, on the daily technical chart, VN-Index last week moved in the direction of Sideway Down with a gradually widening range. The RSI indicator showed signs of breaking the short-term uptrend when it fell below the previously created bottom 1. The positive signal is that selling pressure decreased rapidly when the index started to retreat to the MA50 line, corresponding to the 1,250 point area, which helped the index narrow its decline.
Agriseco Research believes that VN-Index will retest the 1,250 zone when selling pressure may return at the beginning of the week. However, with the short-term uptrend still maintained, it is likely that support demand at the 1,250 zone and further at 1,230 will help the index bounce back soon after a healthy correction. Investors are advised to increase the proportion of trading positions when the index retreats to the above support zone. Prioritize VN30 stocks, leading stocks that have shown an accumulation pattern around the MA20 and MA50 lines to be ready to attract cash flow when the market rebounds.
According to Ms. Hoang Phuong Anh, Securities Consulting Expert of SSI Securities Company, in the medium and long term, VN-Index is still in an uptrend with the goal of breaking the old peak of 1,280 points. In the short term, VN-Index needs to adjust and accumulate again before returning to the uptrend.
Investors with high cash ratio can open new/increase buying positions for stocks with good fundamentals and promising 2024 business results, especially during short-term strong market corrections. This is an opportunity to buy stocks at attractive prices. Prioritize some industry groups such as construction materials, oil and gas, logistics, industrial real estate, consumer - retail, import and export, etc.
Recommended stock weight in the current period is below 70%NAV.
Source: https://baodautu.vn/goc-nhin-ttck-tuan-cuoi-thang-5-uu-tien-co-phieu-vn30-co-phieu-dau-nganh-d216094.html
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