VN-Index fluctuates more strongly, many bank stocks actively surpass the peak

Although the score did not change much compared to the previous session, the VN-Index today recorded stronger fluctuations, in which strong differentiation in the large-cap group was the reason for the index slowing down.

After 7 consecutive sessions of increasing points towards the old peak resistance zone of August and September 2023 around 1,235 points -1,255 points, VN-index began to suffer strong fluctuations when at the beginning of the session it adjusted to the price zone around 1,220 points and recovered positively again when demand still rotated well to banking stocks.

At the end of the session, VN-index slightly decreased by 0.02 points to 1,230.04 points. HNX-index increased by 0.35 points (+0.15%) to 233.84 points. Stronger selling pressure caused the breadth to tilt negatively with 352 stocks decreasing in price (04 stocks hitting the floor), 320 stocks increasing in price (10 stocks hitting the ceiling) and 122 stocks keeping the reference price.

However, although selling pressure has been stronger in today's session, buying pressure has also appeared when the market dips. This shows the balance between the two sides of buying and selling in today's trading session.

Liquidity on the two listed exchanges reached VND23,969 billion, up 4.9% from the previous session, above average. The market is more differentiated as cash flow is still circulating between codes/code groups.

Concluding the conference on promoting bank credit to support businesses and boost economic growth in 2024, Deputy Governor Dao Minh Tu said that the economy is currently showing signs of stability and there are some positive signs, so at least in the first half of 2024, the State Bank will continue to maintain the current operating interest rates. In the first quarter of 2024, Circular 02/2023/TT-NHNN on restructuring debt repayment terms and maintaining the same debt group will be announced. Emphasizing the consistent operating viewpoint of the State Bank is to maintain a stable monetary policy but not a fixed one, but to adjust it flexibly, in accordance with the domestic and world economic situation.

After a period of adjustment pressure, the banking stock group has positively differentiated again with many codes showing positive price increases surpassing the recent peak, liquidity increasing sharply, notably TPB (+4.00%), STB (+2.61%), VAB (+2.50%)... while the majority are still accumulating within a narrow range, liquidity at an average level.

The return despite the differentiation of banking stocks has kept the market in rhythm as stocks VIC (-2.58%), VHM (-2.49%)... were under pressure to correct after strong increases.

Financial services and securities stocks were quite positive after the trading session before most of them were under pressure to adjust VND (-1.74%), MBS (-1.10%), SSI (-0.99%)... FTS (+1.17%), VIX (+0.27%), HCM (+0.19%)...

Industry groups: real estate, industrial park with FIR (+5.42%), SJS (+4.06%), KDH (+3.47%), TIP (+6.93%), VGC (+6.62%), IDV (+3.19%), BCM (+3.13%) chemical industry with CSV (+6.91%), DGC (+3.04%)... tires and tubes with DRC (+4.27%)..., retail with FRT (+3.4%).

Foreign investors increased their transactions, net selling on HOSE with a value of 7 billion VND, mainly ETF certificates, net buying quite suddenly in some bank stocks such as STB, TPB..., net selling quite strongly on HNX with a value of 40.36 billion VND.

In general, from a technical perspective, the market's uptrend is still maintained and the market's slowdown is reasonable after the strong increase in the past time. And the fluctuations and even the adjustment may still be able to recur to consolidate short-term support at 1,200 points. The level of fluctuations will depend more on the selling side, and whether the increase is maintained or not will depend on how much the buying side can support. The important thing is that liquidity is still above 20,000 billion VND, which is positive, showing that the sentiment is not too cautious and that strong selling pressure to take profits has not occurred.

Therefore, stocks in the portfolio can still be maintained when the short-term uptrend has not been violated. In addition, combining restructuring and proactively blocking the stop-loss threshold for the portfolio is also an action that should be combined to enhance risk control as well as optimize short-term investment performance. New buying positions should only wait to buy during corrections instead of Fomo chasing in up sessions, especially paying attention to groups that attract cash flow, maintain an uptrend, create a tight price base and have a lot of growth potential.

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