After a sharply** to 1235 - 1255 points, equivalent to the peak of August and September 2023, the Vietnam Index (VN-Index) experienced a week of significant volatility.
Vietnam** suddenly came under selling pressure over the weekend after a period of strong growth. Analysts have previously warned about this volatility and believe that the correction is necessary to attract external cash in**.
According to Saigon Hanoi Joint Stock Company (SHS), the market received some unfavorable information last week, such as a 0.0 decrease in credit growth at the end of January 2024 compared to the beginning of 20236%, the State Bank of Vietnam will continue to maintain the current policy rate for at least the first half of 2024, and the Federal Reserve also believes that it is too early to cut interest rates in its January report.
From a technical analysis point of view, the market has not yet lost its short-term ** trend, VN-Index is above MA20 (20-day short-term moving flat**), and 1190-1200 points will be the support point of the market.
Pham Binh Binh, an expert at Mirae Asset (Vietnam) Joint Stock Company, is more optimistic, noting that the VN-Index suddenly surged ** during the weekend session, but before that, the index experienced a continuous 7 trading days. Therefore, a market correction is inevitable.
At the end of last week (February 23), when the market **, demand also increased strongly, causing liquidity to rise to VND 30 trillion (equivalent to RMB 87.).700 million yuan), the highest level since trading on August 18, 2023. Fan Square believes that with the improvement of liquidity, a large ** is not a bad thing in the upward trend, and 1200 points will be an important support for the market in the short term.
According to SSI** AG, in the fourth quarter of 2023, the after-tax profit of listed companies (about 1,130) increased by 353%, an increase of 48%, the highest level in five quarters. It can be seen that the profits of listed companies have regained positive growth after four consecutive quarters of decline.
For the whole year of 2023, the after-tax profit of listed companies decreased by 35%, almost the same as in 2021 and 36% higher than in 2019 before the outbreak of the new crown pneumonia epidemic. Travel and entertainment was the sector with the most positive revenue growth at 33%. The main reason is that the number of international tourists has gradually recovered after the pandemic. However, SSI also pointed out that the total market revenue in the fourth quarter of 2023 continued to decline slightly by 2% year-on-year, mainly due to the impact of a 30% year-on-year decline in the real estate sector, an 11% decline in food and beverages, and a 9% decrease in chemicals.
From February 19 to 23, VN-index closed at 1212 points, 02%，hnx-index**0.69% to 2311 point; upcom-index slightly**007% to close at 902 points.
Due to the return of capital flows to the market after the Tet holiday, the total trading volume of exchanges increased by 29% compared to the previous week, with an average trading volume of VND 26 trillion per trading day. It is worth noting that foreign investors achieved a net **185 billion VND in the market.