Tumbling during the session, VN-Index was “pulled up” at the end of the session, will the uptrend continue in the next sessions?

The “reversal” of the VN-Index towards the end of the session was in green mainly due to large-cap stocks, while small- and medium-caps were still in the red. The largest-cap VN30 basket increased to 15.29 points (1.1%) with 22/30 stocks gaining, while the mid-cap VNMID index fell 0.49% and the small-cap VNSML fell 1.34 %.

Specifically, in the VN30 group, there were 22 stocks that increased in price at the close, notably TPB, VHM, MSN… When TPB arrived a few minutes before ATC time, it reached the ceiling price. Similar is MSN, increasing steadily and pulling strongly at the close, up 5.22%.

VHM was even more noticeable because during the session it was continuously falling, and was only pulled up strongly at the time of ATC, closing up 6.67%.

Similarly, banking stocks on HoSE were also green again in the afternoon session. Although the average price increase is not really big, only about 2%, it is enough to help boost the VN-Index and the VN30-Index.

Among this group, TPB was still the strongest gainer, even hitting the ceiling a few minutes before ATC. The trio in the “Big 4” group, VCB, BID and CTG also increased quite well. Only two stocks in this group, ACB and VPB, dropped unexpectedly at the end of the session.

Thanks to the amount of money entering the afternoon session, the liquidity improved but was still very low, the trading value on HoSE inched slightly to 15,361 billion dong, up 6.3% compared to the previous session. In general, the liquidity of the whole market reached 17,821 billion dong.

Foreign investors traded in a more positive direction today when they bought 1,555 billion shares and sold 1,249 billion dong, equivalent to a net buying of 306 billion dong on HoSE. Foreign investors gathered strongly on NLG (155 billion), VHM (83 billion) and CTG (70 billion).

Closing session 5/5, VN-Index increased 12 points to 1,360.68 points. Trading volume reached more than 531 million units, equivalent to nearly 15,361 billion VND. The whole floor had 160 stocks of gaining, 272 stocks of decreasing and 48 stocks of standing still.

HNX-Index dropped 2.2 points to 358.75 points. Trading volume reached more than 72.6 million units, equivalent to more than 1,722.2 billion dong. The whole floor had 83 stocks of gaining, 129 stocks of decreasing and 47 stocks of standing still.

UPCOM-Index decreased 0.2 points to 103.82 points. Trading volume reached more than 37.4 million units, equivalent to more than 736.79 billion dong. The whole floor had 143 stocks of increasing price, 150 stocks of decreasing and 68 stocks of standing still.

Commenting on the market in the next few sessions, Mr. Truong Hien Phuong, Senior Director of KIS Vietnam Securities, said that the market is starting to turn into an accumulation phase.

It means that the bad, negative information that can make the market fall deeply is still nothing new; while the market has dropped from more than 1,500 points to around the current threshold of more than 1,300 points, the drop of more than 200 points is huge; stocks were also discounted from 10-30%, even 40%… so the market started to gradually accumulate.

“At this stage, sellers almost don’t want to sell anymore, but there are buyers who are bolder, take more risks, or buyers are experienced people, they will see this as an opportunity. In order to buy good stocks with potential for growth at a reasonable price, they will buy them gradually.

Therefore, the market will fluctuate in a narrow range, even if it decreases, it will not decrease much, or if it increases, the increase will not be large. The market will gradually accumulate in this whole May, not just this week or next week,” Phuong forecast.

Meanwhile, Mr. Pham Luu Hung, chief economist of SSI Securities, was more optimistic when he said that in May, there will be two major domestic events that may affect the stock market.

The first is the upcoming National Assembly session with the expectation that the amendment of Resolution 42 related to bad debt settlement will have a more positive impact. In particular, the meeting also approved a number of large public investment projects in the infrastructure construction stimulus package, which will create positive effects on the market.

The second event is MSCI’s upgrade of Vietnam’s market from marginal to emerging.

“The recent market purification measures will make the upgrade process easier, although it is difficult to consider, but it is expected that MSCI will have some more positive assessments,” said Mr. Hung.

Particularly for the international event that the Fed raises interest rates, it is not a new story and has been reflected by the market.

“What investors need to pay more attention to is the impact that will happen to the market after the Fed’s decision to raise interest rates,” Mr. Hung shared.