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Tuesday, June 25, 2024

Anticipating market surprises in 2024

By Trieu Duong

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The stock market concluded 2023 with the VN-Index below 1,200 points, marking a rise of approximately 10%. While there is a common expectation for the market to make a significant breakthrough in 2024, the question arises: will there be any surprises during the first month of the year? Market momentum amidst lingering doubts Following a correction phase from December 13 to 19, 2023, the VN-Index has been on an upward trajectory. With a significant gain during the first trading day of the week on December 25, the market appears to be heading towards a second consecutive month of gains. Notably, the delay in the new KRX trading system’s launch on December 25 has not deterred investor sentiment. One noteworthy aspect of the final month of 2023 was the consistent trend of net selling by foreign investors. Over 19 consecutive sessions between November 29 and December 25, foreign investors were net sellers on the HOSE, totaling over VND10.1 trillion. However, domestic investors absorbed the discarded stocks, contributing to the recent market upturn. Despite the increase in the VN-Index, trading volume remains average, suggesting the market might be “picking up in doubt.” Some investors are cautious, especially considering the sharp price drops […]
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