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Wednesday, June 19, 2024

Optimistic outlook amid market downturn

By Trieu Duong

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While the majority of stocks are not performing well, there is pervasive optimism on the market, baked by the rise in the VN-Index. As a market correction looms large, where will the market find support? Green outside, red inside Since the start of the month until the trading session on February 19, the VN-Index has surged by 5.4%, with a notable 2.3% increase recorded in just three trading days following the Lunar New Year holiday. This post-Tet performance, marked by higher trading volumes, suggests a resurgence in cash flows as funds withdrawn before the holiday re-enter the market. During the opening ceremony of the first trading session of the Year of the Dragon at the Hochiminh Stock Exchange (HOSE) on February 19, Chairwoman Vu Thi Chan Phuong of the State Securities Commission expressed optimism about the market’s domestic upgrade and assessed favorable prospects for the year ahead. Despite this positive outlook, a concerning trend persists: the VN-Index’s rise is predominantly driven by a select few large-cap stocks, compensating for weakness in the banking sector. During a session that saw a significant 15-point increase on February 19, three stocks—VIC, VHM, and VRE—accounted for nearly 7.2 points of the market rally. Both […]
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