Market hot spot
The external stock market was bleak, and Vietnam's stock market was not spared. Today, Vietnam's index ended down in shock. The pressure of the Federal Reserve to tighten monetary policy has become the main reason for the recent turmoil in global financial markets. With South Korea's Kospi index, Nikkei and hang seng index falling 3.11%, 3.5% and 2.42% respectively, Vietnam's index weakened in the afternoon. As of the close, the Vietnam index fell 10.82 points to 1470.76 points.
With the long holiday approaching, the market began to have a pre holiday effect. Investors were not interested in trading and had a strong wait-and-see mood. The turnover of Ho Chi Minh market was only 16774 trillion Vietnamese Dong (about US $4.71 billion), 30% lower than the average value in the last 10 trading days.
Among the 21 sectors, 11 fell, with chemical (down 2.6%), construction (down 2.5%) and steel (down 2.2%). As CTD coteccons Construction Co., Ltd. (loss: 63.3 billion Vietnamese Dong ≈ 17.78 million yuan) and HPG Hefa group (profit decreased by 29% year-on-year) announced that the fourth quarter financial statements were worse than expected, the construction and steel sectors weakened collectively. It is worth noting that securities companies (up 2.5%) and chemical fertilizers (up 1.7%) performed well. At present, the PE of the securities sector has dropped to 15.5 times, but the overall level is still at a high level. The rebound and contraction of securities companies' stocks, which we think is only a technical rebound after the sharp decline.
For the third consecutive trading day, the net inflow of foreign capital reached 134.81 billion Vietnamese Dong (about 37.87 million yuan), a sharp decrease from yesterday. Foreign investors mainly buy bank shares (such as LPB, TCB) and securities companies (such as vnd, SSI). Taiwan Risheng fund entered the market to build positions, so foreign transactions were very active this week. We believe that the fund will continue to increase its positions after the year, and it will take at least a week to complete the portfolio allocation.
Investment advice
At present, the Vietnam index fluctuates around the 20 day moving average and the 50 day moving average. Compared with yesterday, the trading volume has shrunk sharply, and all funds have no love war before the festival.
The food and beverage sector played a supporting role in today's market trend, with vnm Vietnam dairy products Co., Ltd. (up 4.27%) and SAB Saigon beer alcohol beverage Co., Ltd. (up 3.55%). On the contrary, in the banking sector, VCB Vietnam Foreign Trade Commercial Joint Stock Bank (down 3.7%), CTG Vietnam Industrial And Commercial Bank Of China Limited(601398) (down 2%) and bid Vietnam investment and development commercial joint stock bank (down 1.04%) adjusted, causing great pressure on the market. We still maintain a cautious view. At present, the market trend is not clear. 1487-1507 points are still a strong resistance area. Hold money before the festival and wait for the direction to be clear after the festival.
