Market hot spot
Vietnam's stock market fell for the sixth consecutive session. In particular, today is the maturity date of derivatives. After the news about the government's efforts to rectify the chaos in the financial market came out, the Vietnam index continued to weaken after opening low this morning and fell to 30 points in the session. Unexpectedly, in the afternoon, driven by large cap stocks (vn30 index), the market rebounded slightly. But then the familiar habits came back. The selling pressure increased again, resulting in the cross index turning and falling continuously. On April 21, the Vietnam index fell 14.15 points to 137021 points.
Today, the market is still booming, and only a few sectors rose slightly against the market, including consumer goods (up 0.2%), insurance (up 1.4%) and securities (up 0.3%). As CSI predicted in yesterday's daily review, some sectors have been under continuous selling pressure, resulting in many stocks entering the oversold area and stimulating the influx of bottom reading funds. Therefore, in recent trading days, banks, securities, real estate (down 4.4%) and construction (down 3.1%) may show a recovery momentum in the future. We still give a positive evaluation to the insurance sector (up 1.4%), which will become one of the few sectors to benefit from the interest rate increase.
Since breaking the peak, the Vietnam index has only fallen by more than 10%, but many sectors have fallen by more than 20%, such as securities (down 23.3%), real estate (down 23.6%), steel (down 20.5%) and construction (down 24.1%). On the contrary, some sectors rose slightly compared with the top, such as aquatic products (up 4.8%), technology (up 1.9%) and retail (up 1.6%).
In the continuous sharp decline trend of Vietnam index, foreign investors continued to buy 934 billion Vietnamese Dong (about 26.2 million yuan) in Ho Chi Minh market, and the buying was concentrated in vre-vincomretail Co., Ltd; Vnm - Vietnam dairy products Co., Ltd; NLG - Nanlong Investment Co., Ltd. Since the first day of decline on April 5, contrary to the understanding of Chinese investors, the total net purchase of foreign capital in Ho Chi Minh market has exceeded 1.76 trillion Vietnamese Dong (about 494.1 million yuan). This shows that foreign investors recognize the government's recent actions to make the securities market more transparent. Of course, the more factor is that foreign investors continue to be optimistic about Vietnam's future and choose to increase their positions when local funds are bearish.
Investment advice
The Vietnam index fell for six consecutive trading days. Today's closing call auction time, the market staged a diving program again, which dissipated all efforts in the afternoon. However, today's liquidity has improved. According to CSI's observation, bottom reading funds are about to begin to flow into the market.
Real estate, construction, oil and gas and other sectors are still collectively weak, while securities, insurance, banking and other sectors have shown a recovery momentum and attracted a small amount of capital inflows. After the continuous decline in the previous trading days, the market is expected to usher in rebound repair. From the K-line chart, the bottom cross candle shape is formed after several days of sharp decline, indicating that the selling pressure has weakened, and the market is expected to have a technical rebound. After the index breaks the annual line, the probability of rebound is also increasing. Therefore, in order to avoid being damaged in panic selling, investors should wait for the market rebound, choose the opportunity to reduce their positions and reduce their shareholding ratio.
