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25
8月
Market commentary: Break out the 100-period moving average
The VNIndex shows the bullish market thanks to the Bullish Engulfing pattern. Therefore, traders may hold long positions focusing on the leading sectors.
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24
8月
Market commentary: Bullish Engulfing pattern
The VNIndex shows a Bullish Engulfing pattern, implying a short-term uptrend. Therefore, traders may hold long positions focusing on the leading sectors.
23
8月
Market commentary: Cautious
Despite the third contraction, the bullish market is dominant in the short term as the VNIndex closes above the short-term moving average. Therefore, traders may hold long positions focusing on the leading sectors.
22
8月
Fundflow 15 – 19 Aug: Demand spreads to other major ETFs
Market ended up to be net bought. Demand was mainly absorbed by Materials, Financials, and Energy whilst supply mainly spread to Real Estate and Industrials. With ETF flow, inflow remained across Vietnam, mainly driven by the solid demand on major ETFs, except VFMVN Diamond and VFMVN30.
22
8月
Market commentary: Selling pressure at 100-period moving average
Despite second contraction, the uptrend is still intact in the short term. Therefore, traders may hold long positions focusing on the leading sectors.
22
8月
Chart of the day: Consolidation phase
The VNIndex shows a consolidation phase in the next week, however, the short-term uptrend is still intact.
18
8月
Market commentary: Second Doji candle
The short-term uptrend is dominant thanks to Runaway Gap on the VNIndex. Therefore, traders may hold long positions focusing on the leading sectors.
17
8月
Market commentary: Doji candle
In the short term, the uptrend is dominant thanks to Runaway Gap on the VNIndex. Therefore, traders may hold long positions focusing on the leading sectors.
16
8月
Market commentary: Runaway Gap?
The VNIndex appears Runaway Gap, implying the bullish trend. Therefore, traders may hold long positions focusing on the leading sectors.
15
8月
Fundflow 08 – 12 Aug: VFMVN Diamond is divested for 5 consecutive weeks
Market ended up to be net bought but demand has started to drop. Demand was mainly absorbed by Financials and Energy whilst supply mainly spread to Consumer Staples, Materials, and Industrials. With ETF flow, Vietnam experienced the outflow. Net outflow was USD2mn. However, the negative flow of money was only driven by the divestment on VFMVN Diamond. Demand has started to spread to other major ETFs which partially covered the strong outflow on VFMVN Diamond.
Featured Articles
24
8月
U.S July Retail sales and Vietnam T&G exports
U.S July Retail sales and Vietnam T&G exports According to the latest data from the U.S. Census Bureau, retail sales in the U.S. increased by 0.7% MoM in July of 2023, marking a fourth consecutive rise, and beating market forecasts of a 0.4% increase. In more detail, US clothing store sales grew 1.34% YoY in July, slightly decelerated from 2.69% in June, but remain higher than the one-year slowest growth of 0.32% in April. The potential upturn in US clothing sales, given a relatively strong correlation with Vietnam T&G exports, subsequently benefiting this export sector in the latter half of 2023.
02
8月
An improved economic performance amidst easing external headwinds
July’s data revealed a substantial improvement in economic activities with a softer decline in export turnover, an improving industrial production, and a renewed acceleration in retail sales. On one hand, U.S. consumers tend to regain their confidence during the late phase of the global interest rate hike, fastening the resolution of the overstocking and consequently promoting Vietnam’s export activities. On the other hand, retail sales recorded a higher growth rate than in June coupled with moderate inflation after a series of easing fiscal policies, likely reflecting an expanding demand. We predict economic performance to improve further next month due to softening external headwinds and expanding domestic demand.
28
7月
Vietnam’s economy: gaining momentum
Although the economic performance picked up in 2Q23 in the late stage of the global interest rate hike, we believe that the acceleration of economic activities will need more time to be material due to the insignificant improvement of external factors and the weakening recovery in domestic consumption. On the upside, public investment will continue to be a spotlight in 3Q23 thanks to the government's effort in realizing the significantly higher workload than last year. In addition, the well-controlled inflation and stable exchange rate provide more space for the monetary authority to follow the easing tendency in the next quarter.
13
7月
3Q23 Strategic Insight: Embrace the opportunity
Although the economic performance picked up in 2Q23 in the late stage of the global interest rate hike, we believe that the acceleration of economic activities will need more time to be material due to the insignificant improvement of external factors and the weakening recovery in domestic consumption. On the upside, public investment will continue to be a spotlight in 3Q23 thanks to the government's effort in realizing the significantly higher workload than last year. Investment opportunities exist in Power and Agriculture, Seafood industries that backed by El-Nino and China consumption themes. Besides, crushed stone industry also offers a lucrative choice from 3Q23 for those investors seeking for rising public spending theme. We expect the target range for VNIndex in 2H23 to be 1,260-1,340 points.
30
6月
Slight pickup amidst persistent global challenges
GSO’s June report shows a slight acceleration in economic performance for the second quarter of 2023. Although the economic growth surpassed the downgraded market assessment, it is far from the expected value in the eco-socio tasks. For the latest update in June, export activities deteriorated under the persistent slowdown in the consumption of Vietnam’s major trading partners, showing challenges for the economy to speed up. Regarding domestic factors, the recovery momentum in post-pandemic exhausted with retail sales much lower than the potential level. In the short term, we predict public investment will mainly support economic growth before material improvement in external factors occurs.