Research Center

On Sep 19, we attend Ho Chi Minh City Infrastructure Investment (CII) Extraordinary General Meeting. The company presented to the investors their plan to amend the company business line and to develop new infrastructure projects. The company failed to organize the meeting due to only ~200 investors attended, represent 31.2% of the voting shares.

Selling pressure intensifies during the session, causing the stock market to have a deep loss day by more than 1%. That means the downside risk is still intact. Therefore, investors should stand aside and carefully observe the next movements of the market.

The volatile period is active as well as bullish momentum is no longer exist. Thus, traders should stay on the sidelines and wait for valid signal in upcoming contract.

The money market held a silent tone this week, while the volatility in the FX market rose heading to the September FOMC next week. Overnight interbank rates stayed at nearly zero, representing excessive liquidity and slowing lending performance. USDVND renewed its upturn with a significant increase of 0.78% compared to last week. The persistence in negative swap spread and rising demand for import peak season may explain FX movement this week.

Selling pressure came back strongly again and was spread evenly across most warrants with different underlying assets. However, demand is still anchored at a high level with the positive of the underlying market expected to have positive impacts on the CW market in the next time.

massive outflow in 7 consecutive weeks has raised the red flag for the unstable flow of money in Vietnam. In this case, we expect that the flow of money across Vietnam could continue to be unstable in upcoming period and outflow could continue to be active.

Although the stock market increases slightly again with liquidity at a normal level, the downside risk around the important resistance zone of 1,240-1,250 pts is still present. Therefore, investors should stand aside and carefully observe the next movements of the market.

Long positions on VN30F2309 should be held and stop the loss when there is the closing price below 1,220 pts level (Hourly chart).

Although the high volatile period is active and the current bullish swing is paused, the wider charts still support the bullish trend and the bearish reversal could not occur in the short-term. However, market leg is still unclear. Thus, investors should continue hold the current positions on leading stocks but margin trading should be avoided during this period.

The stock market has a 3rd loss session in the week with liquidity at a high level. This shows investors' sentiment towards the market is relatively cautious and the downside risk is still intact. Therefore, investors should stand aside and carefully observe the next movements of the market.