Research Center

BHX’s Aug sales soared to VND2.9tn (+3.5% mom, + 20% yoy), which was attributed to higher bill numbers (+4% mom) and fresh volume (+10% mom). TGDD and DMX’ Aug sales continued to decrease to VND6.8tn (+0.0% mom, -13% yoy) but being a slowdown compared to the drop of 25% yoy in June and 20% yoy in July, which was driven by the positive yoy growth of laptops and white products.

SBV returned to withdraw money market through its Bill issuances this week, signaling that the central bank navigated its effort partly to stabilize the increasing exchange rate. It is worth noting that counterparties were excited to offerings with high participation (13 participants for each auction session) and relatively low winning yields (0.5-0.6% p.a.). This situation seems to reflect the liquidity excessiveness of the banking system. SBV’s decision likely originates from the upward pressure of USDVND that could endure due to the high import season and the persistent USD-VND rate differentials.

High selling pressure still maintained during the session, causing the stock market to have the 3rd consecutive deep loss session with high liquidity. Besides, the VNIndex still closes above the 50-period moving average, showing the downside risk is intact. Therefore, investors should reduce a portion of stocks in their portfolio to the safety threshold and focus on leading stocks.

Oversold condition is reached as well as volatile period is active. New short positions are risky and selling point carries bad risk/reward ratio. Thus, traders should stay on the sidelines and wait for the favorable trading point.

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.

Selling pressure decreased significantly 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.

Oversold condition is reached as well as volatile period is active. New short positions are risky and selling point carries bad risk/reward ratio. Thus, traders should stay on the sidelines and wait for the favorable trading point.

Selling pressure remains present during the session, causing the stock market to remain in a deep loss session with liquidity increasing suddenly. Besides, the VNIndex also closes below both the important support level of 1,200 pts and the 20-period moving average, showing a bearish signal. Therefore, investors should reduce a portion of stocks in their portfolio to the safety threshold and focus on leading stocks.

Short-term correction period is confirmed and the bullish swing could not come back in the short-term. Besides, market leg is still unclear and demand is weak. Thus, investors should stay on the sidelines and wait for more valid signal for the upcoming trend.

Selling pressure comes back and intensifies during the session, causing the stock market to decrease strongly by more than 1% with improved liquidity. The downside risk is still present as the VNIndex closed above the 20-period moving average. Therefore, investors should stand aside and carefully observe the next movements of the market.