Stocks waiting for an uptrend

Investors wait for better signals from stock investment channels. Photo: Le Toan

Currently, Vietnam's economic indicators are showing very positive signs with GDP in the second quarter reaching 6.93% - an impressive level when compared to other countries in the region and with past figures. The gold market has been stabilized by the State Bank of Vietnam (SBV) when the price of SJC gold bars "stayed still" throughout June and is expected to continue at this level in July. This is a good sign for the economy as money will no longer flow into gold reserves but will be circulated, contributing to overall growth.

Regarding exchange rates, in the first 6 months of 2024, the USD/VND exchange rate increased by more than 5%, forcing the State Bank to sell approximately 6 billion USD to stabilize the market. However, in July, the rate of increase of this currency pair is forecast to be no longer fast or even turn down when the operating interest rate and the interest rate of the VND market have been increasing again.

With production, domestic consumption, exports... recovering positively, policy and legal factors being institutionalized to support businesses and people, in the recently published market report, analysts of ABS Securities Company expect the economy to continue to grow well, market liquidity to gradually improve, foreign investors to gradually reduce net selling momentum...

It is forecasted that July will be the time when the market will absorb negative factors well and create a sideways accumulation zone with a large price range from 1,180 - 1,300 points, preparing for the uptrend of the second half of 2024.

In the medium term, ABS experts still maintain their expectation for VN-Index to grow to the range of 1,350 - 1,370 - 1,395 points. The milestone to confirm the new uptrend of the market is when the closing price of the trading week surpasses resistance 1 at 1,315 points.

After the corrections with price amplitude around 60 - 100 points, there will always be a quick technical recovery with increasing sessions thanks to large-cap stocks. For investors who prefer quick transactions, it is necessary to base on the support - resistance levels of the market and the specific increase and decrease amplitude of stocks. For medium and long-term investors, this cumulative correction of the market will be an opportunity to participate with stocks that create medium - long-term buying points, experts of ABS Securities Company give their opinion.

Source: https://laodong.vn/kinh-doanh/chung-khoan-cho-doi-nhip-song-tang-1362810.ldo