Vietnam stock market makes a good start to 2024
Vietnam's stock market recorded a positive first trading week of 2024, with the benchmark VN-Index surpassing the 1,150-point mark accompanied by abundant liquidity.
The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), opened the January 2-5 week in the red, but in the next two sessions, the major index made impressive gains, surpassing 1,150 and 1,160 points.

VN-Index closed the January 2-5, 2024 week at 1,154.68 points, up 2.19% from the previous week. Photo by The Investor/Trong Hieu.
Investor excitement was palpable with liquidity booming during the week, especially the abundant capital flows pouring into banking and financial services stocks.
However, their excitement slowed in the week-ending session, as the VN-Index closed Friday up only nearly 4 points with losers outstripping gainers amid increasing profit-taking pressure.
Closing the week, the VN-Index expanded 2.19% from the last week of 2023 to 1,154.68 points. The trading value on the HoSE reached VND89 trillion ($3.65 billion), up 15.8% compared to the previous week. Notably, on Thursday, the major bourse saw a trading value of nearly VND25.3 trillion ($1.04 billion) - the highest level since December 7, 2023.
Foreign investors, after two net buying sessions at the end of 2023, continued to be net sellers to the tune of VND654.08 billion ($26.83 million) in the first week of 2024. They mainly net sold steel, banking, and financial services tickers.
Banking stocks showed positive performances with MBB of MBBank gaining 9.92%, VCB of Vietcombank 7.35%, OCB of Orient Commercial Bank 7.15%, CTG of VietinBank 7.01%, and SHB of Saigon-Hanoi Bank 6.94%.
Meanwhile, securities tickers saw a divergence. SSI of Saigon Securities and HCM of Ho Chi Minh City Securities increased thanks to information about their capital increases, while others such as FTS of FPT Securities and VIX of VIX Securities came under correction pressure.
Broker Saigon-Hanoi Securities (SHS) believed that the market is in a short-term uptrend and VN-Index may fluctuate around the resistance area of 1,150 points.
“Surfing investors need to take caution while those with medium- and long-term investment strategies can gradually buy stocks for accumulation as the market will take a long time to form a new uptrend,” it said.
Fellow broker Vietcombank Securities (VCBS) said the market is still on medium-term uptrend. However, there will be possible correction sessions in the short term. Therefore, it recommended that investors at this time should remain cautious, and only buy stocks when the VN-Index surpasses the resistance zone of around 1,150-1,160 points or tickers moving in the right direction. Groups that can be considered in the near future are securities, real estate and fertilizer.
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