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Vietinbank Securities has published the Weekly Investment Strategy Report on 22th January, 2024 with the executive summary presented below:

  • According to a report from the U.S. Department of Commerce, retail sales in the country increased by 0.6% in December 2023, following a 0.3% increase in November, surpassing the forecasted 0.4% growth by economists. Compared to the same period last year, retail sales rose by 5.6% in December 2023. The optimistic signals from retail sales have led economists to raise their estimates for the U.S. economy’s fourth-quarter growth to 2.4%, up from the previously forecasted 2.2%.
  • During the past week, the flow of funds appeared cautious as the market experienced significant fluctuations around the resistance level of 1,165 points. This led to a sharp decline in liquidity and the average transaction value per session compared to the previous week, reaching values of 651 million shares and 14,101 billion VND, respectively. However, weakened selling pressure in the session on January 19 helped the VN-Index close the week at 1,181.5 points, an increase of 2.32% compared to the previous week. In terms of industry groups, strong fund inflows were observed in the retail sector (5.73%), consumer goods and household goods (1.75%), and banking (1.48%).
  • With signs of weakening profit-taking pressure and the peak season of Q4/2023 financial results announcements, which are expected to show growth due to the low base of 2022, funds are predicted to flow strongly into the market. This is anticipated to help the VN-Index successfully break the resistance level of 1,200 points during the week of January 22 to January 26, 2024. Investors are advised to maintain a stock/cash ratio at 80/20, with the expected scenario being that the room for further price increases will continue to be sustained along with positive sentiment. The market may be heading towards the next resistance level at 1,200 points.
  • Some of the noteworthy stock groups at this time include:
    • Government Infrastructure: HHV
    • Securities: HCM, SHS, VIX
    • Real estate: TCH, DIG
    • Retail: DGW
    • Steel: HSG
    • Bank: ACB, SSB, VIB
    • Others: GVR, PNJ, GEX