Vietnamese stocks rebound strongly as oil prices fall.
The more than 10% drop in crude oil prices triggered risk sentiment, helping Wall Street, European, and Asian markets recover, including Vietnamese stocks.
Opening the trading session on the morning of March 24th, after just over an hour of trading, the VN-Index surged and quickly regained the important 1,600-point mark, continuing towards 1,620 points, equivalent to an increase of nearly 30 points.
Despite the widespread green on the stock market, liquidity has not surged accordingly, indicating that investor sentiment remains relatively cautious. The highlight is the performance of small and medium-sized stocks in sectors that have recently experienced significant declines, such as real estate, construction, and securities companies.
At the end of the morning trading session, the VN-Index surged 31.52 points to 1,622.69 points (+1.98%) compared to last week's session. Similarly, the HNX-Index also increased by 242.71 points (+2.18%), equivalent to 5.17 points, and the UPCoM-Index rose to 122.49 points (+0.96%), equivalent to 1.17 points.
Financial services and banking continued to be the focus of attention. In the financial services sector, many stocks saw strong gains, including SSI (+3.35%), VCI (+3.61%), VIX (+3.58%), VND (+4.55%), and HCM (+4.19%). The banking group included VPB (+5.42%), MBB (+2.4%), STB (+2.5%), TCB (+2.77%), TPB (+3.31%), and CTG (+3.69%).
Positive developments spread to the real estate and retail sectors. The real estate sector saw gains in VIC (+2.55%), CEO (+9.09%), DXG (+4.98%), HDG (+5.14%), and DIG (+6.25%). Within this group, five stocks hit their upper limit: AAV (+9.39%), DRH (+6.69%), NLG (+6.82%), NVL (+6.77%), and TCH (+6.69%).
The retail group, including MWG (+2.7%), DGW (+1.85%), FRT (+1.33%), and notably PET (+6.94%), also hit the ceiling price.
The oil and gas sector also gradually recovered with BSR (+2.3%), PVS (+1.73%), PVC (+0.57%), and the two leading stocks in terms of market capitalization, PLX (-3.29%) and GAS (+0.12%). In the chemical sector, DGC (+1.93%), DPM (+1.39%), DCM (+2.93%) and GVR (+1.4%) also saw gains.
According to statistics, within the VN30 group, only 4 stocks declined, 25 increased, and 1 fell back to its reference price. Total market liquidity reached over 10,945.775 billion VND with nearly 428,000 shares traded.
From a technical perspective, experts at Vietcombank Securities Company believe that the VN-Index closed the trading session on March 23rd with a Black Marubozu candlestick and retreated to the support zone of 1,580 - 1,600 points.
On the daily chart, the general index is closely following the lower Bollinger band, while simultaneously losing support at the MA200 line, indicating that short-term momentum continues to weaken, although the index is in the strong support zone of 1,580 - 1,600 points.
However, the RSI and MACD indicators are falling below the oversold zone and show no signs of slowing down, so if the VN-Index fails to hold the aforementioned price level, it is necessary to consider the support areas below, the nearest being 1,500 - 1,550 points.
On the hourly chart, the movement of key indicators such as RSI and MACD is consistent with the daily chart, both remaining below the oversold zone. Additionally, the Ichimoku red cloud continues to move downwards, suggesting that market momentum remains under significant pressure in the short term.
In its market analysis for March 24th, an expert from Kien Thiet Vietnam Securities Company stated that investors should maintain a defensive stance. The VN-Index closed at a low level with a large decline and high trading volume, indicating that the downward momentum may continue in the next session.
However, at present, the VN-Index has corrected by -16.7% from its peak and is in a correction zone with a target of 15% - 18%, where a recovery is expected.
Therefore, investors should refrain from panic selling during the next decline, and at the same time, boldly return to exploratory buy positions when the downward momentum pulls the VN-Index back to around the strong support level of 1,540 points.
At the close of trading on March 23, WTI crude oil prices fell by $10.10 per barrel, or 10.3%, to $90.38 per barrel; Brent crude oil prices fell by $12.25 per barrel, or 10.9%, to $99.94 per barrel.
