In the second half of 2024, many experts believe that the Vietnamese stock market will flourish.

The Vietnam Securities Depository (VSD) has just announced the number of securities trading accounts (TKGD) of domestic and foreign investors as of June 30, 2024.

Accordingly, in June, domestic investors opened 10,580 new accounts, a decrease of more than 25,000 accounts compared to the level set in May.
In June, individual investors remained the core force when opening 106,417 new accounts and organizations opened 163 new accounts. As of the end of June 2024, the total number of domestic investor accounts reached approximately 8 million accounts. This is the highest level ever in the nearly 24-year history of the domestic stock market. Of which, individual investors have more than 7.98 million accounts, equivalent to 8% of the population.
The number of securities accounts decreased in the month because the market encountered many difficulties before the strong resistance level around 1,300 points. VnIndex closed last June with a decrease of 1.3%.
Last June, foreign investors continued to break the record when they net sold nearly 16,600 billion VND on HoSE alone. Accumulated from the beginning of the year until now, foreign investors have net sold a total of 54,000 billion VND (2 billion USD) on HoSE.
Assessing this, in the market movement report of ACB Securities Company (ACBS), it said that after a period of strong investment in the Vietnamese stock market from 2017 – 2019, foreign investors started to net sell from 2020 and this pressure has lasted until now. The time when foreign investors returned to strong net buying was only short-lived in June 2020 and November – December 2022, the two historical bottoms of the VnIndex.

“In general, the net selling pressure of foreign investors comes from a series of factors: the shift of cash flow from emerging and frontier markets, exchange rates, valuation of the VnIndex, and divestment from some stocks of the Vingroup family”, ACBS commented.
In general, SSI Securities Company expects the stock market to continue to grow in 2024. Meanwhile, according to the Investment Strategy Report for the second half of 2024, MBS Research predicts that the VnIndex will reach 1,350 – 1,380 points by the end of 2024, after profit growth of 20% in fiscal year 2024 and a P/E target of 12 – 12.5 times.

Sharing the same view, sharing on Finance Magazine, Ms. Bui Thi Quynh Nga – Senior Macro and Strategy Analyst of PHS forecasts that the profit growth of the whole market will increase by 18% in 2024, corresponding to a forward P/E (estimated price on future earnings) of 12.2.

“This is quite an attractive level and it is predicted that in a positive scenario, the VnIndex could reach 1,452 points. The Government has also shown close direction with the determination to upgrade the market. This is the basis for the long-term development of the stock market in addition to the development of the economy,” she emphasized.
“Deposit interest rates have increased slightly but are still low, at a 12-month term of under 6% for joint stock commercial banks and remaining at 4.7% for state-owned commercial banks, still less attractive than the expected return of the VnIndex, so we believe that the stock market is still a channel to attract capital for investors,” she shared on Thoi bao Ngan hang.
Source: CafeBiz
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