MARKET INSIGHTS_27032024
27/03/2024
SUMMARY OF KEY POINTS IN THE REPORTThe market has rumors that SSI and HCM will pilot Prefunding margin trading. We share our views on this issue as follows: * Basically, SSI and HCM are the two securities companies with the largest foreign investor trading market share, and therefore they will also be the two entities that can easily access this pilot mechanism; * Currently, the State Securities Commission (SSC) will collect opinions from units, organizations, and individuals on the draft Circular amending and supplementing a number of articles of the Circulars regulating securities trading on the securities trading system; clearing and settlement of securities transactions; operations of securities companies and information disclosure on the securities market. Regarding regulations, we need 60 days for this draft to be submitted for approval; * Allowing margin trading could increase trading turnover among foreign investors;Foreign investors net sold very strongly, up to 1,800 billion VND, of which 1,000 billion was from MSN block deals. We have information that foreign organizations may continue to sell MSN shares, and thus foreign investors may continue to net sell on the market. However, most of the MSN share selling transactions will likely be through block deals, and this is part of the resale by the group of shareholders who contributed capital to MSN during the period and resold to designated buying partners. We see that foreign investors have been net selling for the past 3 years, and the scale of foreign trading with the current market is not large, so the psychological impact will be smaller than in previous periods. As long as foreign net selling of shares does not push share prices lower, this is not a market risk;The unopened band is hindering the index's upward momentum.According to quantitative statistics, with today's pattern, in the next trading session, VN-Index has a 51% probability of increasing and a 45% probability of the closing price being higher than the opening price.Based on statistics, the index traded up with the closing price lower than the opening price on Thursday's trading session. Resistance is 1,300 points. Support is 1,200 points.Investors can download the full report via the following link:
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