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Dear valued customers, please find attached the Strategic Report for October 2024
• The VN-Index rose slightly by 0.32% in September and ended 3rd quarter at 1,287.94 points, +3.42% QoQ and +13.98% YTD. The VN30 index (+1.58% MoM) recorded its second consecutive month of gains and served as the driving force behind the market's rise, with banking stocks such as CTG, VPB, TPB, and STB, along with VHM and HPG.
• Liquidity continued to decline for the third consecutive month, reaching its lowest level since October 2023. The average trading value was only 17,737.35 billion VND per session, indicating that cash flow has not yet improved significantly. Cumulatively, the total trading value over nine months increased by 29.3% compared to the same period in 2023. Individual investors were net buyers in September, and over the nine-month period, net buying reached a record 66.895 trillion VND. The number of new securities accounts opened in the past nine months reached 1.57 million accounts (+69.8% YoY).
• Foreign investors continued to reduce their net selling scale. The net selling value in September further declined to -2,186.16 billion VND (-42.40% MoM). ETF capital outflows also decreased, with a net withdrawal of 27 million USD, primarily from FUBON and DCVFM VN30 ETF.
• The economy showed strong recovery in 3rd quarter, with GDP increasing by 7.4% and a 6.82% rise over the first nine months. The manufacturing and processing industry continued to be the main growth driver, alongside a rebound in exports and tourism services. Registered FDI in the first nine months increased by 11.6% YoY, while realized FDI rose by 8.9%, reaching a historic high. The exchange rate remained stable, and inflation continued to cool in September. However, the disbursement of public investment capital has been slow, achieving only 47.29% of the planned target. SHS Research forecasts Vietnam's economic growth in 2024 to be around 6.8% - 7%, exceeding the 6.5% target approved by the National Assembly.
•The trend for the VN-Index in the last quarter of 2024 is projected to rise above the 1,300-point mark, aiming for higher levels between 1,320 and 1,350 points. This outlook is based on the expectation that global geopolitical tensions will ease and that third-quarter earnings results from companies will continue to show growth.
• The recommended stock portfolio consists of 16 stocks. In September, the best-performing stocks in the portfolio were VLB (+9.67%), TCB (+3.64%), and MBB (+3.42%). The least performing stocks for the month were IDC (-4.95%) and PNJ (-3.37%).
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