HIGHLIGHTS
International News:
U.S. stock markets adjusted downwards on Wednesday, August 7th. Although the major indices had a good start during the trading session, they all fell by the end of the day, with the S&P 500 dropping by 0.77% and the Nasdaq Composite decreasing by 1.05%. The Dow Jones index fell by approximately 0.60%, equivalent to nearly 250 points.
National news:
The number of securities accounts in Vietnam experienced a surprising spike in July 2024. According to data from the Vietnam Securities Depository (VSD), the number of domestic investor accounts increased by nearly 330,000, three times higher than the previous month, reaching the highest level in the past two years. July 2024 also saw the third highest number of securities accounts in history, following the periods of May-June 2022. From the beginning of the year to the end of July, the number of domestic securities accounts grew by nearly 1.1 million, bringing the total to over 8.33 million, of which more than 8.11 million are individual accounts, representing approximately 8% of the population.
TRADING STRATEGY
The stock market continued its recovery and closed at the 1,215-point mark, with liquidity remaining weak. Cautious money flow has kept supply and demand in balance. The real estate, chemical, and oil & gas sectors played a positive role in supporting the index. The VN-Index is likely to continue its recovery towards the 1,220 - 1,225 point range today.
The market is in a short-term recovery trend heading towards the nearby resistance level around 1,230 points. General caution and the lack of leading sectors may cause the VN-Index to experience a few more sessions of alternating gains and losses to stabilize supply and demand before confirming a medium- to long-term bottom. Therefore, controlled trading and prioritizing accumulation of fundamentally attractive stocks for long-term holding will be the main strategy in the current phase.
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