Vietnam Insight

Highlights:

• On the evening of July 24 (US time), Mr. Biden officially announced his departure from the 2024 presidential race in a speech from the Oval Office, ending more than 50 years of political career.
• Data from the US Department of Commerce indicates that US GDP grew at a stronger-than-expected pace in the second quarter, driven by increases in consumer spending, investment, and government spending. The US economy expanded by 2.8% in Q2, surpassing the first quarter's 1.4% growth and exceeding economists' forecasts of 2.1%.

Technical view: The VN-Index closed the week at 1,242, (- 22.7 points; -1.79%) on the weekly chart with a long lower wick, indicating a test of the 1,220 support level. Buying pressure emerged in the last three trading days, leading to a partial recovery. Notably, foreign investors halted net selling, while retail investors continued to sell aggressively. The VN-Index has shown signs of recovery at the 200-day EMA support level, which also coincides with the 0.5 Fibonacci retracement level and the long-term uptrend.

Investment Ideas: Investors can initiate new buying positions in stocks with solid consolidation bases. It is recommended to closely monitor the 1,220 and 1,300 support and resistance levels. Large-cap stocks, such as those in the banking and steel sectors, are preferred.

• Movement of cash flows and capital flows
• Top stocks worth noting
• Macro data