Macro/ Strategy

Macroeconomics in September and 9M24

Estimated GDP growth 9M24 is 6.82% YoY. Many positive signs appeared when the inflation is under control, production and trading activities recovers in 9M24.

VNIndex in September

VNIndex moved towards its old peak of the year with low liquidity. It may be due to the wait for information to evaluate the damage caused by Typhoon Yagi and information from Q3 business results announcement. With the current market valuation, we believe that VNIndex will have many opportunities to re-establish a new price level above 1,300.

Events in September

• Fed’s interest rate cut will support the foreign capital flows into emerging markets and Vietnam market.
• New changes in the Securities Law such as prefunding and professional investor standards create opportunities for financial companies (securities, banks) that have had leading advantages in their niche market such as HCM, VCI, TCB…
• MWG can be added to the VNDiamond Index due to new changes in the Index Construction and Management.

October Portfolio

Every month, we will select stocks for a portfolio from the top down analysis. We pick HCM, VCI, TCB and MWG for this month portfolio.