Macro/ Strategy

After the last trading session of June 2023, the VN-Index closed at 1,120. and approached the resistance zone of around 1,125 points. Thus, VN-Index increased by 12%. YTD. The big contributor to the increase was the continuation of interest rate reduction from the SBV. Besides, FED was approaching the time to stop its tightening monetary policy after keeping interest rates unchanged in June. It can be seen that the market index has been traded at a relatively attractive valuation range with P/E forward of 11.5x, the lowest average level for the most recent 10 years. Therein, the smallcap stocks raked in big gains by upping to 22% YTD, while midcap and bluechip stocks rallied 12% YTD and 11% YTD, respectively. 

Therefore, Shinhan Securities has built and introduced to our clients the growth portfolio. The portfolio would be suitable for investors who wish to grow their capital and have medium-high risk tolerance. This portfolio includes tickers having medium and large market capitalization. The selected company has consistently increased its profit over the time and could possibly earn abnormal income (this year). Last but not least, these company must have the potential for long-term growth, healthy strength and outperforming the market. 

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