After the previous week of decline, the market had a sharp decline of 3.92% in the first trading session of the week, when the VN-Index fell to the 1,185 point zone. In the following sessions, the market generally recovered and the VN-Index had an increasing session at the end of the week with overwhelming green.

Liquidity on both exchanges this week decreased slightly compared to the previous trading week when the matched volume was -0.4% at HoSE and -5.18% at HNX. Foreign investors continued to net sell with -3,941.8 billion VND at HoSE, focusing on VHM (-1,111.8 billion VND), VJC (-1,122.1 billion), HPG (-557.6 billion) and TCB (-503.8 billion)... On the other hand, they net bought VNM (+683.2 billion VND), HDB (+185.6 billion)...

Overall, the positive recovery in the last session of the week helped the index maintain the support zone of 1,200 - 1,220 points. Quantitative indicators also improved from the exhaustion zone. Although the reversal has not been completely confirmed, it is opening up a more positive recovery scenario towards conquering the resistance zone around the 1,240 point mark (MA20).

According to Agriseco Research, although the recovery is positive and VN-Index has regained the 1,200 point mark, this may be a technical recovery and the market will need another correction to form a second bottom, before returning to the uptrend. Therefore, investors can disburse when the market has formed a second bottom or when the market forms a balance zone, prioritizing disbursement of leading stocks, stocks in the VN30 group when they have reached the oversold zone .

After the recent market correction, the valuation level of many stock groups has returned to a more attractive level for investors to consider disbursing. With the picture of the second quarter business results gradually being completed, it can be seen that the growth in corporate profits is a positive signal, reflecting the recovery of the economy. However, there is a clear differentiation between industry groups and this differentiation may continue in the third quarter and the second half of 2024 when the low base factor of the same period is no longer present. Therefore, the selection and search for investment opportunities will need to be done carefully.

In the last months of 2024, Agriseco Research believes that investors may be interested in groups of stocks with business results recovering above the low base level of the same period, such as the export group (seafood, textiles), and the retail group.

For the export group, markets with positive signals such as improved demand and orders will support the recovery of businesses in this field.

Regarding the retail group, profits have begun to recover strongly since the first quarter of 2024 and will continue to do so in the second half of 2024 with consumer stimulus policies such as reducing VAT or increasing basic wages.

Stocks with cheap valuations compared to their profit growth potential, such as banking stocks, are also suitable choices in the second half of 2024. The driving force for bank stocks will come from increased credit demand as the economy recovers.

In addition, the group of securities stocks is also receiving much attention as it has decreased to the attractive zone, plus the information that the Ministry of Finance may approve the circular on "Pre-funding" at the end of this month to help create conditions for the stock market to be upgraded to a secondary emerging market (Secondary Emerging Market) in the FTSE review in September, which will be a supporting factor for the stock prices of the securities group in the coming period. Securities stocks can be expected to be the group leading the general recovery of the market.