Dear valued customers, please find attached the Strategic Report for September 2024

•       The VN-Index fluctuated significantly and ended August at 1,283.87 points (+2.59% MoM and +13.6% YTD). VN30 (+2.5% MoM) continued to play a key supporting role for the VN-Index, with notable contributions from stocks in the banking sector, as well as VHM, VNM, MWG, and FPT.

•    The average trading value per session in August decreased for the second consecutive month (-4.07% MoM), reaching VND 18,580.09 billion per session, being the lowest level since December 2023. Some sectors have increased liquidity in August, including Real Estate (+13.8% MoM), Financial Services (+28.4% MoM), and Oil & Gas (+2.2% MoM). After a series of consecutive net buying, individual investors shifted to strong net selling in August, with a value of VND 3,627.55 billion, the highest level since February 2023. Meanwhile, domestic institutional investors were the only group to net buy. The number of new securities accounts increased by 331,205 accounts (+0.3% MoM, +75.6% YoY), marking the second consecutive month with an increase of over 300,000 accounts.

•       Foreign investors reduced their net selling scale. The net selling value in August continued to decrease significantly to VND 3,796 billion (-54.2% MoM). ETF capital flow continued to experience net outflows of USD 75 million, marking the ninth consecutive month of outflows, with contributions from FUBON, DCVFM VN30 ETF, and KIM VN30 ETF (-USD 16.6 million), DCVFM VNDiamond.

•     The economy remained positive in August. Although the PMI for August decreased to 52.4 points, it stayed above the 50-point mark for the fifth consecutive month, supported by continued growth in new export orders, which aided the manufacturing and export sectors. New FDI registrations for the first eight months increased by 27% YoY, and FDI disbursement for the same period reached its highest level in the past five years. The exchange rate continued to cool down in August, with the increase narrowing to 2.51% compared to the end of 2023.

•       The VN-Index is expected to continue consolidating within the price range of 1,250 to 1,300 points in September before aiming for higher levels in Q4.

•      The recommended stock portfolio includes the addition of VLB. In September, most stocks saw gains along with the market's recovery. The best-performing stocks in the August portfolio were GVR (+7.1%), PNJ (+5.2%), and FPT (+4.8%). The two stocks that declined in August were SZC (-3.5%) and CTD (-2.3%).