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

• In October 2024, the VN-Index declined by 1.82% MoM, closing the month at 1,264.48 points, but still marking an increase of +11.91% Ytd. The mid-cap stocks represented by VNMID (-2.81% MoM) and small-cap stocks represented by VNSML (-1.82% MoM) performed poorly, but the VN30 index saw a more modest decline, largely supported by the banking sector.
• In October 2024, market liquidity remained below average. The average trading value reached only VND 17,763 billion per session, a slight increase of +0.1% MoM and concentrated primarily in the banking sector. The number of new securities accounts opened in October was 156,919 accounts, matching the number from September.
• Significantly increased foreign net selling. Foreign selling amounted to VND 11,010.81 billion in October (+503.6% MoM), a sharp rebound after three months of reduced activity despite smaller net withdrawals from ETF funds (USD 11 million), mainly attributed to the Fubon.
• Economic indicators in October remained generally stable, except for fluctuations in the exchange rate, which led the State Bank of Vietnam to implement measures to support the currency.
• VN-Index is expected to continue fluctuating within a narrow range, with support levels around 1,230 - 1,250 points and resistance around 1,280 - 1,300 points. The market is likely to remain within this consolidation phase until it breaks out, which could potentially happen in December 2024.
• We recommended to sell GVR, reducing the portfolio to 15 stocks. In October, the top performers in the portfolio were CTD (+5.33%) and SZC (+3.45%), while the poorest performers were GVR (-7.97%) and PVD (-7.40%).