Customers at VNDirect Securities Co (VND). VND dropped 6.85 per cent last week. —  Photo VNDirect

HÀ NỘI — The market is forecast to witness slower momentum in the near future as it awaits positive factors, such as the growth of the macro-economy, prosperous production, and business activities of enterprises, before forming a more specific trend.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed on Friday at 1,154.15 points, up 1.72 points, or 0.15 per cent.

It had lost 3.26 per cent the previous week.

“The market continues to maintain a recovery pace, but in general, developments still show caution as the market rallies, as shown by the decreasing liquidity to low levels. Low liquidity also indicates that temporary supply pressure has not put much pressure on the market,” said Việt Dragon Securities Co.

“With the state of supply and demand exploration yielding unclear results, it is likely that the market will fluctuate in the range of 1,150 - 1,165 points in the early October trading sessions to continue testing supply and demand.”

“Therefore, investors still need to observe supply and demand developments and evaluate the market state. It is also necessary to consider the market's ability to recover in the near future to restructure the portfolio in a way that minimises risks.”

Saigo-Hanoi Securities Joint Stock Company (SHS) said that last week, the market received important information: the gross domestic product (GDP) in the third quarter of 2023 rose by 5.33 per cent compared with the same period last year. This is a positive trend for GDP during the first three quarters of this year, higher than the increase of 3.28 per cent in the first quarter and 4.05 per cent in the second quarter.

The market is also influenced by the fact that Việt Nam’s stock market has not been upgraded from Frontier to Secondary Emerging in the FTSE Russell global classification.

In this year’s latest update to FTSE Russell’s Country Classification, released in September, the country remains on the watch list.

According to SSI Securities Joint Stock Company (SSI), management agencies are making significant efforts to achieve the goal of upgrading the stock market. An upgrade would attract more foreign portfolio investment.

With the downward pressure of the general market over the past week, the real estate stocks group experienced the most negative developments, such as Hoàng Huy Investment Financial Services JSC (TCH) down 14 per cent, DRH Holdings JSC (DRH) down 12.87 per cent, Năm Bảy Bảy Investment Joint Stock Company (NBB) down 11.29 per cent, and C.E.O Group JSC (CEO) down 10.88 per cent.

Securities stocks also fell sharply, with VIX Securities JSC (VIX) losing 11.27 per cent, PetroVietnam Securities Inc (PSI) down 8.57 per cent, The Việt Dragon Securities Company (VDS) down 7.65 per cent, and VNDirect (VND) dropping 6.85 per cent.

Banking stocks saw a sharp decline, with Eximbank (EIB) decreasing 8.42 per cent, Sacombank (STB) losing 6.84 per cent, and Saigon-Hanoi Bank (SHB) falling 5.93 per cent. — VNS