VnIndex tumbled in October when faced with a series of negative information from both domestic and foreign sources. The results of the Fed meetings in November and December, bond maturities, and geopolitical conflicts will be the decisive factors in November;

Vietnam's stock market was under downward pressure following the general movements of stock markets worldwide in October. The US 10Y Treasury yield approached a peak of 5%, the highest since 2007, boosting the yields of many Asian as well as Vietnamese G-bonds, souring the overall sentiment;

Average trading value on 3 exchanges reached VND 16,905 billion, down by 36.87% compared to September;

NPAT in Q3 continued to witness large differentiation amongst sectors. Except for the Oil & Gas sector, which recorded a sudden profit (+524%) due to the themes of its enterprises, only the Finance sector recorded positive performance (+149%), thanks to possible market developments. In addition to these two groups, other sectors on HOSE all recorded falling results. The Real Estate, Retail, and Pharmaceutical sectors reversed to negative growth. According to BVSC's summary, the total NPAT of 391/416 tickers on the HSX (accounting for 98.9% of capitalization) recorded a decrease of 8.45% YoY in Q3 NPAT;

The market is facing risks from the valuations of some groups that are at historic peaks and the depreciation of the VND. However, these risks will be reduced thanks to more positive business outlooks in 2024 and the Fed ending the interest rate hike period at the end of 2023. Given the first-goer nature of the stock market, we believe that VnIndex will overcome short-term difficulties and aim for the 1,200-1,250-point zone in Q4, thanks to supporting factors such as positive domestic cash flow and recovering businesses;

With external risks reduced, more attractive valuations, and expectations of more active participation by domestic cash flow, we believe that VnIndex will recover in November.