93 stock codes are not eligible for margin trading on HoSE

As of March 29, the total number of stocks ineligible for margin trading was up to 93 codes including: DAG, HBC, HNG, HVN, ITA, NVL, QCG,...

93 stock codes are not eligible for margin trading on HoSE. Illustration photo.

Ho Chi Minh City Stock Exchange (HoSE) has just announced the addition of 2 stocks that are not eligible for margin trading, including DQC shares of Dien Quang Group Joint Stock Company and MDG shares of Dien Quang Joint Stock Company. Eastern part.

The reason these two codes had their margin cut is because the after-tax profit of the parent company's shareholders on the 2023 audited financial statements is negative.

Previously, HoSE also added 2 more codes to the list of securities that are not eligible for margin trading, including VAF shares of Van Dien Fertilizer Phosphate Joint Stock Company because the 2023 financial statements were audited. Opinions are not fully accepted opinions of the auditing organization; VTP shares of Viettel Post Joint Stock Corporation are a newly listed company with a listing period of less than 6 months.

Thus, as of March 29, the total number of stocks ineligible for margin trading was up to 93 codes including: DAG, HBC, HNG, HVN, ITA, NVL, QCG,... for various reasons. The main cause of the above situation is mainly due to: Semi-annual audit loss of 2023, semi-annual financial report of 2023 with the opinion of the audit unit, securities subject to warning/control/trading restrictions/suspension. Only transactions/securities that are likely to be delisted, listing period of less than 6 months,...

Vietnam's stock market ended the first quarter of 2024 with many different levels of emotions. In the first quarter of 2024, VN-Index increased more than 150 points, equivalent to 13.64%. Will the market's upward momentum still continue? And most importantly, which industry group should you invest in in the second quarter of 2024? We would like to introduce the article of Dr. Nguyen Hong Diep, Founder of VICK Joint Stock Company.

Sustainable uptrend

Stock market trends are composed of 3 core quantities: Macro policy, valuation and cash flow. Considering each quantity, we are seeing very high consensus. Regarding world macro, concerns about the world's No. 1 economy falling into recession have been dispelled when US economic data shows stability. Despite suffering from difficulties from high interest rates lasting too long, this is also a test for the economy and the US stock market. Wall Street stock indexes continuously broke all-time highs. The Fed also set a roadmap to reduce interest rates this year, the first time likely to take place in June 2024.

As for domestic macro, it always shows a stable picture, although there are some problems in regulating exchange rates, but in the near future DXY will tend to gradually decrease, no longer putting pressure on the Vietnamese Dong.

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 In the economic report for the first quarter of 2024, the highest GDP growth rate in 5 years was also recorded. The possibility of reaching 6.5% for the whole year is feasible. The current consistent policy of the State Bank is to keep interest rates at a low level, ensure abundant system liquidity and not allow bad debt to increase.

In terms of valuation, the market's overall P/E is currently at 14, which is not too high. Especially if we assume the profit growth of listed companies this year will reach 18%-22%, this index will only be at 11, very attractive. In addition to EPS, many businesses are and will have a strong recovery in revenue. Increased domestic aggregate demand also helps the retail system transform. Contributing to GDP growth are two main groups: Public Investment and Export.

The cash flow factor is always extremely important for a young stock market like Vietnam. In traditional investment channels such as Gold, Real Estate, and Savings, stocks have a clear advantage. The clearest evidence is that in March 2024, the average order matching value reached over 24,000 billion / session. This is a record monthly number in the past 2 years. Cash flow shows strength during shaky sessions, ready to absorb all the supply to take profits.

Currently, VN-Index is approaching the psychological threshold of 1,300. Although it is very difficult to predict exactly what number will happen after 3 months, the scenario with the highest probability is that we will witness the sublimation of Vietnam's stock market when it exceeds 1,400. 

The sustainability of the uptrend is also reinforced by the market often having short corrections. This keeps prices from rising too quickly. The circulation of cash flow does not ignore any industry, increasing confidence in the market.

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