VN-Index reversed unexpectedly P2

 It seemed that the strong demand and the cash flow to invest in the market would continue to be maintained in today's session, but receiving negative news from the world market made VN-Index once again. was under selling pressure from investors and was in the red throughout its trading time. 

Closing the session, VN-Index lost 14.8 points, or 1.4%, and is at 1,047 points. The order matching liquidity slightly decreased when there were just over 464 million units, equivalent to more than 7,993 billion in value.

The group of large-cap stocks VN30 in general had a stronger decline when there were 27 losers out of a total of 30 billion. In which, MBB (HM:MBB), HPG (HM:HPG), GAS (HM:GAS), VIB (HM:VIB), GVR (HM:GVR), decreased from 2% to 2.3%, and BVH (HM:BVH), MWG (HM:MWG), FPT (HM:FPT), ACB (HM:ACB), 

TCB (HM:TCB), VPB (HM:VPB), NVL (HM:NVL), POW ( HM:POW), CTG (HM:CTG) loss from 1.4% to 1.9%. Besides, securities also saw strong selling with many losers such as BVS (HN:BVS) (-4%), PSI (-3.6%) and MBS (HN:MBS) (- 3.5%)

Foreign investors had a slight net buying session on both HNX and HSX with a total value of more than 87 billion dong. Leading the net buying side were HSG (HM: HSG) and VRE (HM: VRE) with a value of 73 billion and 52 billion respectively. 

On the contrary, STB (HM:STB) and MSN (HM:MSN) were net sold 75 billion and 17 billion respectively.

The sharp decrease caused the VN-Index's technical assessment score to drop from +7 points to +6 points and still maintain the status of OVERVIEW. The P/E ratio of VN-Index reached 13.8x.

Recently, US interest rates have been on a roller coaster ride, but also consider the possibility that yields have peaked. The key question: Are the Fed's policy decisions over the next few months conflicting or in line with emerging signs that interest rates look more likely to stay steady, if not lower, than with current levels?

From a technical perspective, the 10-year US Treasury yields continue to trade in a range. The most recent rally peaked at 4.08% on March 2, slightly below the previous peak in October. The market's inability to break out to new highs implies that we have seen peaks. of this cycle.

UST10Y Daily ChartUST10Y Daily Chart

Of course, the Fed can force interest rates higher so I encourage investors to be careful. In fact, yesterday's February consumer inflation report showed that price pressures continue to ease. 

The decline was weaker than the Fed wanted, but for now the trend still points to the downside. As long as the downtrend persists, or even weakens, there is reason to believe that 10-year rates have peaked.

CPI and Core CPI from 2003-2023CPI and Core CPI from 2003-2023

That is also the view based on's fair value model for the 10-year yield, which continues to reflect a lower estimate than the market yield.

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