Investment Strategy Report - June 2019: ACCUMULATE ON WEAKNESS
Although downside risks are limited at the moment, external uncertainties and lack of supportive information may keep the VNIndex in its 920–965 range. Based on the first four month’s data, foreign investors tend to net sell as VNIndex approaches 980 and net buy as the index falls to 930-940. Thus, foreign investors not yet turning to sellers would be a temporary support factor in early June.
We think investors should not rush to buy on gains and avoid using margin at this moment. Investors can accumulate only if outside risks soften. Global markets are expected to see some important news in the second half of this month: (1) a possible meeting between Trump and Xi at the G20 meeting could be the start of renegotiations; (2) Fed’s semi-annual economy review. We believe the Fed will keep rates unchanged; and (3) OPEC meeting: OPEC has announced to raise production yet oil prices fell 13% WTD.
We advise to pick stocks based on fundamental factors including industry prospects and risks and long-term growth potential. Thus, we recommend PVS, QNS, GDT, and GMD for medium to long-term investment.
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