Investment Strategy Report - SeptemberÂÂÂÂÂÂ 2018: Opportunities in Mid-cap stocks?
Although the VN-Index recovered well in August, we notice that capital flows did not increase significantly but mainly rotated among different sectors. Therefore, if there is no sudden increase in capital flows, it will be difficult for the market to move higher.
In this context, the market has to rely on foreign investors. However, foreign flows are still limited in part due to President Trump’s erratic comments that have led to worries about the instability of the world economy. As we mentioned in our previous report, capital flows indeed have not returned to frontier and emerging market. Meanwhile, the FED will likely raise interest rates in September, which is not supportive for equities.
Until there is a reversal of foreign capital flows as well as improvement in terms of liquidity, we think the VNIndex will fluctuate between 960 – 1040. Within this range, there are more opportunities with mid and small cap stocks than with large cap stocks.
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