The VN-Index opened slightly higher but then returned to fluctuating around the reference point. In the first half of the morning, the index tested 1,510 points with demand in large-cap stocks, but this was unsuccessful. Towards the end of the session, the market turned red as blue-chip stocks narrowed their gains and financial services stocks experienced heavy selling.
In the afternoon, selling pressure intensified and broadened. At one point, the number of declining stocks was double the number of advancing stocks, causing the index to fall nearly 16 points. Thanks to the transportation and public investment sectors holding steady gains, the VN-Index recovered and closed above 1,495 points. However, the market still fell more than 7 points and continued to lose the psychologically important 1,500-point mark at the end of the week.
On the HoSE, the number of advancing and declining stocks was not significantly different, at 141 and 180, respectively. The market still recorded 14 stocks hitting the ceiling price, including HAH, PC1, YEG, and FCN, which reached liquidity of over 100 billion VND. PNJ and GEG also approached this mark.
Blue-chip stocks, which have a significant impact on the general index, showed mixed performance today. While CTG, VIC, and BID had a negative impact, FPT provided support, preventing a deeper market correction.
By sector, securities stocks performed the worst. SSI, VIX, VND, and CTS fell 2.9-3.7%. On the HNX, SHS and MBS corrected by 6.5% and 3.3%, respectively. Securities stocks reversed course quickly, having been a support for the index just the previous session. This group is known to react quickly to market prospects, and this performance reflects the sensitive sentiment of investors in this period.
Liquidity also slowed down in this correction session. Total trading value on HoSE decreased by more than 4,300 billion VND to over 39,000 billion VND. This is the lowest level this week.
Foreign investors continued their selling trend, net selling about 2,296 billion VND, the highest level since mid-April. Foreign investors net sold hundreds of billions in many stocks such as SSI, CTG, FPT, HPG, VHM, STB, and GMD. Conversely, they only strongly bought SHB.
This week, the stock market experienced a period of strong volatility after nearly a month of rapid growth. The VN-Index fell nearly 36 points compared to the end of last week. The index hit a record high of nearly 1,565 points on 29/7 and also closed down 64 points on the same day. The fluctuation range during the week reached 78 points.
Experts believe this week's developments represent a positive correction in each cycle of the uptrend. Despite the strong volatility, liquidity generally remained high, almost always above 40,000 billion VND per session. This indicates that there are no signs of cash flow withdrawing from the stock market.
Tat Dat
