Trading began positively today, with the HoSE benchmark index at one point rising over 20 points in the morning, led by banking stocks. However, as soon as it reached a resistance zone, selling pressure emerged immediately. By late morning, the index gradually declined, opening higher but closing lower.
In the afternoon, the market fluctuated around the reference level. After 2 PM, the negative performance of the VN30 basket also pulled the VN-Index into the red. The overall index briefly fell to 1,730 points before recovering slightly by the end of the session.
The VN-Index closed near 1,736 points, down nearly 9 points from yesterday. This late-session reversal ended the market's improvement streak of three prior sessions.
On the HoSE, 196 stocks declined, outnumbering the 119 that gained. Sectors with low performance included real estate, oil and gas, and securities. Conversely, telecommunications, technology, and banking provided support.
Large-cap stocks significantly influenced the overall index. VIC alone caused the VN-Index to lose nearly 10 points. Today, Vingroup's stock closed at 214,100 dong, down 2,7% with a trading volume of nearly 955 billion dong, ranking second across the market.
In contrast, banking stocks such as VCB, BID, and CTG contributed nearly 7 points to the overall index. Vietcombank stock, in particular, rose 5% to 59,300 dong, leading the market in trading volume with over 1,085 billion dong.
Total trading value on the HoSE today reached over 19 trillion dong, a decrease of over 6%. During a correction, reduced liquidity is often a positive signal, indicating that selling pressure is not excessively high.
Foreign investors returned to net selling, totaling approximately 307 billion dong. Vinhomes' VHM stock was a focal point, experiencing net selling of over 249 billion dong. However, foreign investors still net bought over 270 billion dong in VCB and over 119 billion dong in FPT.
For the entire month of July, the VN-Index lost over 124 points, representing a 6,68% decrease. This marks the second consecutive month of market decline. The correction trend this month was more pronounced, as the overall index only saw a slight 0,19% decrease in June.
In its pre-market bulletin this morning, Beta Securities (BSI) noted the potential for increased short-term profit-taking pressure, given that many stocks had seen strong recoveries from their lows. Additionally, the psychological factor of week-end and month-end trading often leads to more cautious capital flows. The VN-Index had approached a critical resistance zone in the previous session, making volatility anticipated.
"Investors should limit capital allocation to stocks that have seen rapid increases, prioritizing phased investments in fundamentally strong companies trading at attractive valuations or with sufficiently large safety margins", BSI recommended.
Tat Dat
