Following last week's correction, many analysts predicted the downward momentum would continue and the VN-Index could fall close to 1,600 points at the start of this week. While the index representing the TP HCM Stock Exchange did dip below the reference point at times, this wasn't the dominant trend. The VN-Index rose for most of the trading session before closing at 1,636 points, a 6-point gain.
Despite the VN-Index's rise, several negative market signals emerged. Today's liquidity was approximately 45,000 billion VND, a significant drop from the nearly 60,000 billion VND at the end of last week. This was the lowest trading value in the past 10 days.
Large-cap stocks accounted for less than half of the trading value. Cash flow concentrated on a few leading stocks such as SHB (1,980 billion VND), HPG (1,963 billion VND), and SSI (1,810 billion VND).
Foreign investors continued their selling streak for the eighth consecutive session. This group invested nearly 3,600 billion VND but sold over 5,540 billion VND. SHB became the focus of foreign divestment, with net selling volume approaching 14 million shares. VPB, VIX, MBB, SSI, and HCM followed on the list.
Nearly 200 stocks on the TP HCM exchange rose, with 21 hitting their ceiling. Most of the stocks that hit the ceiling were small-cap.
Steel was the most uniformly positive sector, with all component stocks closing above the reference point. NKG led with a 2.4% increase, while HPG, the leading stock, edged up 1.4% to 28,400 VND.
Most oil and gas stocks also closed in the green. BSR hit its ceiling for the second consecutive session, while the two pillars, PLX and GAS, gained 0.8% and 0.4%, respectively.
After a strong rally, bank stocks showed signs of significant divergence. Some large-cap stocks such as STB, MBB, VIB, CTG, and HDB reversed from gains to losses of 1-2%. Meanwhile, VPB and LPB maintained their momentum, accumulating about 3% more than the reference point. Other stocks like SHB, ACB, TCB, and VCB saw more modest gains, around 0.3-2%.
Securities stocks followed a similar pattern. VIX, VDS, and ORS rose while pillars like SSI, VCI, VND, and HCM all closed in the red.
The Vingroup group also moved in a less optimistic direction. VIC held the reference price of 118,200 VND, while three other stocks, VHM, VRE, and VPL, closed below the reference point.
In this week's strategy report, MB Securities' analysis team stated there are signs that the market is entering a re-accumulation phase to move up or create a fluctuation zone after the strong rally. While the index continued to rise, many stocks declined, with an average correction of 3-4%.
"This may be a period where the VN-Index doesn't fluctuate much, but portfolios suffer significant losses, meaning the index doesn't accurately reflect the performance of most stocks," the MBS analysis team said.
The team forecasts the VN-Index's support zone to range from 1,566-1,588 points, while the resistance level to establish a new peak is around 1,668-1,690 points. Investors are advised to limit buying stocks that have already increased significantly, instead focusing on those accumulating in steel, manufacturing, technology, and industrial park real estate.
Phuong Dong
