Stock market trading was significantly subdued today. Except for the opening hour, liquidity on the Ho Chi Minh Stock Exchange (HoSE) consistently remained thousands of billion VND lower compared to the previous session. The total trading value for the day reached over 11,600 billion VND, a nearly 40% decline from yesterday, marking the lowest level in approximately one month.

Cash flow primarily concentrated on large-cap stocks. The VN30 basket accounted for over 61% of the total liquidity, while mid-cap and small-cap stocks saw minimal trading.

Investors monitor the stock market at a company in TP HCM. Photo: Thanh Tung

The significant drop in liquidity coincided with the VN-Index trading below its reference level throughout the day. The index lost the crucial psychological mark of 1,800 points within the first 30 minutes of opening. Subsequently, the market largely fluctuated below this price range. During the automatic matching session (ATC), the market saw a sharper correction, at one point falling below 1,780 points.

The VN-Index recovered slightly towards the end of the session, closing above 1,787 points, a decline of nearly 17 points from yesterday. Across the HoSE, 212 stocks decreased, double the number of advancing stocks.

Selling pressure was widespread, most notably in the oil and gas, chemicals, real estate, resources, and securities sectors. Two stocks from the "Vin" group, VIC and VHM, were the largest drag, collectively contributing nearly 7 points to the overall index decline. Vingroup and Vinhomes shares fell by 1.3% and 1.6% respectively today, with high liquidity.

Conversely, the VN-Index received support primarily from a few pillar stocks. VNM contributed over 1 point to the market, followed by STB, LPB, and MCH.

The market also noted PNJ stock. After two previous sessions of sharp declines, PNJ showed positive movements today. Its market price improved towards the end of trading, even hitting the ceiling price at one point. PNJ closed at 43,000 VND per share, up 5.1%.

The total trading value for PNJ reached over 310 billion VND, ranking 6th across the market. However, supply still dominated, with active sell orders accounting for over 49% of matched orders. Foreign investors continued net selling over 75 billion VND.

Beyond PNJ, foreign investors also heavily sold TCB, MBB, and VPB. The total net selling value today reached approximately 679 billion VND, marking the 5th consecutive session of net selling. However, foreign investors still net bought nearly 255 billion VND of VNM.

In its pre-market report this morning, VPBank Securities (VPX) stated that "bottom-fishing" demand emerged at a key support level during yesterday's session. The index closed near its session high with improved liquidity, reflecting a less pessimistic market sentiment. However, the short-term trend is not yet truly positive; the current upward movement leans towards a technical recovery and requires further confirmation sessions before a new uptrend can be expected.

According to VPX, investors should maintain a moderate stock allocation and prioritize observing the index's reaction around the 200-day moving average (MA200). The analysis team recommended considering increasing allocations only when the market shows additional upward sessions accompanied by high liquidity and clear leadership from key sectors.

Tat Dat