The Ho Chi Minh Stock Exchange (HoSE)'s VN-Index opened higher, briefly testing the 1,680-point level. However, selling pressure increased after the first 45 minutes of trading, pushing the market below the reference point and even below 1,660 points at one stage, largely due to declines in real estate stocks.
The VN-Index remained in negative territory in the early afternoon but gradually narrowed its losses. After about 30 minutes, the index rebounded, though not significantly. It closed at nearly 1,681 points, up more than 8 points from the previous day.
Selling pressure and market volatility made investors cautious. With a long holiday approaching, many chose to stay on the sidelines. Consequently, trading volume decreased by over 12,900 billion VND, settling above 34,400 billion VND. This marks the lowest volume since 22/7, over a month ago.
The market showed a low degree of consensus, with 177 gaining stocks and 137 losing stocks. VPB, TCB, SSI, MWG, and LPB contributed most positively to the VN-Index. Conversely, VIC (Vingroup) led the decliners, impacting the market negatively.
Securities stocks saw notable gains. Small and mid-cap stocks like DSE, ORS, APG, TCI, EVS, DSC, and TVB hit their ceiling prices. Larger stocks such as SSI, VIX, VND, SHS, and VCI also rose between 3.5% and 4.3%. However, MBS and EVF bucked the trend, both declining by 0.7%.
Following a previous sell-off, foreign investors continued to net sell, but the value decreased by 36% to about 2,574 billion VND on the HoSE. HPG saw net selling of over 591 billion VND, MSB nearly 422 billion VND, and MBB around 319 billion VND. Foreign investors also heavily sold STB, SSI, SHB, VPB, VHM, and OIL, while buying over 100 billion VND worth of GMD.
VPBank Securities (VPBankS) predicted that the VN-Index would fluctuate between 1,650 and 1,700 points to accumulate before any new developments. Investors are advised to consider buying during corrections, prioritizing stocks with strong cash flow. They should also consider taking profits on stocks that have risen rapidly, holding the remaining portion if the VN-Index doesn't breach short-term support levels.
Tat Dat
