The VN-Index traded below its reference level from the market open, hovering around 1,820 points. Near 10h, the benchmark index experienced a sharper decline, nearing 1,810 points, and remained in this range until early afternoon.
The market correction deepened from 14h. Before the close of the at-the-close (ATC) session, the HoSE benchmark index breached the important psychological level of 1,800 points. At its lowest, the market had fallen by over 37 points.
The VN-Index recovered slightly by the end of the session, closing above 1,795 points, marking a decline of over 34 points from yesterday. This represents the sharpest single-day correction in nearly a month.
Market sentiment was largely negative, with 278 stocks on the HoSE declining, six times the number of gainers. Apart from the oil and gas and insurance sectors, all other groups posted losses today, particularly securities, chemicals, technology, and retail.
Among individual stocks, VIC had the most significant impact on the market, accounting for over 7 points of the overall index's decline. Vingroup's stock dropped 1.8% today to 243,300 VND, leading the market in liquidity with over 1,047 billion VND traded.
Furthermore, VHM and GVR also contributed to the VN-Index's decline. The remaining stocks among the top 10 negative contributors were predominantly from the banking sector, including VCB, TCB, BID, CTG, VPB, and LPB.
Amidst the volatile trading session, liquidity surged by 25% to nearly 17,000 billion VND. This indicates that selling pressure has noticeably intensified compared to recent sessions.
Market sentiment faced additional pressure as foreign investors returned to net selling, offloading approximately 867 billion VND. STB, MBB, and VPB experienced the heaviest selling. Conversely, BSR was the only stock to see net buying exceeding 100 billion VND. It was also one of the few stocks in the VN30 basket that closed in positive territory today.
For the entire week, the VN-Index shed nearly 58 points, equivalent to over 3.1%. The prevailing trend in recent sessions shows that large-cap stocks significantly influence the index, with persistent selling pressure.
Vietcombank Securities (VCBS) previously noted that the VN-Index was in a phase of testing its momentum around the 1,830-1,850 point range. They also observed that capital flows continued to diverge significantly across different sectors, with some stocks beginning to show signs of recovery after a period of decline.
Consequently, VCBS advised investors to closely monitor market developments and maintain portfolio weighting for stocks that rebound at support levels. They also cautioned against "chasing" stocks that have already experienced significant gains.
Tat Dat
