Prior to today's trading session, most securities companies predicted a sideways market, fluctuating between 1,650 and 1,690 points, due to investor caution following the long holiday. This prediction aligned with the actual market performance as the VN-Index swung back and forth between gains and losses, eventually closing less than 1 point below the reference point. This slight correction ended a 4-session winning streak but didn't alter the short-term upward trend.
The VN-Index closed in the red, but advancing stocks outnumbered declining ones, 212 to 110. Profit-taking in large-cap stocks was the primary reason for the index's retreat. Market pillars like VCB, VIC, MWG, and SSI all lost over 2% compared to the reference point.
By sector, securities faced the most significant selling pressure. In addition to SSI's 2% drop, leading stocks like HCM, VCI, and VIX also corrected by around 1%. AGR was an exception, rising to its ceiling price of 20,550 VND.
Meanwhile, many other sectors saw gains. In the real estate sector, only VIC, VHM, and VRE closed below the reference point, while others rose sharply. Several small-cap stocks like PDR, CII, DIG, and DSX hit their ceiling prices and ended the session with no sellers.
The oil and gas sector showed a similar trend. Except for GAS, which held its reference price, all other stocks advanced. BSR increased by 4% to 27,550 VND, placing it among the stocks that positively impacted the general index.
The steel sector also saw more gainers than losers. HSG and NKG closed at their ceiling prices, while HPG accumulated 2.4%, reaching 28,150 VND.
Cautious sentiment led to a nearly 15% drop in market liquidity compared to the last session of August, down to 37,300 billion VND. Cash flow wasn't evenly distributed but concentrated in a few leading stocks. HPG led in trading value with nearly 3,360 billion VND, followed by SSI with nearly 2,250 billion VND and SHB with over 1,800 billion VND.
Foreign investors continued their selling streak for the 4th consecutive session. This group disbursed approximately 3,100 billion VND while selling nearly 6,000 billion VND. HPG faced strong selling pressure from foreign investors, with a net selling volume of about 34 million shares, followed by SSI, VPB, and VIX.
According to experts at MB Securities, the VN-Index's upward momentum is slowing as it approaches 1,700 points. The market's short-term focus is on FTSE Russell's market upgrade decision in early October. In the coming sessions, the performance of the securities sector will be an early indicator of whether the market will be upgraded.
Investors are advised to focus on individual stocks rather than the VN-Index. Experts believe the "VN-Index is creating an illusion" because while the index is nearing a new record, some stocks are down 15-20% from their peaks.
Phuong Dong
