The Ho Chi Minh City Stock Exchange's benchmark index repeatedly swung between gains and losses, never straying more than 5 points from the reference point. Towards the end of the session, the selling pressure widened the fluctuation range.
The index closed near 1,671 points, down almost 10 points from the reference point. This marks the second consecutive correction session amidst a lack of supporting information and investor caution as the Federal Reserve (Fed) interest rate decision and the FTSE market upgrade review loom.
The Ho Chi Minh City Stock Exchange was awash in red today, with over 200 declining stocks, nearly double the number of advancing stocks. Large-cap stocks followed a similar trend, with 19 closing below the reference point, while 10 gained.
The banking sector faced strong selling pressure, with several leading stocks falling sharply. BID lost 2.5%, while VPB, CTG, VIB, MBB, and TCB fell between 1.7% and 2.2%. LPB and STB were among the few gainers in this sector, although their gains were relatively modest.
In the securities sector, all constituent stocks closed in the red. VIX led the decline, falling nearly 4%, followed by VND, which lost 2.9%. SSI briefly traded in positive territory before reversing course to close down over 2.4%.
The fertilizer sector also experienced heavy selling. DPM and DCM, two pillars of the group, lost 2.2% and 0.9%, respectively.
Meanwhile, the real estate sector was sharply divided. Some mid-cap stocks like NVL, NLG, and KDH fell between 1.3% and 2.5%, while smaller-cap stocks like HQC, QCG, LDG, and SCR surged. Vingroup stocks also showed positive momentum, largely preventing a deeper correction for the VN-Index.
Compared to yesterday's session, positive signals were scarce. Liquidity decreased significantly by about 9,000 billion VND, down to 32,500 billion VND. HPG led in trading value with over 3,685 billion VND, exceeding the combined value of the next two most actively traded stocks, FPT (2,125 billion VND) and SSI (1,553 billion VND).
After a buying spree yesterday, foreign investors returned to net selling. They invested nearly 3,100 billion VND while withdrawing over 3,220 billion VND. VPB was the focal point of foreign selling, with approximately 3 million shares sold, followed by SSI, DXG, and VND.
According to several securities firms, despite the VN-Index decline, the short-term market trend is not overly negative. Accumulation may occur before the Fed's interest rate announcement and the two ETF restructuring sessions at the end of this week. This state will only conclude and establish a new trend if the index surpasses the resistance level of 1,690 points or breaks below 1,650 points.
Phuong Dong
