Following a strong rally at the start of the week, many securities companies predicted the market could extend its recovery and soon reach the 1,670-point resistance level. The Ho Chi Minh Stock Exchange's benchmark index indeed maintained positive territory for most of today's trading session. However, sudden selling pressure in the final minutes caused the index to quickly reverse course.
The VN-Index closed the session at 1,660 points, losing over 7 points from its reference level. The VN30, representing large-cap stocks, saw a similar decline. Market breadth heavily favored sellers, with 248 declining stocks, three times the number of advancing shares.
A few large-cap stocks acted as pillars of support, preventing a deeper fall for the VN-Index. According to statistics from VNDirect Securities Company, Vingroup's stock contributed the most to the overall index, adding over 3 points. Following in this list were Vietjet (VJC), Vinpearl (VPL), and HDBank (HDB). Conversely, key banking stocks such as VPB, VCB, BID, and TCB exerted the strongest downward pressure on the index.
Sector-wise, the securities industry faced the most significant selling pressure. Leading stocks like SSI, VCI, VIX, and VND all declined by over 2%.
The banking sector showed a similar trend, though with smaller declines, mostly fluctuating between 1-1,5%. HDB and LPB were two exceptions, moving against the market trend with gains of 2,3% and 0,9% respectively from their reference prices.
The real estate sector also experienced strong selling pressure from both domestic and foreign investors. With the exception of VIC and VPL, which saw gains, other stocks fell by 1-4%. Small-cap stocks such as SCR, HQC, and DIG faced the most significant correction pressure.
Heavy selling by investors pushed market liquidity up by nearly 10,000 ty VND compared to the start of the week's session, reaching approximately 27,000 ty VND. The market saw three stocks record turnover in the trillions of VND: SSI (1,765 ty VND), SHB (1,283 ty VND), and VIX (1,200 ty VND).
Foreign investors extended their net selling streak to three consecutive sessions. This group disbursed nearly 2,400 ty VND while selling over 2,700 ty VND. The focus of foreign investor sell-offs remained on leading stocks in the securities, real estate, and steel sectors, including SSI, VRE, HPG, VCI, and VND.
According to the analysis team at Yuanta Vietnam Securities Company, current developments indicate that the market has not yet concluded its narrow-range sideways phase. The index needs to break above the 1,670-point resistance level to confirm a clear uptrend.
Phuong Dong
