After a sharp correction earlier this week, analysts and investors alike were cautious. The Ho Chi Minh City Stock Exchange's benchmark index was expected to continue declining due to a lack of supportive news and new capital inflow.
However, the VN-Index traded above its reference point for most of the session, fluctuating within a narrow range and reversing direction frequently. Strong selling pressure in the final minutes briefly pushed the index down 7 points, but it quickly regained equilibrium, closing at 1,635 points, a gain of less than 1 point.
The number of advancing and declining stocks was relatively balanced, with 157 gainers and 153 losers. The large-cap stocks mirrored this trend, with 15 closing above their reference points and 11 below.
Bank stocks were the primary driver in halting the market's decline. Five of the top 10 contributors to the VN-Index's gains were banks: CTG, VPB, VCB, MBB, and STB. These stocks mostly rose between 0.8% and 1.4%. Conversely, SHB and HDB continued to face selling pressure, falling 1% and 2.3% respectively.
Securities stocks also rebounded, with VIX leading the way with a 2.1% increase. Other major players like SSI, VCI, VND, and HCM gained between 0.3% and 1%.
Real estate stocks were sharply divided. VIC, NVL, DXG, and SCR were among the gainers, though their increases were all below 1.5%. Meanwhile, QCG, HDG, CII, and NLG all fell by more than 3%.
Trading volume dropped to its lowest level since early July. The Ho Chi Minh City Stock Exchange saw 797 million shares traded, equivalent to 23,233 billion VND, about 12,000 billion VND lower than earlier this week. Only two stocks, SHB (2,446 billion VND) and FPT (1,801 billion VND), reached 1 trillion VND in trading value, while most others traded between 200 and 300 billion VND.
Foreign investors showed a positive sign by net buying 15 million shares. In terms of value, they still withdrew over 14 billion VND. However, this was significantly lower than the 1,500 to 3,000 billion VND sell-offs seen last week and earlier this week. Foreign investors heavily sold FPT, KDH, and VRE, while their capital primarily flowed into SHB, VIX, and TPB.
According to several securities firms, the market is in a short-term accumulation phase, so fluctuations within a narrow range are inevitable. Key supporting information, such as Q3 earnings results and market upgrade updates, will be crucial in determining the new trend. Investors are advised to maintain a stock allocation of 30% to 50% of their portfolio and be ready to buy when the market enters a recovery phase.
Phuong Dong
