The VN-Index closed today's session near 1,803 points, down 27 points from its reference level and 100 points compared to early last week. The market is witnessing its longest correction since late December 2018, a period when the index hovered around the 900-point mark.
Selling pressure on stocks related to the Vingroup conglomerate continues to be the primary factor driving the market into negative territory. According to statistics from VNDirect Securities Company, four Vingroup-affiliated stocks alone accounted for a 24-point drop in the index.
VIC, the stock with the largest market capitalization, hit its floor price of 140,500 VND. VHM and VRE also faced intense selling pressure, at one point losing their full daily trading limits before narrowing their declines to 5,7%.
According to analysts at Vietcombank Securities Company (VCBS), the correction pressure on Vingroup stocks has impacted overall market sentiment. This is evident in the greater number of declining stocks compared to those gaining across the market.
Declines were particularly pronounced in the construction sector. VCG of Vinaconex extended its correction, falling to 19,450 VND. CTD, PHC, and HTN also closed below their reference prices.
Similarly, the banking sector saw numerous large-cap stocks decline, including ACB, HDB, VCB, BID, SHB, and VPB. While some representatives like STB, CTG, VIB, and MBB bucked the trend, their gains did not exceed 2%.
Oil and gas proved to be a crucial support for the market. GAS, PVD, PVT, and BSR all reversed course, closing above their reference prices with gains ranging from 2-4%. Many oil and gas stocks contributed positively to the VN-Index.
The real estate sector was predominantly positive. Stocks of developers such as NVL, NLG, DIG, KDH, and PDR showed promising signs, increasing by 1-5%.
The steel sector also experienced positive momentum. HPG rose by 1% to 26,700 VND, while mid-cap stocks like NKG and HSG accumulated an additional 2%.
Liquidity on the Ho Chi Minh City stock exchange reached nearly 34,000 billion VND, a significant improvement from over 25,000 billion VND in yesterday's session. VHM and VIC led the order matching rankings, achieving 1,612 billion VND and 1,423 billion VND, respectively. The other two stocks with trading values in the trillions were FPT and VIX.
In addition to the losing streak, the market also registered a negative signal from foreign investor activity. This group recorded net sales of 1,777 billion VND today, the highest in nearly two months. Selling pressure was most concentrated on banking stocks such as ACB, VCB, SHB, and VPB.
A VCBS expert stated that capital is currently circulating and seeking new opportunities. Therefore, they advise investors to remain calm, closely monitor the general index movements, and review their portfolios. They recommend gradually reducing the proportion of stocks facing strong selling pressure while maintaining holdings in those with stable upward trends.
"Furthermore, investors should follow capital flow movements and consider opening positions in stocks that perform better than the general market after correcting to strong support levels," the VCBS expert suggested.
Phuong Dong
