Today's stock market opened with positive trading, but selling pressure quickly mounted, pushing the index below its reference level. Overall, the VN-Index fluctuated between 1,710 and 1,720 points during the morning.

In the afternoon, the HoSE index fell close to the critical psychological mark of 1,700 points, with nearly three-quarters of stocks declining. However, the market soon saw a slight improvement, returning to similar fluctuations as the morning.

The VN-Index closed near 1,710 points, down almost 19 points from yesterday. Market consensus was high, with 205 declining stocks on the HoSE, significantly more than the 138 gainers. Despite this, eight stocks hit their daily ceiling limit, including several with hundreds of billions of VND in liquidity, such as VCG, DPM, and NVL.

This marks the third consecutive session that shares of Vietnam National Construction and Export-Import Joint Stock Corporation (Vinaconex) have hit their daily ceiling limit. VCG also joined the top 10 most positive contributors to the VN-Index. The stock closed at VND 22,750 per unit, up nearly 22% since the start of the week. Its total transaction value reached over VND 972 billion, ranking fifth across the market. However, active sellers accounted for nearly 63% of today's matched orders.

Previously, on 9/3, VCG hit its daily floor limit following news that Nguyen Huu Toi, former Chairman of the Board of Directors and Deputy General Director, and Duong Van Mau, Board Member and Deputy General Director, were temporarily detained by the Investigation Police Agency of the Ministry of Public Security. They were arrested for violations of bidding regulations causing exceptionally serious consequences. Toi is also under investigation for allegedly giving money to investors to facilitate winning bids.

Established in 1988 under the Ministry of Construction, Vinaconex is a long-standing construction and real estate enterprise in Vietnam. The company has participated in numerous large-scale infrastructure, industrial, and civil projects nationwide. In 2023, VCG, as a member of the Vietur Consortium, won the construction package for the Long Thanh Airport Passenger Terminal, valued at VND 35 trillion. The company also leads the consortium constructing the expansion project for Terminal 2 at Noi Bai International Airport.

Investors are monitoring the market price movements of Vinaconex's VCG shares. Photo: Tat Dat

While the stock market declined, a bright spot was the corresponding decrease in liquidity. Lower liquidity during a downturn indicates that selling pressure did not escalate excessively. The total trading value on the HoSE today reached nearly VND 27.2 trillion, a decrease of over VND 2.3 trillion compared to the previous session. This also represents the lowest figure in over two weeks.

After two sessions prioritizing accumulation, foreign investors returned to net selling, divesting approximately VND 209 billion. Selling pressure concentrated on FPT and other codes like VHM, TMS, BSR. Conversely, foreign investors continued net buying in MWG and VNM.

In its report before this morning's trading, VPBank Securities (VPX) suggested that selling pressure could be persistent in the short term as the index approaches resistance levels around 1,740-1,760 points. This is especially true as low-priced bottom-fishing shares began to return to accounts. Therefore, the market may experience strong fluctuations while testing this resistance zone.

Vietcombank Securities (VCBS) observed that cash flow is starting to positively rotate among leading sectors. Therefore, investors are advised to maintain their current portfolios and consider further disbursement into stocks that are attracting strong cash flow.

Tat Dat