Ahead of monday's trading session, most analysts anticipated a recovery for the Ho Chi Minh City Stock Exchange's benchmark index after the previous week's prolonged correction. However, positive momentum lasted only for the first few minutes. Selling pressure from large-cap stocks quickly spread, causing the index to reverse below its reference level.
The VN-Index at one point dropped nearly 40 points, while the VN30 lost approximately 50 points. Late-session low-price demand helped the index narrow its decline to 27 points, closing at 1,843 points. This fifth consecutive session of losses resulted in the VN-Index shedding a total of 53 points, breaking several key psychological thresholds.
The Ho Chi Minh City Stock Exchange was awash in red, with 264 declining stocks, more than three times the number of advancing shares. The large-cap basket also saw significant divergence, with 24 stocks closing below their reference prices. DGC, notably, lost its entire allowed range and closed with no buyers.
Stocks related to Vingroup Group negatively impacted the overall index. VIC fell 3,3%, dropping below 160,000 dong, contributing to a nearly 10-point loss for the index. VHM and VRE decreased by 2,9% and 4,3% respectively.
By sector, real estate faced the most intense selling pressure. Except for QCG, which defied the market trend with an approximate 2% gain, all other stocks closed below their reference prices. NVL led the declines, falling 5,2% to 11,850 dong. DXS, SCR, KDH, and DXG followed, each dropping 4-5%.
The securities sector performed similarly. VCI was the only stock to gain, while the rest were either in the red or held their reference prices. VIX experienced the most significant volatility, at one point hitting its floor price of 22,600 dong, before narrowing its decline to 6,4%. VND, ORS, VPX, and HCM followed with losses exceeding 3%.
In the banking sector, selling pressure concentrated on KLB, HDB, and EIB, all of which corrected by more than 4%. SHB, MBB, VPB, and TCB followed, each losing 2-3%. BID and VCB emerged as important market pillars, accumulating gains of 3,3% and 1,5% respectively, contributing nearly 5 points to the VN-Index.
The oil and gas sector was one of the few groups that moved against the market trend. GAS hit its ceiling price of 107,800 dong and closed with no sellers. PLX, PVT, and BSR all increased by 1-4%.
Despite the index's sharp decline, market liquidity slightly improved compared to the previous week's closing session, rising above 32,000 ty dong. The VN30 basket contributed nearly 17,000 ty dong to this total. VIX led the liquidity rankings with 1,460 ty dong, followed by SHB, FPT, STB, and VPB.
The most positive signal of the monday session was the return of foreign investors to net buying after four consecutive sessions of selling. This group disbursed over 4,000 ty dong, while their selling value was only about 3,900 ty dong.
According to analysts from Tien Phong Securities Company (TPS), the VN-Index has lost its MA10 and will likely find balance at the MA20 support zone around 1,840 points. Despite short-term correction pressure on the market, the mid-term trend remains positive, with potential to reach the 2,000-point mark.
"Technical corrections can be seen as accumulation opportunities when key support levels are maintained," a TPS expert stated.
Phuong Dong
