On Monday morning, the stock market faced widespread selling pressure, with more than 300 stocks trading below their reference prices. The index dropped 53 points at one point, breaching the 1,600-point mark and reaching its lowest level in 4 months. Buying demand emerged at lower price levels shortly after, helping the market gradually stabilize and reclaim an important psychological threshold. The VN-Index closed the morning session at 1,613 points, down 34 points from its reference level.
The VN-Index is undergoing a correction for three consecutive sessions, with a total decline of nearly 100 points. Most securities companies expect the market's short-term trend to remain bearish. However, a market bounce could emerge soon.
According to analysis from ACB Securities Company, the index has historically shown a strong recovery whenever it dropped to the MA200 (200-day moving average) over the past 10 years, with the exception of 4/2022. The firm advises investors to monitor the MA200 support level for trading decisions and emphasizes prioritizing account balance and avoiding high leverage when attempting to buy dips, given the prevailing downtrend.
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VN-Index and VN30 chart on 23/3 morning. Screenshot from VNDirect price board. |
The red dominated many sectors on Monday morning. Securities stocks faced the strongest selling pressure, with all shares declining. Key stocks such as SSI, VPX, VCK, VIX, and VND all lost over 4% from their reference prices.
Capital also withdrew from the banking sector. Most leading banking stocks like VCB, BID, CTG, VPB, and HDB traded below their reference prices, with common declines exceeding 2%.
The oil and gas sector was a rare group showing green. BSR and GAS rose 1.4% and 1% respectively, following continuous corrections last week. Meanwhile, some component stocks like OIL, POW, PLX, and PVD remained in the red.
Market liquidity this morning reached 13,500 billion dong, with large-cap stocks contributing more than half. Capital flowed into stocks undergoing strong corrections, such as SSI, SHB, MWG, MBB, VCB, and HDB.
In its weekly market strategy report, experts from Mirae Asset Securities (Vietnam) suggested that declining liquidity also indicates weakening selling pressure. Capital is expected to flow into sectors with clear profit growth prospects, based on business plans presented at upcoming annual shareholder meetings.
Foreign investors extended their net selling streak to the eighth consecutive session. The total net withdrawal during this period reached over 8,300 billion dong. On Monday morning alone, foreign investors focused on selling HDB, NVL, MWG, and KBC shares.
Phuong Dong
