The Ho Chi Minh City Stock Exchange's benchmark index struggled today, hovering around the 1,720-point support level. According to forecasts from several securities companies, losing this critical threshold could expose the market to broad and significant correctional pressure, potentially pushing the index down to 1,670 points.
After fluctuating between gains and losses, the VN-Index closed at 1,719 points. The index dropped nearly two points from its reference level, extending its downward trend to five consecutive sessions.
"The market remains in a correctional phase that began in August and has yet to show signs of reversal," stated the analysis team at Tien Phong Securities Company.
VIC and VHM both advanced, providing important support for the VN-Index by contributing nearly five points. Conversely, concentrated selling pressure on mid-cap and small-cap stocks led to a significant disparity in market breadth. The Ho Chi Minh City Stock Exchange recorded approximately 90 advancing stocks, while nearly 200 declined.
By sector, oil and gas stocks continued to face the strongest selling pressure. Key stocks in this group, including PLX, BSR, and GAS, all traded in the red, with declines ranging from 0,5% to 2%.
The real estate sector showed significant divergence. While Vingroup-related stocks saw positive movement, shares of major developers like Khang Dien, Nam Long, Phat Dat, Hoang Quan, and An Gia all declined. KOS, a stock of Kosy Joint Stock Company, extended its streak of hitting the floor price to 17 consecutive sessions, causing its market value to plummet from VND 30.000 to below VND 9.000.
In the banking sector, several large-cap stocks like HDB, TCB, and SHB posted gains, though their increases did not exceed 2,5%. Declining stocks included "Big4" names such as VCB, CTG, and BID. A notable exception was NVB of National Citizen Bank, which hit its 10% floor price limit on the Hanoi Stock Exchange today, dropping to VND 14.900 with over 1,2 million shares remaining for sale.
Market liquidity remained low, reaching only VND 13.200 billion. According to Thien Viet Securities Company, this reduced liquidity during the upgrade month indicates that investors remain cautious about domestic and international interest rate fluctuations.
HDB led in liquidity with VND 777 billion, followed by TCB, VIC, and MSN. PNJ shares also showed positive signals, experiencing strong buying interest that pushed their price up nearly 6% with over VND 250 billion in matched orders.
Foreign investors extended their net selling streak to the 15th session. This group disbursed approximately VND 1.600 billion while selling more than VND 2.000 billion.
Experts from Yuanta Vietnam Securities Company's analysis team noted that low liquidity implies less aggressive selling pressure, but buying demand has also not spread widely. This indicates a cautious market sentiment.
Investors are advised to take profits on positions that have risen since early August to secure performance. They should also consider disbursing funds into sectors with high profit potential in QIII, such as retail, rubber, and consumer goods, if market prices continue to decline.
Phuong Dong
