The VN-Index briefly rose to nearly 1,890 points this morning, approaching the psychological resistance level of 1,900 points. However, this positive momentum was short-lived due to selling pressure on several leading real estate stocks. The index reversed course, at one point dropping over 23 points from its reference level before narrowing its decline in the final half hour of trading.
This marked the second consecutive session the market closed in the red, pushing the index to its lowest level since the beginning of the month. According to several analysis groups, the correction is likely to continue in upcoming sessions due to a lack of supporting information. The VN-Index is predicted to potentially breach the 1,850-point mark, or even 1,800 points, before rebounding as bottom-fishing capital appears.
On the Ho Chi Minh City exchange today, over 170 stocks declined, while only 140 advanced. The large-cap basket also saw significant divergence, with 19 stocks closing below their reference prices and 11 advancing.
Vingroup-related stocks led the list of those with the most negative impact on the VN-Index. VHM dropped 4,2%, contributing to a loss of nearly six points for the index. VRE and VPL saw similar decline margins, while VIC fell 1%.
Selling pressure on Vingroup stocks spread to the broader real estate sector, causing most blue-chip stocks to sink into the red. KDH, NVL, SCR, NLG, and DIG all saw declines of 0,5-2% from their reference prices.
The oil and gas sector also faced heavy selling from domestic investors. PLX, GAS, and BSR each lost 1-1,5% and were among the stocks negatively affecting the overall index.
Conversely, banking stocks continued to attract capital, becoming an important support pillar for the market. Six stocks in this sector gained more than 2%, with OCB being the strongest performer, accumulating 5,7% to reach the 12,000 VND mark. Other large-cap banking stocks like CTG, HDB, SHB, and ACB saw more modest gains, ranging from 0,5-1,5%.
The most positive signal of the session was a significant improvement in liquidity, which rose from under 20,000 billion VND to over 24,000 billion VND, marking its highest level in a week. VHM led in trading value with nearly 1,100 billion VND, followed by ACB with over 1,000 billion VND.
Foreign investors extended their net selling streak to nine consecutive sessions. However, their trading trend gradually improved as withdrawal pressure decreased to approximately 800 billion VND, about one-fourth of last week's peak.
According to analysts at Vietcombank Securities Company, with capital continuing to anchor in large-cap stocks, investors should restructure their portfolios. Specifically, they recommend eliminating stocks not attracting capital and utilizing intra-session fluctuations to make exploratory disbursements into stocks with better-than-average liquidity.
Phuong Dong
