Despite a recovery signal yesterday, analysts still lean towards a continued short-term downtrend. The VN-Index is predicted to soon break the psychological 1,800-point mark, then await positive information from the mid-year earnings season to rebound.
The 15/7 session aligned with this view, as the VN-Index failed to extend its gains due to widespread selling pressure. The benchmark index traded below its reference level all day, at one point losing over 30 points to 1,775 points. Before the close, the correction narrowed to about 25 points, ending the session at 1,782 points. This is the lowest price range since mid-April.
Red dominated the market with nearly 230 declining stocks, three times the number of rising stocks. In the large-cap basket, 25 stocks closed below their reference levels, while only ACB and VNM saw gains.
Vingroup-related stocks continued to negatively impact the VN-Index. VIC lost 1%, and VHM fell 3,4%, ranking as the top two contributors to the index's decline. Selling pressure from the Vingroup group spread to the real estate sector. Shares of many major developers like DIC Corp, CII, Novaland, Bluemard (formerly Dat Xanh), Phat Dat, Nam Long all fell sharply.
Similarly, in the banking group, declining stocks also dominated. Key stocks such as CTG, VPB, BID, TCB, MBB all lost more than 1% compared to their reference levels. VBB, a stock newly listed on the Ho Chi Minh City exchange yesterday, was a rare exception, rising nearly 5%.
Investors also withdrew capital from the securities group. VIX dropped more than 5%, while VCI, SSI, BSI, VND, VDS all adjusted down by more than 2%.
After a sudden increase, PNJ fell to its floor price of 43,650 VND and recorded a large volume of sell orders at the floor price. This stock faced aggressive selling pressure from foreign investors, with a net volume of about 2,5 million shares.
Cautious sentiment overshadowed domestic stocks, leading to a second consecutive session where liquidity was below 20,000 billion VND. Total matched order value today only reached 15,500 billion VND, with the VN30 basket contributed over half. FPT saw the strongest fluctuations, with nearly 1,500 billion VND traded, while its market price fell 5%.
Foreign investors continued to show unfavorable trading signals. This group withdrew nearly 1,000 billion VND from the market, focusing mostly on technology, securities, retail, and banking stocks.
Phuong Dong
