Ahead of today's trading session, many analyst groups predicted that the VN-Index's bullish momentum might soon cool down. This was due to potential profit-taking pressure as the index approached its historical peak of 1,927 points. Some even suggested the market could experience significant fluctuations and reverse its trend.
However, the actual market development was contrary, as the VN-Index remained in the green for most of the trading session. The benchmark index for the Ho Chi Minh City Stock Exchange (HoSE) briefly reached nearly 1,900 points before narrowing its gain to 9 points, closing at 1,878 points. The large-cap index saw an even stronger increase of 15 points, surpassing the psychological resistance level of 2,000 points.
Influenced by a few large-cap stocks, the HoSE experienced a situation often described as 'green on the outside, red on the inside', meaning the index rose, but most stocks declined. Despite the index's third consecutive daily gain, the number of declining stocks reached 174, outnumbering advancing stocks at 110.
Similar to yesterday, shares of Vingroup and LPBank continued to act as the main driving force, contributing over 7 points to the VN-Index. Excluding these groups, the index would have remained largely unchanged.
VIC shares reversed from a decline to gain 0,7%, reaching 230,500 VND. VHM and VRE performed better, accumulating gains of 2,3% and 1,7% respectively compared to their reference prices.
In the banking sector, LPB significantly outperformed, briefly hitting its ceiling price before narrowing its gain to 5,5%, closing the session at 55,500 VND. KLB, TCB, OCB, and ACB followed with gains ranging from 0,8-2%. Conversely, several bank stocks faced significant downward pressure, including BID, TPB, STB, VCB, with declines between 0,5-2%.
The securities sector showed strong divergence following news that MSCI had not yet included Vietnam on its watch list for market reclassification. Advancing stocks included ORS, TCX, VDS, BSI, while leading names like SSI, HCM, VIX, VND, and VCI were among the decliners.
In the real estate sector, LDG led gains with 6,1%. The stock briefly hit its ceiling price after the company announced that former chairman Nguyen Khanh Hung was nominated for re-election to the Board of Directors. Conversely, shares of developers such as Nam Long, Ha Do, Khai Hoan, and Phat Dat faced strong selling pressure, closing below their reference prices.
Liquidity on the HoSE significantly decreased to 18,200 billion VND, approximately 40% lower than the previous session. Cash flow was selectively allocated to VIC, VHM, LPB, and TCB. After one session of net buying, foreign investors returned to net selling over 600 billion VND.
Forecasting the short-term market trend, analysts from ACB Securities Company suggested that as the market enters the 1,880-1,890 point resistance zone, profit-taking pressure could intensify, leading to stronger market fluctuations.
Phuong Dong
