After two days of losses totaling over 70 points for the VN-Index, analysts expressed concern that the Ho Chi Minh City Stock Exchange's benchmark index would continue its downward trend. This prediction held true for the morning session, with the index fluctuating between gains and losses. The 1,610-point mark proved to be a crucial support level, as buying pressure emerged each time the index approached this threshold, narrowing the decline.
Investor caution eased after the lunch break. The index traded mostly in positive territory and saw a sharp upturn during the closing auction (ATC). The VN-Index finished the day at 1,637 points, up almost 13 points from the reference price.
Despite the upward movement, the number of advancing and declining stocks was not significantly different, with 168 gainers and 130 losers. Two Vingroup stocks were among the top contributors to the VN-Index’s gains. VIC rose 3.4% to 129,200 VND, while VHM added 1.4% to surpass 100,000 VND.
Bank stocks attracted investment and regained momentum. VPB climbed 3.8% to 32,400 VND, while HDB, SHB, EIB, TCB, and MSB all reversed earlier losses to finish higher.
Similarly, the securities sector showed positive signs after a sharp correction. VIX rebounded from earlier losses to close up 6%, while SSI and VCI both gained around 4.5%. Smaller-cap stocks like HCM, VND, and ORS edged up 1-3%.
Trading volume on the Ho Chi Minh City Stock Exchange reached 1.12 billion shares, equivalent to 31,640 billion VND. This represents a decrease of 22,000 billion VND compared to the previous session and marks a two-month low, reflecting investor caution following the market's recent correction.
Only six stocks on the Ho Chi Minh City Stock Exchange reached a trading value of one trillion VND, significantly fewer than the 15-20 seen in previous sessions. Investment concentrated on leading stocks in the steel, securities, and banking sectors. HPG led in trading value with 2,100 billion VND, followed by SSI, VPB, VIX, SHB, and TCB.
After aggressive buying earlier in the week, foreign investors returned to net selling. They offloaded over 870 billion VND worth of shares, primarily in HPG, SSI, MBB, and VND.
According to analysts, the VN-Index is experiencing high volatility, as evidenced by the wide daily trading ranges, often exceeding 100 points. Given the market's instability and continued short-term risks, investors are advised to hold off on new purchases.
Phuong Dong
