The VN-Index opened the week on an optimistic note, at one point gaining over 10 points to reach 1,843. However, this momentum was short-lived as selling pressure emerged across major banking and securities stocks, quickly spreading throughout the market.
The Ho Chi Minh City Stock Exchange's benchmark index reversed course by mid-morning, extending its losses into the afternoon session to close down nearly 19 points. This marked the third consecutive session of decline, pushing the index to its lowest point in over a month.
A sea of red dominated the Ho Chi Minh City exchange, with over 260 stocks declining, five times the number of gainers. The VN30 basket, representing large-cap stocks, also saw a significant disparity, with 22 declining stocks, nearly four times the number of advancing ones. Consequently, the VN30 index shed over 11 points, breaching the 2,000-point threshold.
The banking sector exerted the most downward pressure on both the VN-Index and VN30, with four of the 10 most negatively impacted stocks belonging to this group. BID led the declines, falling over 2% to 41,350 dong. VCB, MBB, and VPB followed, each dropping more than 1% from their reference prices. In terms of volatility, KLB and EIB experienced the sharpest adjustments, at times hitting their daily floor limits.
Selling pressure from the banking sector quickly spread to securities stocks. ORS and VIX also briefly hit their lower limits before recovering slightly to close down 4-5%, respectively. Major stocks in this group, including SSI, HCM, VCI, and TCX, all saw adjustments exceeding 2%.
Oil and gas stocks also plunged, with BSR, GAS, PLX, PVD, and PVT collectively falling 1.7-5% from their reference prices. Two of these stocks were among the 10 most detrimental to the overall index.
Investors also divested from real estate stocks. HDG hit its daily floor limit at 18,600 dong, closing with no buyers. Shares of other developers, including Khang Dien, CII, DIC Corp, Quoc Cuong Gia Lai, TTC Land, and Phat Dat, all experienced significant declines. VHM and NVL were among the few outliers, rising 1.6% and 4% respectively.
VIC, Vingroup's flagship stock, traded within a relatively narrow range, closing the session at its reference price of 220,300 dong.
Liquidity on the Ho Chi Minh City exchange surged amid intense selling pressure. The week's opening matching order value reached 22,430 billion dong, an increase of nearly 7,000 billion dong from the previous week's close. VHM was the sole stock to record a matching order value exceeding one trillion dong, followed by SHB, VIX, and FPT, each with approximately 800-900 billion dong.
Foreign investors intensified net selling pressure, disbursing approximately 1,500 billion dong while offloading over 4,300 billion dong worth of shares – the highest level in the past half month.
In its strategy report this week, the analysis team at MB Securities (MBS) projected that the market would continue to trade sideways to accumulate further. Capital flows are expected to seek opportunities in small and mid-cap stocks. MBS analysts stated that the current liquidity "trough" should not be viewed as a risk, but rather as a chance to restructure portfolios in anticipation of a new growth cycle in the second half of this year.
The MBS analysis team noted, "Excluding Vingroup, the market currently sits at 1,750 points. Many sectors are still 'struggling' below the 1,600-point threshold, presenting opportunities to accumulate assets at deeply discounted prices for the next three to six months."
Phuong Dong
