The Ho Chi Minh City stock exchange's benchmark index had accumulated over 60 points in the previous three sessions, leading many analysts to anticipate a close above 1,800 points today. Domestic investor sentiment, buoyed by FTSE Russell's semi-annual review and a return of foreign capital, was the primary driver for this optimistic outlook.
The index indeed surged by nearly 25 points at one point, reaching a one and a half month high. However, widespread selling pressure emerged after the midday break, narrowing the gains.
The VN-Index closed at 1,791 points, up nearly three points from its reference level, extending its upward trend to four consecutive sessions. Despite this, the index missed the important psychological mark and could not confirm a market trend reversal from sideways movement to an uptrend.
Vingroup shares significantly influenced the VN-Index, rising nearly 3% to VND 220,000 and contributing 10 points to the overall index.
This performance led to a "green on the outside, red on the inside" situation, where the index rose, but declining stocks significantly outnumbered gainers. On the Ho Chi Minh City stock exchange, 222 stocks closed below their reference levels, nearly three times the number of advancing shares. The VN30 basket showed similar divergence, with 19 declining stocks and nine advancing ones.
In the banking sector, several stocks, including TPB, ACB, HDB, KLB, MSB, and VBB, fell by more than 1%. Conversely, only a few representatives like SSB, LPB, VCB, and VPB saw gains.
Most securities stocks also closed below their reference levels. VIX and VCI were among the few that bucked the trend, rising 2.2% and 1.4% respectively.
Steel, oil and gas, fertilizer, and construction stocks all traded in the red, though selling pressure on individual shares was not excessive.
The most positive sign today was a surge in liquidity, increasing by VND 2,000 billion compared to earlier this week, reaching nearly VND 21,400 billion. This marked the highest trading volume in one month. VIC and VIX recorded trading values in the trillions of VND, far surpassing other stocks.
Foreign investors extended their net buying streak to three consecutive sessions. They disbursed over VND 2,200 billion while selling less than VND 2,000 billion. Capital flowed into VIX, SHB, and VIC, with net buying volumes ranging from several million to tens of millions of shares.
According to analysts at SSI Securities Company, while changes to the FTSE Global Equity Index Series officially take effect from 21/9, foreign funds' portfolio restructuring activities may occur during the rebalancing phase rather than solely concentrating on the ATC session on 18/9. Consequently, the foreign net buying streak could continue for several upcoming sessions.
By Phuong Dong
