The VN-Index traded below its reference point for the first few minutes of the session before reversing course. It then steadily widened its gains as capital flowed into bellwether stocks. The index closed near 1,858 points, up 33 points from its reference.
This performance defied predictions from most securities companies. Ahead of today's session, many firms anticipated the VN-Index would trade sideways and struggle to break the 1,845-point resistance level, citing cautious investor sentiment. Some analysts even forecast significant market volatility, with a potential retreat to the 1,800-point support mark.
Stocks linked to Vingroup heavily influenced market performance, collectively adding 33.5 points to the VN-Index. Without this group, the Ho Chi Minh City stock exchange's benchmark index would have stayed near its reference level. VIC and VHM both closed at their ceiling prices, with no sellers present. Both stocks recorded outstanding buy orders exceeding one million shares.
Largely due to the Vingroup group's influence, the Ho Chi Minh City stock exchange closed in a state often described as "green on the outside, red on the inside". This means the index rose, but the number of declining stocks outnumbered gainers. The market saw 180 stocks close below their reference prices, with three hitting their floor limits.
The real estate sector, excluding the Vingroup group, was largely in the red. Shares of developers like Quoc Cuong Gia Lai, Khang Dien, Nam Long, TTC Land, and Hoang Quan all declined by more than 1.5%. While a few real estate stocks saw gains, most did not exceed 1%.
Other sectors displayed strong divergence. In banking, LPB, BID, VPB, and CTG were among the gainers, while STB, ACB, OCB, and VCB fell by 0.5-1.5%. Securities, aviation, and steel stocks showed similar clear divisions.
The oil and gas sector was the sole group to show a synchronized increase, tracking global oil price movements. POW, PVD, and BSR all gained more than 1% compared to their reference prices.
Despite the index's movement, market liquidity plummeted. Matched order value dropped by 4,000 billion VND compared to last week, settling at 14,600 billion VND. VHM and VIC together contributed over 1,500 billion VND, securing the top two spots in liquidity rankings. Foreign investors extended their selling streak to five consecutive sessions, primarily divesting from FPT, VIX, and TCB.
The analysis team at MBS Securities Company advises investors to maintain a substantial cash position. This strategy would allow them to capitalize on opportunities to disburse funds when fundamentally strong sectors, such as securities, rubber, aviation, logistics, and power generation and distribution, become available at attractive discounted prices.
By Phuong Dong
