Of the 10 stocks that contributed the most to the VN-Index this morning, only ACB remained with a 0.74% increase. Out of the 27 bank stocks on the exchanges, only 6 stocks are in the green. The pillar group emerged with traditional stocks such as VIC, VHM, VNM, MSN, GAS… On the other hand, 9 out of 10 stocks caused the index to lose the most points are bank stocks.
The timely rotation of the pillar group in the morning session is the only driving force to sustain the VN-Index, despite the strong impact of some large bank stocks that is causing the index to hover. At the end of the morning session, the VN-Index only increased by 3.52 points, equivalent to +0.29%, with a fairly balanced breadth of 245 stocks up/204 stocks down.
The real estate group is currently the focus, not only with large-cap stocks emerging as pillars, but also with impressive capital flow concentration. The VNReal index on HoSE is currently up 1.62% with 33 stocks up and 4 stocks in this basket down. VIC is up 2.94%, VHM is up 1.31%, and VRE is up 2.27% as the strongest pillars. Regarding liquidity, DIG and NVL are leading the market.
Positive price movement in real estate stocks and strong capital inflows indicate that investors are rotating through the groups. Banks are being profit-taken and experiencing capital withdrawal, accounting for only 19.6% of the total trading value on HoSE this morning, compared to 32% yesterday morning, and about 30% for the whole day. BID is down 1.12% and is the stock that caused the VN-Index to lose the most points, in addition to MBB down 1.45%, CTG down 0.86%, HDB down 1.9%, TCB down 0.65%, STB down 1.12%, LPB down 1.37% as the next stocks.
Conversely, real estate stocks started from the bottom, with VIC and VHM dropping 0.12% and 1.0% respectively before picking up the pace. Stocks that received large capital early on include DIG with over VND 478 billion in liquidity, up 1.62%; NVL with VND 442 billion, up 1.43%; KBC with VND 189 billion, up 1.45%; DXG with VND 178.6 billion, up 1.34%… Smaller groups such as CRE, SCR, ASM, VPH, DXS, CEO, ITA, HDC, NTL… are also seeing strong increases.
Not only the real estate pillars like VIC, VHM, VRE, other traditional stocks are also noticeably stronger compared to banks: VNM up 2.51%, GAS up 1.19%, MSN up 1.54%. Another medium-cap stock, GVR, also made an impressive gain of 5.21%.
The VN-Index reached its peak this morning at 10:45am, increasing nearly 8 points (+0.64%) before being gradually pressured down by the bank stocks. The breadth at the peak recorded 275 stocks up/162 stocks down, then contracted, closing the session with 245 stocks up/204 stocks down. However, the strong-gaining group still had the advantage with 78 stocks closing above the reference by more than 1%, accounting for 35.2% of the total trading value on HoSE. On the downside, there were 40 stocks down by more than 1% and the trading value only accounted for 13% of the market. There were not many stocks being heavily sold off, with HAG being a typical example down 2.6% with VND 156.9 billion in liquidity; HDB down 1.9% with VND 99.8 billion; PC1 down 1.85% with VND 149.1 billion; MBB down 1.45% with VND 212.8 billion; STB down 1.12% with VND 357 billion; EIB down 1.05% with VND 138.7 billion… It can be said that the banking group still accounted for the majority of liquidity among the stocks with the largest decreases.
Currently, the impact of the banking group is making the VN30-Index very weak, up only 0.15%, with balanced breadth of 14 stocks up/14 stocks down. The reason is that the central bank stocks with a significant weight in this index such as MBB, HDB, STB are having more impact than in the VN-Index. Out of the top 10 stocks with the largest market capitalization, 5 are banking stocks, namely VCB, BID, CTG, VPB, and TCB. VCB is flat, while the rest are all in the red, so the ability to offset points is limited for the remaining pillars. GVR and MSN are at the bottom of the top 15 in terms of market capitalization, while VRE is ranked 25th.
