Today (20/2) is not an easy trading session for domestic stocks, with selling pressure, domestic and foreign capital outflow, and weakening bank stocks threatening the upward trend of the VN-Index.
At certain points, the main index fell below the reference level as VN30 stocks exerted downward pressure. The “red shell, green inside” situation occurred in the VN30 group, with 16 stocks declining. The VN30-Index increased mainly thanks to the contribution of Vingroup and the leading bank of this group, Vietcombank.
Vietcombank (VCB) led the market-leading group, closing up 1.2% at VND 91,300 per share. This is the sharpest increase recorded in the banking group. HDB followed with a 1.2% increase, while VIB, LPB, and BID saw slight gains. The rest of the banking stocks turned red, including OCB, SHB, VPB, EIB, CTG, ACB, MBB, and TPB. Foreign investors focused on selling off some bank stocks: STB, VPB, CTG.
The banking group’s trading is relatively differentiated.
Bank stocks were not performing well in the context of the market receiving information that the credit growth of many banks is negative compared to the end of 2023. At the conference on the morning of February 20, the State Bank of Vietnam announced that as of the end of January 2024, the credit of the entire system had decreased by 0.6%.
The weakness of the banking group and the lack of any emerging industry group in the market posed difficulties for the VN-Index. The upward trend was somewhat dependent on the “Vingroup family” of stocks. The increase in the three stocks’ amplitude narrowed compared to the previous session. VRE increased by 6%, VIC increased by 3.2%, and VHM increased by 1.3%.
The market returned to a differentiated state, with 245 stocks on HoSE gaining and 231 stocks declining. In that context, the securities group recorded strong trading. However, the contribution of this group to the VN-Index was not significant, as the increase of leading stocks in the industry was modest. VIX, SSI, and VND were favored by capital flow. These three securities companies were also present in the top high liquidity stocks, with VIX leading the whole market with a trading value of VND 909 billion and SSI ranking second with VND 642 billion.
The strength of the securities group occurred at a time when the market was paying much attention and expectation to the KRX system. Regarding the information at the opening ceremony of the new stock trading system in the spring of 2024, related to the new KRX trading system, Ms. Nguyen Thi Viet Ha, Chairwoman of HoSE, said that the project had completed the final user acceptance testing phase (FAT) and was considering the deployment of the system in the near future.
At the end of the trading session, the VN-Index rose 5.09 points (0.42%) to 1,230.06 points. The HNX-Index increased by 0.13 points (0.06%) to 233.5 points. The UPCoM-Index increased by 0.08 points (0.09%) to 90.53 points. Since the beginning of 2024, in just over 2 months, the VN-Index has increased by 100 points, equivalent to 8.86%.
Cautious money flow, decreased liquidity, fell below the VND trillion mark during the first week session. The value of HoSE orders reached nearly VND 19 trillion. Foreign investors bought a net of VND 170 billion, focusing on MSB, VIX, VHM, VRE…
