The morning session saw profit-taking waves causing the VN-Index to sink into the red. Although the balance between support sectors did not help the market recover, it also helped maintain a narrow range. However, domestic investor selling was not significant, and the notable pressure came from foreign investors.
The market representative index ended the morning session slightly down by 0.52 points, equivalent to -0.04% compared to the reference, compared to a maximum decrease of -3.9 points at the bottom around 10:50 am, the fluctuation was relatively narrow.
This volatility is not much different from yesterday when there was still volatility among large-cap stocks. VCB reversed with a 0.88% decrease, which was the stock causing the most points lost on the VN-Index. The entire banking sector had only 6 out of 27 stocks increase in price, with only SHB increasing by 2.1%. The stocks in the Top 20 market capitalization all turned red except for TCB with a slight increase of 0.13%, BID remained unchanged, the others CTG, VPB, MBB, ACB, HDB decreased.
Conversely, the stocks that increased were only VNM with a 1.26% increase, MSN with a 1.32% increase, making a significant impact. VIC, VHM, GAS did not have the strength as in previous sessions, so the effectiveness of pushing up points was weaker. The replacement support group for the banking sector was only enough to gradually bring the VN-Index closer to the reference but not enough to break through.
However, a back-and-forth index is the work of the support group. The market seemed not to care much about such fluctuations. The evidence is that the breadth still maintains good differentiation with 208 up stocks and 229 down stocks. Looking at the money flow allocation, the increasing group still had a slight advantage with more than 51% of the total trading value on HoSE trading floor, while the decreasing group accounted for approximately 40%. In addition, money flow still significantly supported prices in many stocks, this whole market still had 78 stocks up more than 1% with a total trading volume contributing to 27% of the market value. In addition to blue-chips like SHB, VNM, MSN, notable stocks include PVD with a 3.51% increase and trading volume of VND 232 billion, PC1 with a 2.44% increase and a turnover of VND 181.5 billion, LCG with a 3.03% increase and VND 134.3 billion, BCG with a 2.47% increase and VND 76.3 billion…
Differentiation in the market is a positive state because if viewed from the VN-Index, the market is quite risky as it approaches the strong resistance level, which is the high of 2023. On the other hand, the rotation of support stocks is no longer clear, the strength in replacement stocks is fading, while the banking sector is still weak, which means the chance to sustain the VN-Index’s upward momentum is gradually decreasing. When stocks still maintain differentiation with many good performing stocks attracting money flow, it means that investors still see opportunities and concentrate their resources on them.
Foreign investors were strong profit-takers this morning with a net selling of VND 472 billion on HoSE. This is the largest capital withdrawal in the morning session since early December 2023. Specifically, stocks in the VN30 basket were net sold VND 381.5 billion. The stocks being sold were HPG with a net selling of VND 72.1 billion, MSN with VND 68.2 billion, MWG with VND 56.4 billion, VPB with VND 41.2 billion, STB with VND 39.6 billion, VNM with VND 21.6 billion. In addition, there were also VCG with VND 48.3 billion, EVF with VND 46.1 billion, GEX with VND 33.2 billion. On the buying side, there were only DGC with VND 27.5 billion, PVD with VND 28.8 billion.
The continuous volatility in the past 3 sessions reflects investors’ attempt to test the market peak. Currently, the VN-Index has had a 3-month upward trend with many stocks achieving a good profit margin. No continuous upward trend can last without a correction, especially when the market is nearing a strong resistance level that everyone can see.
