Following a strong selling session at VCB, the largest stock in the market yesterday, caution prevailed and there was no leading group to replace it. In the top 10 largest market cap stocks of VN-Index this morning, only two stocks, BID and VHM, had weak gains. The index depends on mid-cap stocks, so it can only move weakly.
VN-Index closed the morning session up 1.08 points or 0.09%. BID increased 0.57%, VHM increased 0.12% in the pillar group, unable to compensate for the 0.72% decrease in VCB. The strong three-session increase of the index this week is entirely dependent on the strength of VCB, so when VCB turns around in the past two sessions, VN-Index immediately slows down.
There is no other group of stocks or pillar that emerges to replace VCB, so mid-cap stocks are making efforts to replace it. FPT increased by 1.56%, PNJ increased by 5.31%, MWG increased by 1.52%, DGC increased by 2.32%, BSI increased by 6.99%, and VND increased by 2.65%, even entering the top 10 best-performing stocks in the morning session. Many of these stocks are not even in the VN30 list.
However, the index does not fully reflect the market situation, and trading is still active in many stocks. VN-Index dropped more than 4 points to hit its bottom around 10 am, with 169 gainers and 250 losers. By the end of the session, the breadth was much better, with 235 gainers and 201 losers. Clearly, there must be bottom-fishing money at work in order to reverse the price of many stocks like that. The total trading value on HoSE this morning decreased 20% compared to yesterday morning but still reached a high level of over 11 trillion VND.
HoSE has 63 stocks that increased by more than 1% with many highly liquid stocks. The securities group is prominent thanks to the gains of VND +2.65%, VIX +2.73%, SSI +1.08%, VCI +3.29%, HCM +2.15%, BSI +6.99% and the liquidity of these stocks is all over 10 billion VND. In fact, VND, VIX, and SSI are in the top 5 most liquid stocks, reaching 664.9 billion VND, 489 billion VND, and 479.8 billion VND respectively. The entire securities group has 29 stocks that increased by more than 1%, and only VFS is in the red.
In addition to securities stocks, there are other stocks that attract good money flow, such as DGW with 359.5 billion VND, an increase of 6.09%; GEX with 277.5 billion VND, an increase of 1.57%; DGC with 162.9 billion VND, an increase of 2.32%; HSG with 130.9 billion VND, an increase of 1.32%; PVD with 69.2 billion VND, an increase of 1.62%; VCG with 95.6 billion VND, an increase of 1.23%… In general, the group of stocks with price increases of more than 1% accounted for 51% of the total trading value on HoSE.
There are currently 40 declining stocks, but only 3 notable ones, namely TCB down 1.42% with a trading volume of 148.4 billion VND; ACB down 1.07% with 151.3 billion VND and TPB down 1.01% with 110.6 billion VND. The banking group is weak after VCB loses momentum: of the 27 stocks in this group, only 9 stocks increased. The strongest are the ones having little impact, such as BVB rising 5.5%, and KLB rising 1.67%.
VN-Index enters the second session of stalling right at the medium-term peak from September 2023, just when the leading pillar VCB took profits after a sharp and sudden increase. In fact, the index reaching this peak is also thanks to VCB, while other large-cap stocks are growing normally, even weakly. If VCB brings the index up, it can also have a reverse effect if there is no support from other large-cap stocks. The mid-cap group, although performing well, has never been the backbone of the index.
