The order-matching liquidity of the two exchanges this morning is even greater than the morning session on March 6, when the HoSE exchange “stuck” orders. However, the developments are the same: strong pressure pushes stocks to decline in a series, and the indices are higher.
The VN-Index closed the morning session down 11.23 points, equivalent to -0.89%. In the morning session on March 6, the closing index for the morning session dropped 6.15 points (-0.48%). The breadth this morning is also very poor with 88 stocks up and 380 stocks down, while on March 6, there were still 133 stocks up and 339 stocks down.
In simple terms, the pressure this morning is significantly greater than the first selling wave after the VN-Index surpassed the midterm peak from September 2023. The market does not have any special information, even yesterday there was still a relatively enthusiastic increase. Selling pressure suddenly appeared across the board early on. At 9:40, the breadth of the index was only 58 stocks up and 327 stocks down. Despite some fluctuations and efforts to recover in the remaining time, the breadth could not change significantly.
The blue-chip group, of course, led the downward pressure. The VN30-Index is also evaporating 1.4% with only 2 stocks increasing, BCM up 2.03% and GVR up 0.52%, while the remaining 26 stocks are down with 16 stocks down more than 1%. Leading stocks like MSN have collapsed, with this stock evaporating 1.86%. The banking group witnessed CTG down 2.65%, BID down 1.31%, TCB down 2.35%, VPB down 2.06%. HPG, one of the main supports for the index yesterday, is also evaporating 1.45% this morning.
On the HoSE exchange, there are currently 114 stocks down more than 1% with liquidity accounting for nearly 56% of the total trading value of the exchange. This is a very high concentration of capital into the deeply discounted group, showing that there is significant pressure. Hundreds of billion VND in liquidity has appeared in dozens of stocks, mostly in stocks with influence such as HPG, STB, MBB, MWG, CTG, TCB, MSN, VNM… The liquidity of the VN30 basket this morning increased 61% compared to the previous morning, reaching nearly VND 6,784 billion, higher than the extraordinary morning session on March 6 (VND 6,585 billion).
The trading value of the combined order-matching of the two listed exchanges also recorded a 36% increase compared to the previous morning, reaching VND 17,969 billion, higher than the morning session on March 6 (VND 15,846 billion). The HoSE exchange increased trading by 41% to VND 16,573 billion, higher than the session on March 6 with VND 15,594 billion.
It is clear that the market is still subject to a large selling pressure and the morning session on March 6 was the first signal. However, in the afternoon of March 6, the market did not trade continuously, so liquidity decreased. Today will be the session to confirm whether the selling pressure is strong enough to last and how much bottom-fishing demand there is. Of course, that is if the system does not “stuck” orders again.
In the group of 88 stocks moving against the VN-Index this morning, there are 38 stocks that increased by more than 1%. Many stocks also have high liquidity, indicating that there is still significant support: DGW increased by 3.79% with liquidity of VND 221.9 billion; KBC increased by 2.73% with liquidity of VND 412.6 billion; BCM increased by 2.03% with liquidity of VND 108 billion; PC1 increased by 1.96% with liquidity of VND 204.3 billion; VND increased by 1.7% with liquidity of VND 1,027.9 billion; DCM increased by 1.44% with liquidity of VND 216.1 billion are typical stocks. In addition, the low liquidity group such as SMC, SZC, IJC, HDG, BCG, DRC, CTS, AGR… also increased significantly.
Although there are still a few bright spots, the overall market this morning still shows overwhelming selling pressure. All stocks that have increased in price cannot maintain the highest level and have to fall with different ranges. The fact that the market has been maintaining for many days without any new supportive information shows that the money flow factor is playing a decisive role. When the money flow wants to withdraw, it will have a significant impact without any specific reason.
