Only this morning, the HoSE floor matched over VND 26.3 trillion, a record high in the history of the market. The highest liquidity of the morning session was VND 23.1 trillion on January 12, 2021. Taking into account both floors, the matched trading volume reached nearly VND 28.9 trillion.
The VN-Index closed the morning session down 35.91 points, equivalent to -2.84%. The market did not immediately turn bad, for the first 45 minutes, the index still fluctuated narrowly around the reference level. By around 10:15 am, the decline was only slightly over 5 points. Suddenly, right after that, the market fell straight down under intense selling pressure. By 10:30 am, the index had dropped nearly 32 points.
Bottom-catching efforts only slowed down the market’s decline but could not change the trend. Bottom-catching money was very active, driving liquidity very high. However, selling pressure was even stronger, with most stocks stopping at or near their lowest levels of the session.
The breadth also clearly reflected the horror: the VN-Index only had 38 gainers out of 461 decliners. Of these, 205 stocks declined by over 2%, 60 others fell within the range of 1% to 2%. There were 9 floor stocks.
This unusual development is causing a lot of panic among investors looking for reasons, but the board clearly shows very determined selling actions. The strong price decline range, the VN-Index falling too quickly, and especially the record liquidity all indicate that there is definitely a phenomenon of selling at all costs. Because money is still waiting to catch the bottom and there is a lot of money, stocks have not fallen throughout the list.
Nevertheless, the losses this morning were very heavy. Except for a few real estate stocks that were still running in reverse, the majority of other stocks appeared with large declines and very high liquidity. DGC fell floor with a trading value of up to VND 1,244.3 billion. SSI decreased by 4.5% with VND 1,214.1 billion. HPG decreased by 2.99% with VND 1,047.4 billion. Securities stocks like VIX, VND, VCI declined by 4%-6% with liquidity of 600-800 billion…
The blue-chip group can only support the index in a very short time. VN30-Index even turned red earlier than VN-Index at the beginning of the session. At 10 am, VN-Index started to turn red, with a breadth of 166 gainers/240. It is obvious that the index is following the development in stock movements, thanks to some good blue-chips. The VN30 basket at that time even had 10 gainers. However, after that, this group was forced too much and the score fell faster due to the shocking decline of blue-chips. All 10 stocks making VN-Index lose nearly half of this morning’s score belong to the VN30 basket. The top ones were BID down 3.45%, CTG down 5.04%, GVR down 6.21%, TCB down 4.11%, HPG down 2.99%.
Among the 38 stocks running counter to the market this morning, some were quite impressive, attracting strong capital flows and maintaining good price ranges. The most prominent ones were DIG up 3.51% with liquidity of VND 1,663.7 billion; HQC up 3.33% with VND 122.4 billion; DPG up 3.23% with VND 149.3 billion; TCH up 2.63% with VND 383.8 billion; DXG up 0.82% with VND 466.1 billion. The remaining few smaller stocks with lower liquidity also traded strongly, such as DHG, TNT, ITC, SJS, SCR, EVG.
However, the above-mentioned counter-trend group does not represent anything, the chance for investors to hold the right stocks is very small in the overall context of the deep morning market decline. The total value of gainers on the HoSE only accounted for about 11% of this floor.
Foreign investors also continued to sell a lot, with a total sell-off on the HoSE floor reaching VND 2,017 billion, being the first morning session of over VND 2,000 billion since August 7, 2023 (selling of VND 3,332 billion but in which ACB had an internal deal of nearly VND 3,166 billion). The net selling was around VND 509.3 billion, and it was also the highest since the end of last December.
