The VN30 basket’s liquidity this morning increased by more than 39% compared to yesterday morning, with a rather positive recovery momentum across the board. Support from large-cap stocks helped the VN-Index regain 3.8 points but it couldn’t escape the selling pressure that still existed. VIC unexpectedly had the strongest surge in the past 10 sessions and contributed nearly half of the index’s gain.
The VN30-Index ended the morning session up 0.5% while the VN-Index rose 0.31%, Midcap up 0.06% and Smallcap down 0.07%. After 3 sessions of profit-taking pressure, the VN30 group rebounded with higher liquidity, accounting for about 48.4% of the total trading volume on the HoSE, with 21 gainers and 6 losers.
The shift of cash flow to small-cap stocks seemed unsustainable, as after an impressive reversal session yesterday, liquidity in the small-cap group weakened quickly. There were 17 stocks on the HoSE with liquidity of over VND 100 billion, of which 10 were in the VN30 group. While the VN-Index rose 3.8 points, VIC increased by 4.11%, VNM by 1.52%, GVR by 1.56%, and VPB by 1.33%, contributing more than 3.2 points.
The most surprising trading activity this morning was VIC, which suddenly surged after news of new car model orders. Cash flow into VIC was quite positive, with more than 3.7 million shares matched in the morning session, equivalent to VND 176.7 billion, up 82% over the previous day. VIC has touched the 7-month peak. However, VIC also showed signs of strong short-term profit-taking as the price fell 2.6% from the intra-morning peak.
The price drop also occurred in most of the stocks in the VN30 basket, indicating that in the high liquidity this morning, there were profit-taking activities in this group. Except for HDB, MWG, and SSB, which maintained their intra-morning highs, all the rest weakened to varying degrees, with 17 stocks falling by more than 1% from their peaks.
Nevertheless, the recovery momentum in blue-chip stocks remained clear. The breadth remained positive, indicating support in many stocks. Only VJC and PLX were weak, with PLX falling 2.22% on the ex-dividend date. VJC decreased by 1.6%. The disadvantage was that the pillar group lacked the strength of stocks such as VCB, BID, HPG, CTG, GAS, TCB, and FPT, which were either in the red or rose insignificantly. Thus, except for VIC, the stocks in the Top 10 market capitalization of VN-Index were not really strong this morning, and the good increase came from medium-cap stocks such as VIB, HDB, and BCM.
The overall breadth of the HoSE this morning remained stable on the upside, with 211 gainers and 176 losers. This ratio also changed towards being less positive. Specifically, when the VN-Index peaked at around 10:00 am – up 1% equivalent to 12.3 points – there were 289 gainers and 104 losers. The change in breadth and the decline of the index were consistent with the weak performance of blue-chip stocks. Thus, the market is facing increasing profit-taking pressure in the green price zone. Statistics on the whole HoSE showed that about 47% of the traded stocks fell by at least 1% from the intra-morning peak, and more than half of them (55%) fell enough to drop below the reference level.
However, selling pressure has not yet completely dominated trading, as evidenced by the positive breadth on the upside and the small decline. Specifically, there were only 46 stocks on the floor that fell by more than 1% from the reference level, with liquidity accounting for less than 6% of the floor’s matching value. On the other hand, there were 50 stocks that rose by more than 1%, focusing on 20% of the floor’s liquidity. Notable large liquidity included VPB, VIC, SZC, VIB, KBC, VNM, GVR, and HDB.
Small-cap stocks were quite disappointing as liquidity was too low. The Smallcap basket currently has a trading value of more than VND 698 billion, equivalent to 11.2% of the floor. Stocks that increased strongly had very limited liquidity, such as DCL, CCL, SAM, ITD, CMG, LIX, and PHR, with liquidity ranging from a few billion to a few tens of billion VND.
