Profit-taking pressures mounted this morning, with the market seeing more red than green. The VN-Index slipped below the reference level twice, almost breaking its seven-day winning streak, but some key stocks managed to provide support.
The index edged up slightly by 0.95 points (+0.07%) at the morning close, with 5 out of the 10 largest stocks by market capitalization on the VN-Index still in the green. FPT was the only stock that declined by 0.95%, while GVR fell by 0.92%. Unfortunately, FPT’s significant impact on the VN30-Index pulled it down by 0.04%.
The performance of individual stocks was notably worse than the VN-Index. When the index climbed to its intraday high, gaining nearly 4.3 points around 10:20 am, there were 204 gainers and 165 losers. However, by the end of the session, this ratio reversed, with 172 gainers and 233 losers. Although the magnitude of the declines was not significant, the price drops were noticeable.
On the HoSE, approximately 37% of stocks that traded this morning witnessed a minimum price drop of 1% from their peaks. Several stocks in the VN30 index also experienced sharp declines: GVR reversed by 1.7% from its intraday high, closing down 0.92%; TCB swung by 1.1%, ending down 0.64%; and POW swung by 1.3%, closing down 0.65%. Stocks that remained in positive territory, such as HPG (+0.69%), also trimmed their gains, with HPG slipping by approximately 1.02% from its peak, while VRE gave up 1.19%, narrowing its gain to 1.46%.
Many stocks faced intense selling pressure, evident by their wide price swings. DBC is a case in point, with a matching volume of VND 211.8 billion, but its price shifted from a 2.05% gain to a 0.82% loss. DBC tested its June high earlier today. CSM, MIG, TNH, VOS, DCM, and DPG, which performed well in recent sessions, also witnessed significant reversals, swinging from gains to losses.
This profit-taking phenomenon at higher price levels is not unusual, given the VN-Index’s seven consecutive gains and its return to previous peak levels. While there is a possibility of breaking new highs, there are no guarantees, and many speculative stocks have already delivered solid profits. Reducing stock exposure is a prudent risk management strategy for investors.
Selling pressure remained prevalent, with prices mostly in the green zone. This was partly due to the short duration of the price decline, which started around 10:30 am and didn’t have enough time to significantly impact the market. Prices need time to fall from their peaks, and by the end of the morning session, only 47 stocks on the HoSE had dropped more than 1% from their reference levels. Among these, only MWG and HAH had trading volumes exceeding VND 100 billion, while the rest had average to small volumes (9 stocks traded between VND 10 billion and VND 50 billion).
Total matched volume on the HoSE decreased by 25% compared to yesterday’s morning session, reaching VND 7,692 billion, the lowest since the beginning of the week. Including HNX, the total trading value decreased by over 24%, amounting to VND 8,291 billion. The decline in trading activity and the downward price movement reflect weak buying interest. On a positive note, the group that attracted the most significant capital inflows in the market remained predominantly green: out of 16 stocks on the HoSE with trading values exceeding VND 100 billion, only 5 were in the red, with MWG and HAH being the only stocks that declined by more than 1%.
Small-cap stocks also showed signs of weakening, although some still performed well. HAX, VTO, CSV, and VIP continued to hit their daily limit-up prices with robust trading volumes. NTL, TLH, CKG, LSS, BFC, CMG, AGG, HSG, EIB, and PLX all posted gains of over 2%.
Foreign investors maintained their high net selling intensity, with HoSE experiencing a further net outflow of VND 523.9 billion this morning. FPT, MWG, TCB, DBC, VNM, and HDB were among the most sold stocks, while MBB was the most notable net bought stock, with a net inflow of VND 104.3 billion.
