The Vietnamese stock market has just experienced a significant decline, with the VN-Index shedding 24.55 points (-1.96%) to reach 1,226.96 points, the lowest level in three months. The selling pressure intensified towards the end of the session, causing panic among investors who rushed to sell. Liquidity improved compared to previous sessions, with nearly 900 million shares traded on the HoSE exchange, and a value of almost VND 21,400 billion.
In terms of breadth, the number of declining stocks on the HoSE exchange reached 423, nine times the number of advancing stocks, including 34 stocks that hit their daily limit downs. Despite the sea of red, the market still witnessed a few stocks that swam against the tide, even hitting their daily limit ups.
Several stocks went against the downward trend and posted strong gains on August 1st
Topping the list of stocks that supported the market today was VCB of Vietcombank, which rose 1.68% to VND 90,700 per share. Liquidity at VCB unexpectedly increased to more than 4.8 million shares matched, with a trading value of VND 436 billion. With its efforts to maintain its upward momentum, VCB contributed to a 0.54-point increase in the index.
VCB stock turned positive after the recent news of its new chairman. Specifically, the Vietcombank Board of Directors elected Mr. Nguyen Thanh Tung, a member of the Board of Directors for the 2023-2028 term and also the General Director, as the new Chairman for the 2023-2028 term. The term will start from July 26, 2024, and continue until the end of the 2023-2028 term. Concurrently, Mr. Tung will no longer hold the position of General Director of Vietcombank.
In addition to VCB, several other banking stocks also posted gains, including SSH and NAB. Moreover, the blue-chip stock PNJ also traded positively, ending the session up nearly 1% to close at VND 97,800.
The HoSE exchange also witnessed several large-cap stocks from prominent companies, such as DBC, HBC, VSH, and PVD, trading in the green during the overall bearish market. Notably, stocks like TCR, NAF, HU1, GMC, and HVH saw strong gains, ranging from 4% to over 6.4%.
Apart from large-cap stocks, numerous mid-cap and small-cap stocks also broke out, closing at their daily limit ups. On the HNX exchange, stocks like VC6, DNC, KSV, PPP, SJE, and TPP surged to their daily limit ups.
Additionally, several stocks on the UPCoM exchange, including CID, PTX, CT6, and NSL, maintained their momentum by climbing to their daily limit ups, thereby cooling down the overall downward trend of the market. Among them, CHC of Cam Ha JSC stood out as it witnessed a 40% increase to VND 7,000 per share with just 100 matched shares. This stock had gone through a period of more than a month without any matched trades (from June 25) before surging to its daily limit up today.
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Foreign investors sell nearly 300 billion VND in the final trading session of the week, while strongly accumulating a real estate stock in the opposite direction.
In a fierce market session, foreign trading is a negative factor with net selling across all three exchanges.
