Short-term profit-taking pressure was not intense this morning, but cautious sentiment caused weak demand, especially for blue-chip stocks. The broad-based correction in this group caused the VN-Index to lose points continuously and close the morning session at the lowest price, while liquidity declined.
The VN30-Index is down 0.54% from the reference price, with only 8 stocks rising/19 falling. All 10 stocks that caused the VN-Index to lose the most points are in this basket. In the top 10 stocks by market capitalization, 7 declined, with the worst impacts being GAS, down 1.58%; HPG, down 1.55%; FPT, down 1.31%; and TCB, down 1.18%. The remaining 3 stocks were slightly positive: VCB rose 0.91%, VIC rose 0.74%, and VNM rose 0.41%.
After the last two quite good sessions, the actual profit-taking demand did not increase, but buyers became much more cautious. This morning, the HoSE matching liquidity decreased slightly by 3% compared to yesterday morning, reaching VND 5,390 billion, while the VN30 basket decreased by more than 4%. This change is not significant, but the decline occurred across the board, indicating a fairly consistent psychological factor. The VN-Index closed the morning session down 0.45% with 119 gainers and 254 losers.
The group of stocks moving against the market trend is still large, but they are mainly individually speculative stocks with low liquidity. Currently, there are 41 stocks on the HoSE that have increased by more than 1%, but only 2 codes have matching value of over VND 100 billion, namely PDR, up 1.71% with VND 167.3 billion, and DBC, up 1.62% with VND 154.6 billion. Stocks with average liquidity include CSV, up 6.16%; NHA, up 3.63%; NTL, up 2.41%; TCH, up 1.87%; and NAB, up 1.65%… Some stocks with sporadic liquidity were very strong, including RDP, QCG, SAV, APG, HCD, and TV2, but not many investors participated.
Currently, the market does not have really impressive money flow, so daily fluctuations change frequently. Basically, short-term speculative psychology still dominates because the current recovery pace is considered short-term, and the market has not definitely formed a bottom. Cautious money often waits for bottom-testing signals for confirmation before injecting more strongly.
The blue-chip group this morning was not under strong selling pressure, but 9 stocks fell by more than 1%. The effect of widening the downward range due to weak demand, but small liquidity. Only a few were actually sold overwhelmingly: HPG fell 1.55% with a liquidity of VND 267.4 billion; FPT fell 1.31% to VND 236.4 billion; MSN decreased by 1.6% to VND 166 billion; TCB decreased by 1.18% to VND 116 billion; and SSI decreased by 1.72% to VND 107.7 billion.
Expanding to the whole HoSE floor, the low liquidity effect seems to be widening the downward range more easily in the medium and small capitalization groups. The floor currently has up to 100 stocks falling by more than 1%, focusing on 42% of the floor’s total matching value. However, the vast majority have very small liquidity, with only one-third having transactions of VND 20 billion or more. GEG fell 6.38%, VDS 2.95%, VSC 2.37%, NGK 2.36%, POW 2.21%, VCI 2.18%, BSI 2.16%, VCG 2.15%, HSG 2.14%, GEX 2.09%, and FTS 2.05%… are codes affected by this effect. Many of the above codes have been in a rather impressive short-term uptrend, so profit-taking demand is more likely to appear.
Losing 5.49 points this morning, the VN-Index retreated to the 1,224.79-point threshold. This is not yet close to the psychological threshold of 1,220 points. Yesterday afternoon, the index once tested this threshold when it fell to 1,221.16 points. The up-and-down fluctuations in the session were still in a narrow range, and liquidity did not surge, indicating that the market is only reacting normally to short-term supply and demand at a certain point in time.
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