Trading activity came to a near halt during the morning session as liquidity on the two listed exchanges plummeted to a record low of 4.590 trillion VND since late October 2023. The reduced buying power caused a sea of red on the stock screens, with approximately 37% of stocks on the HoSE falling by more than 1% in value.

Investors seem to be increasingly cautious after the recent positive momentum, especially as today marks the derivatives expiry. The VN30 basket witnessed very narrow fluctuations, with the representative index having a maximum amplitude of only 0.48%. VN-Index also displayed a maximum oscillation of just 0.47%.

The indices are currently being “tugged” by a few large-cap stocks, resulting in minimal changes. VCB rose by 0.45%, BID increased by 0.21%, VHM climbed by 0.94%, VIC gained 0.37%, and VNM rose by 0.27%. These gains were counterbalanced by losses in GAS, which fell by 0.12%, FPT by 0.85%, HPG by 0.39%, TCB by 0.94%, GVR by 1.95%, and MSN by 1.05%. For the VN30-Index, the increase in HDB by 1.74% was offset by the decline in MWG by 1.65%.

This tug-of-war dynamic only benefited the indices, while individual stocks experienced more pronounced fluctuations and declines. The VN-Index closed the morning session with a loss of only 0.36%, equivalent to -4.46 points, and the VN30-Index decreased by 0.31%. However, there were 123 stocks that declined by more than 1%, representing 37% of the total number of codes traded on the HoSE. Although the extremely low liquidity indicated a lack of significant selling pressure, the adjustment range clearly demonstrated the weakness of buying power.

The money flow weakened very early, and throughout the morning session, the breadth of the VN-Index consistently showed dominance from the selling side. At 9:30 am, the HoSE had only 78 gainers and 185 losers. By 10:30 am, the numbers shifted to 84 gainers and 257 losers, and at the end of the morning session, there were 88 gainers and 285 losers. Thus, the number of stocks in the green remained almost unchanged, with the red side witnessing varying degrees of price contractions.

Currently, the liquidity of the group falling by more than 1% accounts for approximately 46.3% of the total matching value on the HoSE. The top 5 stocks in terms of liquidity in this group are MWG, which decreased by 1.65% with a matching value of 234.9 billion VND; DIG, which fell by 1.13% with a matching value of 206 billion VND; DGC, which dropped by 2.97% with a value of 151.4 billion VND; SSI, which declined by 1.43% with a value of 143.6 billion VND; and HSG, which decreased by 2.7% with a value of 107.1 billion VND.

Small and medium-cap stocks, which had the advantage of limited liquidity during the previous uptrend, are now facing the opposite impact. Due to the minuscule money flow and overwhelming selling pressure, the decline amplitude for many codes is significant. Notable examples include CSV, which fell by 5.96%; BFC, which decreased by 4.49%; NTL, which dropped by 3.43%; APH, which declined by 3.41%; SMC, which fell by 3.38%; TDC, which decreased by 3.31%; HNG, which dropped by 3.21%; and GEG, which fell by 3.1%. The Smallcap index closed the morning session with a decline of 0.92%, with 35 gainers and 116 losers. The Midcap index decreased by 0.82%, with 12 gainers and 54 losers. The VN30 index performed the best, falling by only 0.31% with 8 gainers and 16 losers.

VN-Index Intraday Chart

The stocks that went against the downward trend this morning were not only few in number (88 codes) but also rare in terms of positive money flow. HDB was the only blue-chip stock that stood out, increasing by 1.74% with a liquidity of 117.2 billion VND. Additionally, a few other stocks displayed positive performance, including HHV, which rose by 2.69% with a value of 52.6 billion VND; LCG, which increased by 1.92% with a value of 22.3 billion VND; and HDG, which climbed by 0.95% with a value of 49.9 billion VND. The rest had meager liquidity, with matching values ranging from a few hundred million to a few billion VND.

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