The HoSE trading value in the afternoon session reached 8.5 trillion VND, a significant jump from the 5.5 trillion VND in the morning session. Selling pressure intensified while buying demand remained subdued, resulting in a broad-based decline across stocks. The VN-Index closed at the lowest point of the day.
Large-cap stocks in the VN30 index presented challenges for the market, with 24 out of 30 stocks trading in the red. Bank stocks led the decline, with VCB dragging the index down by more than 1.5 points. Other banking stocks, including VPB, TCB, SHB, MBB, STB, and CTG, also witnessed price drops.
The selling pressure from large-cap stocks spread quickly, negatively impacting the overall market. Out of the 320 stocks on HoSE, 320 traded lower, and most sectors faced corrective pressures. Real estate, construction, and materials sectors were engulfed in red.
Even the sectors that showed strength in the morning session faltered towards the end of the trading day, narrowing their gains as the broad market faced intense selling pressure.
Food stocks bucked the market trend.
Stocks in the livestock business, such as DBC and BAF, attracted buyers, with BAF touching its daily limit-up price at one point. However, by the end of the session, BAF trimmed its gains to 4.7%. Other food stocks like VNM and PAN, along with seafood stocks IDI, ANV, and VHC, managed to stay marginally above the reference price.
The market’s focus in recent sessions has been on VNZ, the stock of VNG Corporation. VNZ closed at its daily lower limit, with no buyers. The pressure on VNZ persisted, as today’s decline marked the third consecutive session of losses. The stock price fell to 334,500 VND per unit, bringing the “tech unicorn” VNG’s market capitalization below 10 trillion VND.
At the close, the VN-Index fell 12.5 points (0.99%) to 1,255.23 points. The HNX-Index decreased by 1.77 points (0.76%) to 231.69 points, while the UPCoM-Index dropped 0.64 points (0.69%) to 92.36 points.
Liquidity increased, with the HoSE matching value reaching nearly 14 trillion VND. Foreign investors continued to offload Vietnamese stocks, with net sell orders totaling 382 billion VND, focusing on MSN, FPT, VPB, and HPG.
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