The matched liquidity of the two listed floors this morning continued to “hit bottom” with only approximately 4,159 billion dong, down 12% from yesterday morning. For the first time in 12 months, HoSE witnessed a matched session of less than 4,000 billion dong. Stocks are still declining, but the adjustment range is very narrow, indicating that selling pressure is not the main reason.
VN-Index decreased and hit bottom at 9:50 am, losing about 7 points to 1,249.38. The sharpest decline in the current adjustment period occurred on September 11th, at 1,244.79 points. Thus, this is the second time this week that the index has tested the 1,250-point support level. By the end of the morning session, the VN-Index had rebounded to 1,252.04, down 4.31 points (-0.34%) from the reference level.
When the VN-Index hit bottom, the breadth was 87 gainers/195 losers. By the end of the HoSE session, there were 125 gainers and 207 losers. Throughout the morning session, the breadth was heavily skewed towards losers, but the adjustment range of stocks was not significant. Specifically, out of the 207 losers, only 44 stocks fell by more than 1%, while only 4 of them traded over 10 billion dong: VNM fell by 1.34% with a match of 154.2 billion dong; GAS fell by 1.97% with a match of 87 billion dong; PVD decreased by 1.14% with 47.4 billion dong; and FRT decreased by 1.01% with 19.6 billion dong. These 44 deeply declining stocks accounted for only 9.2% of the total HoSE trading volume.
Low liquidity and few deeply declining stocks imply that selling pressure did not create a significant impact. The main reason for the stock price decline was that buyers lowered their asking prices. A small portion of sellers accepted the lower prices, and trades were executed, but the resulting liquidity was minimal.
On the gaining side, there weren’t many strong performers either. Out of the 125 gainers, 42 stocks increased by more than 1%, with 11 of them having liquidity above 10 billion dong. Leading the gains were some securities stocks: HCM rose 2.25% with a match of 260.6 billion dong; SSI increased by 1.24% with a match of 196.2 billion dong; FTS rose 2.91% with 116.8 billion dong; and VIX increased by 1.33% with 66.6 billion dong. Many other securities stocks also rose but had lower liquidity, such as BVS up 2.3%, MBS up 2.24%, TCI up 1.91%, CTS up 1.58%, VFS up 1.54%, VDS up 1.47%, AGR up 1.42%, and BSI up 1.28%.
The rebound of securities stocks amid a significant decline in market liquidity was quite surprising. This group has also undergone a noticeable adjustment since mid-August and has reached strong technical support levels.
The vast majority of stocks are currently fluctuating within a very narrow range, with small liquidity. This is similar to yesterday’s performance, and the current price levels have not been confirmed by reliable liquidity. Bottom-fishing funds are also acting passively, waiting for prices, which is another factor contributing to the low liquidity. There are still substantial buy orders, but there is a lack of selling pressure.
The Stock Market Awaits Another Boost
Contrary to expectations of VN-Index surpassing 1,300 points with a slew of positive news, the stock market has been on a continuous downward trajectory since the 2nd of September holiday break.
