Liquidity on the two exchanges this morning decreased by over 14% compared to yesterday morning, settling at VND 4,294 billion. However, trading shifted to a tug-of-war rather than a downward slide. Foreign investors were a bright spot as they continued to buy for the second consecutive day, amid expectations of an upcoming Fed rate cut and a rapid decline in exchange rates.
The VN-Index mostly traded above the reference level but experienced two brief red adjustments. The first dip occurred around 9:40 am, with 117 gainers and 171 losers. The second red bottom was at 10:58 am, with a market breadth of 137 gainers and 213 losers. At the morning session close, the VN-Index edged up 1.08 points (0.09%) with 146 gainers and 197 losers.
Stocks have rebounded significantly, and the market has entered a tug-of-war state with extremely low liquidity and a very narrow trading range. This temporary equilibrium reflects a balance between supply and demand, as both buyers and sellers have reduced their intensity and mostly remained on the sidelines. This is understandable given the upcoming important events in the next two sessions, including the Fed’s interest rate decision, derivatives expiration, and fund restructuring.
The market’s equilibrium also indicates a lack of momentum at this stage. On the positive side, there isn’t significant selling pressure, especially after yesterday’s sharp decline. However, there also hasn’t been anything particularly enticing to attract capital inflows, and investors may still be concerned about the potential for the current corrective phase to extend.
The VN30 blue-chip group performed well this morning, with some standout performers. VHM, the fourth-largest market cap stock, gained 2.16% and contributed almost a full point to the VN-Index due to its large capitalization. Additionally, among the top 10 caps, FPT rose 0.84%, VIC increased by 0.59%, HPG climbed 0.2%, and VNM inched up 0.14%. On the downside, BID fell 0.31%, CTG declined by 0.87%, and GAS dipped 0.28%—these were the most notable losers among the large-cap stocks. The VN30-Index ended the morning session slightly higher, up 0.23% with 13 gainers and 8 losers.
With the blue-chip group maintaining a balanced state, the market remained relatively calm. Midcaps edged up 0.08%, while small caps declined 0.26%. Although the market breadth showed a higher number of declining stocks, there were few significant losers. Out of the 197 stocks in the red, only 56 fell by more than 1%, and this group had minimal trading volume. The six stocks that traded over VND 10 billion were NVL, which dropped 3.13% with a matching value of VND 188.7 billion; TCH, which fell 1.15% with a matching value of VND 30.3 billion; PLX, down 1.22% with a matching value of VND 28.5 billion; NTL, declining 1.45% with a volume of VND 17.8 billion; VGC, down 1.19% with a volume of VND 17.2 billion; and TCD, falling 5% with a volume of VND 11 billion. These 56 stocks accounted for only 9.5% of the total trading value on the HoSE.
Similarly, on the upside, most stocks fluctuated within a narrow range. Among the 146 gainers, 35 rose by more than 1%, including IMP, SBT, VHM, DPG, FTS, PDR, VRE, BAF, and DXG, which saw decent trading volumes.
The market’s equilibrium is largely dependent on investors’ wait-and-see attitude. This sentiment is likely to persist until the end of the week, after which trading volume could recover more noticeably.
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