Domestic investors turned slightly cautious during this morning’s session, resulting in a 22% decrease in matching liquidity on the HoSE compared to yesterday morning. However, foreign investors unexpectedly showed strong enthusiasm, actively investing and setting a record-high net purchase of over 523 billion VND. The most purchased stocks were in the banking, real estate, and securities sectors.
The total investment value of foreign investors on the HoSE this morning reached 1,091.3 billion VND, with net purchases accounting for more than half, marking a record-high net buying session. This is particularly notable as the selling streak has persisted since February 2024. Looking at the weekly data, foreign investors have only net purchased in 4 out of 38 weeks so far this year, and there hasn’t been a consecutive net buying week. This could be the first time this capital flow clearly reverses its direction.
Financial (banking and securities) and real estate stocks were prioritized for purchases. TPB led with a net purchase of 102.2 billion VND, followed by HDB (+62.9 billion), VCB (+40.7 billion), STB (+38.6 billion), TCB (+22.2 billion), VCI (+22.3 billion), and SSI (+20 billion). In the real estate sector, VHM (+33.8 billion) and DXG (+30.8 billion) were net bought. This basket of stocks accounted for nearly 428.9 billion VND in net purchases, constituting the majority of this morning’s net capital. The total investment in this blue-chip basket was about 782 billion VND, representing 17% of the basket’s trading value.
Despite the strong foreign capital inflows, the blue-chip stocks didn’t show significant strength. In fact, the VN30 basket exhibited greater differentiation, with several large-cap stocks restraining the indices’ upward momentum. Among the top 10 stocks by market capitalization, BID decreased by 0.1%, FPT by 0.59%, CTG by 0.69%, HPG by 0.19%, and VPB by 0.26%. The remaining large-cap stocks saw modest gains: VCB increased by 0.86%, VHM by 0.23%, GAS by 0.68%, TCB by 0.84%, and VIC by 0.35%.
The VN30-Index ended the morning session with a slight gain of 0.26%. Aside from an early morning surge, the index mostly moved sideways for the rest of the morning, reflecting the cautious sentiment among blue-chip stocks. The breadth at the end of the session showed 19 gainers and 10 losers, but only 7 stocks rose by more than 1%, and most of them were non-VN-Index large-caps, such as TPB, HDB, SAB, and STB. Notably, VNM and GVR, which have relatively large market caps (just outside the Top 10), increased by 1.29% and 1.25%, respectively. The liquidity of this basket decreased by more than 17% compared to yesterday morning, reaching nearly 4,594 billion VND, but still accounted for 54.1% of the HoSE floor’s total matching value. This indicates that despite the overall decrease in liquidity, blue-chips continued to be favored.
The VN-Index is currently up by 0.26%, with a balanced breadth of 191 gainers and 170 losers. Buying momentum eased as stock prices gradually declined during the latter half of the morning session, accompanied by low liquidity. The index reached its intraday high at 9:54 am, up by 7.55 points, but has since retraced to a gain of 3.32 points. The breadth at the peak showed 260 gainers and 79 losers. Approximately 100 stocks have changed their intraday trend since then.
However, the selling pressure wasn’t significant, as a more intense sell-off would have resulted in higher liquidity and deeper price declines. So far, only 36 stocks on the HoSE have dropped by more than 1%, accounting for 2.4% of the floor’s value. PDR, with a 1.08% decline, had the largest liquidity of 66.9 billion VND. Only four other stocks in this group had liquidity above 10 billion VND: NAB, down 1.17%; PC1, down 1.02%; IJC, down 3.16%; and KDC, down 1.38%.
On the upside, 54 stocks rose by more than 1%, accounting for nearly 27% of the floor’s liquidity. Nine stocks in this group had liquidity exceeding 100 billion VND, led by STB with 473.4 billion VND, up 1.38%. As expected, banking stocks dominated this group, but we also saw strong performances from TCM (+2.45%), NVL (+2.19%), VNM (+1.29%), and HAH (+1.23%), all with significant trading volumes.
The slowdown in today’s upward momentum wasn’t solely due to investors offloading their holdings but also because buyers became more cautious. This dynamic often occurs after a market surge as investors become more risk-averse. The VN-Index is still testing the 1300-point peak, and the outcome remains uncertain.
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