Although the VN-Index only slightly increased by 3.24 points (+0.25%) by the end of this morning’s session, it remained above the reference line throughout, indicating a positive overall trend. This can be attributed to the influx of buying power, with investors willing to purchase at higher price points. Blue-chip stocks are leading the way in terms of both index gains and liquidity, accounting for over half of the market.
The trading dynamics continue to exhibit frequent fluctuations, and this morning was no exception. The VN-Index reached a high of 4.8 points above the reference line and a low of just over 1 point. Thus, the range was relatively narrow, and the breadth of the market was positive, with 192 stocks advancing and 136 declining, indicating a predominantly bullish sentiment.
This development is a positive sign, considering the previous sessions’ volatility, which included dips below the reference line. Currently, buyers are comfortable with higher price levels, and selling pressure has diminished, resulting in a stable market. At the end of the morning session, the VN-Index showed a positive breadth, with 218 gainers and 134 losers, and the advancing stocks accounted for 67% of the total floor volume.
The blue-chip VN30 index is leading the way in terms of point gains, with a 0.41% increase, while the Midcap and Smallcap indices rose by 0.34% and 0.36%, respectively. Out of the blue-chip basket, 16 stocks advanced, while 11 declined, and their matched orders accounted for approximately 55.7% of the total matched volume on the HoSE. Excluding MWG, which fell by 1.53%, SSI, which dropped by 0.91%, and HDB, which decreased by 0.92%, all other blue-chip stocks with liquidity exceeding 100 billion VND in the VN30 basket rose in price. Additionally, 9 out of the top 10 stocks contributing the most to the VN-Index gains were from this basket.
However, in terms of margin, the VN30 group contributed only four stocks to the group of 58 stocks that rose by more than 1% on the HoSE floor. These included ACB, which rose by 1.96%, HPG by 1.96%, VHM by 1.56%, and MSN by 1.33%. The majority of the high-margin stocks were from the mid-cap and small-cap groups, although they had a minimal impact on the index due to their smaller market capitalization. Notable mentions include DBC, which rose by 1.88% with a matched volume of 221.6 billion VND; VTP, which increased by 6.41% with a matched volume of 186.3 billion VND; KBC, up by 1.99% with a matched volume of 121.4 billion VND; and HAH, which gained 1.45% with a matched volume of 113.3 billion VND. Other stocks, such as QCG, SGR, CTR, BMC, SZC, DPG, and KSB, also witnessed significant price increases of over 2%, albeit with smaller trading volumes.
At present, the upward momentum of the VN-Index is not significant enough to incite a highly enthusiastic market sentiment. While the index does not fully capture the dynamics of individual stocks, a strong upward movement of the VN-Index often boosts investor confidence. This morning, the decline of heavyweight stocks like VCB by 0.55%, BID by 0.1%, GAS by 0.28%, and VNM by 0.44% hindered the index’s gains. Additionally, CTG, TCB, and VPB, which are major bank stocks, lacked robust upward momentum.
Nevertheless, the selling pressure has substantially diminished, especially as investors are reluctant to sell at lower price points. This dynamic facilitates price stability for individual stocks. While the VN-Index ended the session with 134 stocks in the red, the majority of these declines were minor, with only 39 stocks falling by more than 1%. Moreover, the liquidity of this group accounted for less than 10% of the market, with MWG’s matched volume of 540.3 billion VND contributing significantly to this figure as its price dropped by 1.53%.
The total matched volume on the two exchanges this morning decreased by over 12% compared to yesterday morning, reaching 7,155 billion VND. The HoSE exchange witnessed an 8% drop in trading volume, amounting to 6,745 billion VND. Given the subdued enthusiasm, investors are content with buying near the reference line, and the decline in liquidity suggests that both buyers and sellers remain cautious. Sellers are no longer inclined to offload their holdings at low prices following the recent market fluctuations, while buyers are hesitant to push prices significantly higher.
Foreign investors are also showing improved participation, with their net buying value on the HoSE increasing by 60% compared to yesterday morning, reaching 751.8 billion VND. Their net selling value also rose by approximately 30%, amounting to 829.4 billion VND, resulting in a slight net sell-off of 77.6 billion VND. Notable net sell-offs included MWG (-123.7 billion VND), STB (-48.2 billion VND), HDB (-47.6 billion VND), SSI (-44 billion VND), VPB (-32.2 billion VND), CTG (-28.3 billion VND), and PVD (-23.6 billion VND). On the buying side, prominent stocks included HPG (+111.7 billion VND), TCB (+82.3 billion VND), DBC (+42.8 billion VND), and VTP (+20.2 billion VND).
