The HoSE floor witnessed a significant decline in the VN-Index during the afternoon session, with the index falling below the reference point due to strong headwinds from the group of blue-chip stocks. However, bottom-fishing activities became more active at lower price levels, aiding the recovery of many stocks. The downside was that the liquidity was not well-spread, dragging today’s overall trading volume to a 14-session low.
Contrary to expectations of a better performance in the afternoon session, given the resilience in the last 30 minutes of the morning trade, selling pressure intensified soon after the lunch break. This pushed the VN-Index into negative territory just 40 minutes into the afternoon session. The breadth turned negative compared to the morning session, confirming that selling power was present in a large number of stocks and not just selective pressure on pillars. The index hit its intraday low at 2:20 pm, falling nearly 6 points before staging a mild recovery in the closing minutes. At the close, the VN-Index posted a slight loss of 0.67 points, achieving a balanced state, and the breadth was not overly skewed.
The index’s inability to reclaim the reference level was due to continued weakness in the largest pillar stocks. Among the top 10 stocks by market capitalization on the VN-Index, VCB fell 0.33%, BID declined 0.3%, VHM slipped 0.72%, GAS decreased by 0.55%, and VIC dropped by 0.37%. Only four stocks posted modest gains: CTG rose 0.56%, TCB increased by 0.42%, and HPG climbed 0.76%.
In reality, the pillars weren’t entirely lackluster, as the vast majority closed above their intraday lows, but the recovery margin was modest. Some stocks, such as VHM, HPG, and TCB, witnessed relatively high liquidity during the ATC session, but it wasn’t sufficient to significantly impact their prices. The index remains heavily reliant on the ability of this group of stocks to provide support. The difference of over 5 points between the VN-Index and its intraday low is within the typical fluctuation range.
However, the picture was more encouraging for individual stocks, with an increasing number of them finding a balance before the index. The breadth on the HoSE floor at the close showed 170 gainers and 202 losers, an improvement from 122 gainers and 255 losers when the index touched its intraday low. Notably, a significant number of stocks witnessed bottom-fishing activities, pushing their prices off their lows. According to HoSE data at the close, nearly 32% of stocks rebounded by 1% or more from their intraday lows, a much higher ratio than in the morning session. This was partly due to the deeper declines in the afternoon, which triggered more decisive bottom-fishing purchases.
The securities group stood out in the afternoon session, with a series of blue-chip stocks leading the charge: VCI surged 3.72%, FTS gained 2.26%, HCM rose 2.13%, VND increased by 2.05%, and SSI climbed 1%. These stocks witnessed a surprising surge in buying interest compared to intraday levels. VCI, for instance, saw millions of shares bought at the ATC session, and HCM also matched over one million shares during this period. Smaller securities firms posted even stronger gains: ORS rose 3.83%, CSI increased by 2.36%, DSC climbed 2.22%, and VDS gained 2.05%… In terms of liquidity, VCI, SSI, and HCM were among the top 10 most traded stocks on the HoSE floor.
Thanks to the afternoon plunge, liquidity on the two exchanges increased by nearly 47% compared to the morning session, reaching VND6,861 billion. Nonetheless, this figure is still modest compared to the two-week average, with afternoon trading sessions averaging over VND9,388 billion per day. This indicates that inflows remain limited, and investors are primarily bottom-fishing at lower price levels and adopting a wait-and-see approach, with only a small number of stocks attracting better liquidity and reversing the downtrend, such as the securities group.
On a positive note, the market witnessed improved differentiation towards the close, despite the index’s evident weakness. On the upside, out of 170 gainers, 64 stocks advanced by more than 1%, even outpacing the morning session (58 stocks) when the breadth was more favorable, and the index was still in positive territory. On the downside, among the 202 losers, 52 stocks fell by more than 1%, slightly higher than in the morning session (40 stocks). Several stocks faced intense selling pressure: VNM declined by 2.04% with a matching value of VND405.5 billion; MSN fell 1.06%, matching VND309.8 billion; HDB dropped 1.65% with a value of VND254.7 billion; GEX decreased by 1.42%, matching VND161.5 billion; and OCB fell 1.95% with a value of VND102.8 billion…
Foreign investors also ramped up their selling pressure in the afternoon, with total net sell value on HoSE reaching VND810.2 billion, double that of the morning session. The net sell value increased to VND214.6 billion, bringing the total net sell value for the session to VND337.7 billion. This was the second consecutive session of significant net selling by this group. Notable stocks on the net sell side included VPB (-VND93.7 billion), HDB (-VND87.8 billion), VCG (-VND41.4 billion), OCB (-VND32.3 billion), GEX (-VND31.1 billion), FPT (-VND24.5 billion), and PLX (-VND21.2 billion). On the net buy side, STB (+VND63.6 billion), TCB (+40.1 billion), MWG (+33.5 billion), EIB (+22.1 billion), and FRT (+21.7 billion) stood out.
