The VN-Index weakened significantly in the afternoon session, falling below the reference level due to strong headwinds from the blue-chip group. However, bottom-fishing activities became more active at lower price levels, helping many stocks to recover. The only downside was that the buying interest was not well-spread, dragging today’s liquidity to a 14-session low.
Contrary to expectations of a better performance in the afternoon session, selling pressure intensified after the midday break, pushing the VN-Index into negative territory just 40 minutes into the session. The breadth turned negative compared to the morning session, confirming that selling strength was broad-based and not solely focused on large caps. 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 end of the session, the VN-Index posted a slight loss of 0.67 points, indicating a balanced market with relatively even breadth.
The index’s failure to rebound above the reference level was mainly due to continued weakness in the largest caps. Among the top 10 stocks by market capitalization on the VN-Index, VCB fell 0.33%, BID declined 0.3%, VHM lost 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%.
While the large caps didn’t perform exceptionally well, most of them closed above their intraday lows, albeit with limited upside. Some stocks, such as VHM, HPG, and TCB, witnessed high liquidity during the ATC session, but it wasn’t sufficient to significantly impact their prices. The index remains heavily dependent on the ability of these large caps to provide support. The difference of more than 5 points between the VN-Index and its intraday low is within the typical range of fluctuations.
However, the picture for individual stocks is more positive, with many stocks finding a balance before the index. At the HoSE floor’s close, the breadth was 170 gainers and 202 losers, an improvement from the 122 gainers and 255 losers when the index hit its intraday low. Notably, a significant number of stocks witnessed bottom-fishing activities, with nearly 32% of HoSE-listed stocks rebounding by 1% or more from their intraday lows at the close. This improvement can be partly attributed to the deeper price declines in the afternoon session, which triggered more decisive bottom-fishing purchases.
The securities group stood out in the afternoon session, with blue chips 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 sudden surge in buying interest compared to the intraday period. VCI even saw millions of shares bought at the ATC session, with HCM also matching 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. However, this figure is still relatively small compared to the two-week average, with afternoon 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. Only a small number of stocks, such as the securities group, managed to attract better inflows and reverse their trends.
On a positive note, the market witnessed improved differentiation towards the end of the session, despite the index’s apparent weakness. Among the 170 gainers, 64 stocks rose more than 1%, outpacing the morning session’s 58 gainers, even though the breadth was more favorable then. On the losing side, out of the 202 losers, 52 stocks fell by more than 1%, slightly higher than the morning session’s 40. Some stocks faced intense selling pressure: VNM declined by 2.04% with a matching value of VND405.5 billion; MSN fell 1.06% with a matching value of VND309.8 billion; HDB dropped by 1.65% with a matching value of VND254.7 billion; GEX decreased by 1.42% with a matching value of VND161.5 billion; and OCB fell 1.95% with a matching value of VND102.8 billion…
Foreign investors also stepped up their selling in the afternoon, with net sell value on HoSE reaching VND810.2 billion, double that of the morning session. The net selling value increased to VND214.6 billion, bringing the total net selling value for the session to VND337.7 billion. This marks the second consecutive session of significant net selling by this group. Notable stocks sold by foreign investors include 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 buying side, notable stocks include STB (VND63.6 billion), TCB (VND40.1 billion), MWG (VND33.5 billion), EIB (VND22.1 billion), and FRT (VND21.7 billion).
