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, finding a balance with a relatively even breadth.
The index’s failure to rebound above the reference level was due to continued weakness in the largest caps. Among the top 10 stocks by market cap 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 gained 0.76%.
In reality, the large caps weren’t performing that poorly, as the majority closed above their intraday lows, but the rebound magnitude was modest. 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 the large caps to provide support. The difference of more than 5 points between the VN-Index and its intraday low is within the typical fluctuation range.
However, the picture was more positive for individual stocks, with many finding a balance before the index. The breadth on the HoSE at the close showed 170 gainers and 202 losers, an improvement from 122 gainers and 255 losers when the index hit its intraday low. Notably, a significant number of stocks witnessed bottom-fishing activities, lifting their prices off their lows. According to HoSE data at the close, nearly 32% of stocks rebounded by 1% or more from their lows, a much higher proportion than in the morning session. This was partly due to the deeper declines in the afternoon, which triggered more decisive bottom-fishing purchases.
Securities stocks stood out in the afternoon session, with a group of 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 intra-session 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 gained 2.22%, and VDS climbed 2.05%… In terms of liquidity, VCI, SSI, and HCM were among the top 10 most traded stocks on the HoSE.
Thanks to the afternoon plunge, liquidity on the two exchanges rose nearly 47% from 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, with only a few stocks attracting better inflows and reversing the trend, such as securities stocks.
On a positive note, the market witnessed improved differentiation towards the end of the session, despite the index’s evident weakness. On the upside, out of 170 gainers, 64 stocks rose more than 1%, slightly higher than in the morning session (58 stocks) when the breadth was more favorable and the index was still in positive territory. On the downside, out of 202 losers, 52 stocks fell more than 1%, also slightly higher than in the morning session (40 stocks). Several stocks faced intense selling pressure: VNM declined 2.04% with a matching value of VND405.5 billion; MSN fell 1.06% with a matching value of VND309.8 billion; HDB dropped 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 increased their selling pressure in the afternoon, with net selling on the HoSE reaching VND810.2 billion, double the amount in the morning session. Net selling value rose to VND214.6 billion, bringing the total net selling for the session to VND337.7 billion. This was the second consecutive session of significant net selling by this group. Notable stocks sold by foreign investors 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 buying side, notable stocks included STB (VND63.6 billion), TCB (VND40.1 billion), MWG (VND33.5 billion), EIB (VND22.1 billion), and FRT (VND21.7 billion).
