Large-cap stocks plunged further in the afternoon session, dragging down the VN-Index, with many other stocks following suit. Today’s top losers were all blue-chips, while mid- and small-cap stocks showed some resilience, although there weren’t many notable gainers.
In the VN30 basket, 21 out of 30 stocks declined in the afternoon, with only 6 stocks improving from the morning session. VIC had a terrible afternoon, falling 1.54% from its morning closing price and turning red (-1.19%) compared to the reference price. VIB and SHB were the weakest bank stocks in the afternoon, with VIB dropping 2.15% and SHB falling 1.42% from their respective reference prices. POW, MSN, TCB, GVR, and BID also underperformed.
The VN30-Index, which was up 0.05% in the morning, closed down 0.31% with a narrower breadth of 4 gainers to 19 losers (compared to 14 gainers and 12 losers in the morning). Seven stocks in this basket fell by more than 1%, including two of the top 10 by market capitalization: BID and VIC.
In the morning, the resilience of the blue-chip group helped keep the VN-Index hovering around the reference price, with most stocks trading in a narrow range. However, their weakness in the afternoon significantly weighed on the market. The VN-Index’s breadth at the close showed 136 gainers to 207 losers (compared to 145 gainers and 179 losers in the morning). Moreover, 72 stocks fell by more than 1%. Stocks with high trading volume included MSN, which fell 1.66% with a volume of VND789 billion; VIB, down 1.35% with a volume of VND335.6 billion; EIB, down 2.57% with a volume of VND220.4 billion; DGC, down 1.27% with a volume of VND198.1 billion; HAG, down 3.79% with a volume of VND131.7 billion; VIX, down 1.33% with a volume of VND127.6 billion; and SHB, down 1.42% with a volume of VND126.7 billion.
In contrast to the blue-chips, mid- and small-cap stocks showed better price resilience. Out of the 136 stocks that went against the trend today, only 4 were from the VN30 basket, with VPB being the best performer, up only 0.5%. The VNSmallcap index was the only one in the green, although the gain was marginal at 0.03 points. Seventy-one stocks in this group advanced, with the Midcap group contributing 24. While the number was not insignificant, very few stocks saw strong buying interest. DXG, with a trading volume of VND508.5 billion, rose 2.15%; PDR, with a volume of VND268.3 billion, gained 1.41%; DIG, with a volume of VND204.6 billion, climbed 1.94%; and VTP, with a volume of VND197.8 billion, jumped 4.26%, were among the few standouts.
Smaller stocks like CTD, HAH, DBD, VDS, HAX, IJC, SCR, and DHC, which had trading volumes of tens to a few billion VND, also saw active trading. In fact, for small investors, a trading volume of a few billion VND is quite suitable, and stocks with lower liquidity tend to hold their prices better than those with higher trading volumes. In reality, the stocks with the best performance today were those with low trading volumes.
However, trading in small-cap, low-liquidity stocks does not represent the overall market sentiment. Even in sessions of across-the-board selling, there will always be some stocks that go against the trend. From a liquidity and investor perspective, very few participants would be interested in such small “crumbs.”
Foreign investors suddenly increased their selling in the afternoon, net selling an additional VND 301.1 billion on the HoSE. In the morning session, they had net sold VND 111.5 billion. This selling pressure, combined with the overall selling sentiment, pushed the trading volume on the HoSE up by more than 23% in the afternoon compared to the morning, reaching VND 6,865 billion. However, this was still a significant decrease compared to the previous afternoon’s volume (-22%).
Today’s session, despite weakening in the afternoon, could be considered a slight improvement from yesterday. The breadth was slightly better, stock price movements were narrower, and total market liquidity fell to a seven-session low of VND 13,000 billion in matched transactions on the two exchanges. The VN-Index lost 32.74 points this week (-2.5%) and officially entered the 1250x zone.
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