The market witnessed a downward slide during this morning’s session, but selling pressure has not yet overwhelmed the market. Matching volume on the HoSE decreased by 10% compared to the previous session, reaching only 4,843 billion VND, with the main impact coming from the blue-chip group.
The VN-Index started the day on a positive note, reaching a high of 1258.05 points, a gain of 7.6 points from the reference level. However, by the end of the session, the gain narrowed to 1.74 points (+0.14%). The VN30-Index, on the other hand, lost 1.81 points (-0.14%).
Initially, all 30 blue-chip stocks were in the green, but as the session progressed, 15 of them turned red, leaving only 10 in positive territory. News of approved capital increase plans pushed VCB up by 1.93% just minutes after the market opened. This led a group of bank stocks to trade in the green. However, the situation quickly changed, and even VCB couldn’t hold on to its gains, ending the session with a more modest increase of 1.07%. Aside from VCB, only three other bank stocks in the VN30 basket managed to stay in positive territory: CTG, up 0.28%; HDB, up 0.39%; and TPB, up 0.31%. These stocks also pulled back considerably from their intraday highs. In fact, out of the 27 bank stocks across all exchanges, only five managed to post gains, with LPB being the standout performer, up 3.1%.
This price retreat was a common theme, as none of the VN30 stocks could maintain their highest levels, with eight of them falling by more than 1%. FPT, which had just hit a historical high last weekend, climbed another 1.88% in the morning session but quickly gave up those gains, ending the day up only 0.07% in a session that didn’t include dividend rights. POW also started the day on a positive note after the amended Power Law was passed last weekend, rising as much as 1.61% before giving back all its gains to close unchanged. The VN30 basket’s trading volume was quite low in the morning session, reaching only 2,186.9 billion VND, an 11% decrease from the previous morning’s session, indicating a lack of buying pressure. In fact, just two stocks, FPT and HPG, accounted for 38.8% of the basket’s total volume.
Expanding our view to the entire HoSE, we observed a similar price retreat in 80% of the stocks that were traded on the exchange. Only about 30 stocks managed to post gains and hold on to their highest levels, equivalent to approximately 9.2% of the exchange. At 9:30 am, the VN-Index recorded 215 gainers and 65 losers, but by the end of the session, those numbers had shifted to 151 gainers and 183 losers. This indicates that a significant number of stocks underwent a color change in terms of price movement. These two statistics are quite consistent with each other and also explain the VN-Index’s downward slide, which was accompanied by appropriate price adjustments in individual stocks.
On a positive note, similar to previous corrective sessions that narrowed the upward range, not many stocks experienced large declines or faced significant selling pressure. Specifically, out of the 183 losers in the VN-Index, only 46 stocks fell by more than 1%, and only six of them had a trading volume exceeding 10 billion VND. In fact, those 46 stocks accounted for only 4% of the total matching volume on the HoSE. The stocks that stood out from the general trend were KDH, with a volume of 38.5 billion VND and a price decline of 1.36%; HAG, with a volume of 32.9 billion VND and a price drop of 1.67%; GMD, with a volume of 26.8 billion VND and a price decrease of 1.08%; TLG, with a volume of 26.3 billion VND and a price fall of 2.98%; NLG, with a volume of 16.9 billion VND and a price slip of 1.3%; and CSM, with a volume of 12.1 billion VND and a price decline of 2.19%.
Stocks with large enough trading volumes to ensure reliable price movements mostly saw only minor declines, and the number of gainers even outnumbered the losers. For example, out of the 25 stocks on the HoSE with trading volumes above 50 billion VND, 10 were in the red, and none of them fell by more than 1%. The weakest performer, PDR, fell by only 0.94%, while DXG declined by 0.86%.
On the other hand, the group of gainers, despite being fewer in number overall (the breadth remained tilted towards the downside), saw better concentration of trading volume, with more stocks experiencing active trading. Specifically, out of the 151 gainers, 53 stocks rose by more than 1%, accounting for 20.7% of the exchange’s trading volume. The group of industrial and infrastructure real estate stocks is currently experiencing impressive gains: VCG rose by 3.45% with a matching volume of 111.3 billion VND; HHV climbed by 4.11% with a volume of 66.2 billion VND; DIG increased by 1.48% with a volume of 63.8 billion VND; CTD went up by 1.98% with a volume of 53.2 billion VND; KBC advanced by 1.44% with a volume of 49.5 billion VND; SZC rose by 2.58% with a volume of 49.4 billion VND; and CII gained 2.84% with a volume of 42.7 billion VND…
In a rather surprising turn of events, foreign investors turned to net selling in FPT, offloading approximately 74.8 billion VND worth of shares. They also flipped to net selling on the HoSE, with a net sell value of 294.7 billion VND. The total sell-off value surged to 1,084.9 billion VND, the highest in seven sessions. In addition to FPT, they net sold VRE (-43.4 billion VND), STB (-33.9 billion VND), HPG (-33.9 billion VND), and KDH (-32.2 billion VND). On the buying side, they net bought PNJ (+46.4 billion VND), LPB (+32.9 billion VND), and CTG (+22.3 billion VND).
The VN-Index ended the morning session slightly higher by 1.74 points, managing to hold above the 1250-point level. This can be seen as a strong signal, but it’s clear that selling pressure is building up around the 1260-point region. However, sellers are not aggressively unloading their positions, as evidenced by the very low trading volume and the narrow price range of the stocks.
