The market witnessed a downward slide during this morning’s session, but selling pressure has not yet been overwhelming. Matching volume on the HoSE fell 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 7.6-point gain. 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 turned red, leaving only 10 in positive territory. News of approved capital increase plans pushed VCB up by 1.93% shortly after the market opened. This led to a rally in banking stocks, with most trading in the green. However, this momentum was short-lived as a divergence emerged soon after. VCB itself gave up its gains gradually and ended the day with a more modest increase of 1.07%. Aside from VCB, only three other banking stocks in the VN30 basket remained 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. Out of the 27 banking stocks across all exchanges, only five managed to stay in the green, including LPB, which rose by 3.1%.
This price retreat was a common theme across the VN30 basket, with no stock managing to hold on to its intraday high. Eight stocks fell by more than 1%. FPT, which had just hit a historical high last week, climbed another 1.88% in the morning session but quickly gave up those gains, ending the day with a meager 0.07% increase on the ex-dividend date. POW, which had been buoyed by the passage of the amended Power Law over the weekend, rose as much as 1.61% but gave back all its gains to close unchanged. The morning trading volume for the VN30 basket was relatively low at 2,186.9 billion VND, an 11% decrease from the previous morning’s session, indicating a lack of buying momentum. Notably, just two stocks, FPT and HPG, accounted for 38.8% of the total trading volume for the basket.
Across the HoSE, a similar price retreat was observed in 80% of the stocks that traded during the session. Only about 30 stocks managed to stay in positive territory, representing approximately 9.2% of the exchange. At 9:30 am, the VN-Index showed 215 gainers and 65 losers, but by the end of the session, those numbers had shifted to 151 gainers and 183 losers. This indicates a significant number of stocks reversing their intraday gains. These two statistics are quite consistent and explain the VN-Index’s decline, 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 those had a trading volume exceeding 10 billion VND. In fact, those 46 stocks accounted for just 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 drop of 1.36%; HAG, with a volume of 32.9 billion VND and a price decline 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 reduction of 2.19%.
Stocks with sufficiently large 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 experienced a drop of 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 (as the breadth favored decliners), exhibited better concentration of trading volume, with many stocks experiencing more active trading. Specifically, out of the 151 gainers, 53 rose by more than 1%, accounting for 20.7% of the exchange’s trading volume. Stocks in the industrial real estate and infrastructure sectors were notable performers: VCG climbed 3.45% with a volume of 111.3 billion VND; HHV rose 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 gained 2.58% with a volume of 49.4 billion VND; and CII rose by 2.84% with a volume of 42.7 billion VND…
In a surprising turn of events, foreign investors turned net sellers of FPT, offloading approximately 74.8 billion VND worth of the stock. 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 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, holding above the 1250-point level, which can be considered a strong signal. However, it is evident that selling pressure is building in the 1260-point region. Nonetheless, sellers have not been aggressive, as indicated by the low trading volume and the narrow price range of the stocks.
Foreign Investors Net Buy for the 6th Straight Session, Heavily Buying FPT Shares
The market continues to rally despite uncertain cash flows, with today’s liquidity not exceptionally high as the three exchanges traded nearly VND 15,000 billion, including net foreign purchases of VND 359.7 billion, and matched transactions of VND 226.9 billion.
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The stock market soared this week, bolstered by a strong showing from foreign investors who bought net for several consecutive sessions.
The VN-Index Struggles Around the 1260-Point Mark, Selling Pressure Remains Weak
The market witnessed another downward slide in the morning session, with selling pressure mounting but not yet overwhelming. Trading liquidity on the HoSE fell by 10% from the previous session, reaching only VND 4,843 billion, and this decline was largely driven by the blue-chip group.
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“As the year draws to a close, the market is receiving a plethora of positive support, providing ample opportunities for the VN-Index to extend its upward trajectory,” MBS stated.
