The market witnessed a brief rally today as the VN-Index surged past 1348.31 points, marking a gain of approximately 6.4 points and matching yesterday’s high. However, the ability of blue-chips to sustain their prices was disappointing, with the majority of the morning session characterized by a prolonged downward trend for the index.
At the end of the morning session, the VN-Index closed 2.9 points (-0.22%) lower than the reference point. While the breadth at the index’s second peak at 9:55 am indicated 166 gainers and 95 losers, this ratio deteriorated to 126 gainers and 160 losers by the session’s end. The VN30-Index, which had been up as much as 0.41%, ended up losing 0.32%, with only 8 gainers and 20 losers. These indices all concluded the session at their lowest levels.
The weakness among blue-chip stocks was evident, as they struggled to maintain their early gains or avoid deeper losses. VIC reached its peak about three minutes after the market opened, surging 2.06%, but it couldn’t hold on to these gains and ended up closing in negative territory. VHM declined by 1.32% from its peak and ended the session down 1.06%. CTG fell by 1.26%, BID by 0.96%, MSN by 1.1%, and MWG by 1.24%. Out of the 30 stocks in the VN30 basket, seven posted losses of more than 1%, with only two of them belonging to the top ten by market capitalization.
The lackluster performance of these leading stocks, which had already become apparent over the previous two sessions, suggests that the VN-Index’s peak was more of a technicality than a significant market event. Indeed, the shift in investor focus towards mid- and small-cap stocks, albeit partially, underscores their lack of enthusiasm for the index’s movement. However, many of these smaller stocks also began to falter today.
While the mid-cap index ended the morning session up 0.42%, it had weakened considerably from its earlier peak, where it had gained 1.25%. The small-cap index was down 0.3%. The overall breadth on the HoSE remained somewhat mixed, but most stocks struggled to maintain their elevated levels. Out of the 126 gainers, only 50 managed to rise more than 1%, and only 14 of them recorded liquidity above VND10 billion. In simpler terms, contrarian funds are becoming increasingly concentrated or are only able to provide support to a limited number of stocks.
The only two blue-chips among these were VRE, which rose 2.62%, and BCM, which gained 1.63%. The rest were mid-cap stocks: NVL, which climbed 5.75% with a liquidity of VND572.3 billion; GEX, which increased by 2.82% with VND524.4 billion; EIB, which jumped 5.29% with VND406.7 billion; PNJ, which rose 4.41% with VND125.1 billion; NLG, which gained 2.16% with VND115.1 billion; and PHR, which advanced 3.64% with VND45.6 billion. These stocks also witnessed notable declines during the session, with GEX retreating by up to 3.82% from its peak, PNJ by 2.24%, and PHR by 2.1%.
On the losing side, 55 stocks declined by more than 1%, but around 30 of them traded over VND10 billion. Blue-chips contributed seven of these losers, while mid- and small-cap stocks dominated the rest. Notable decliners included VSC, which fell 5.93%, DIG by 4.71%, HAH by 1.86%, HVN by 2.02%, DPG by 2.38%, GEE by 1.83%, and GMD by 1.64%. These stocks had performed well recently.
The most noteworthy aspect now is not the VN-Index’s peak or reversal, as these are influenced by the movements of the leading stocks. Instead, it’s the rapid profit-taking in speculative stocks after a strong influx of cash. This reflects a “sell early” mentality and a cautious approach to risk. The HoSE’s matched orders value this morning rose 6.2% from yesterday morning, while the VN30 basket’s liquidity decreased by 2%. This indicates increased selling pressure on mid- and small-cap stocks as their prices gradually declined.
Foreign investors are net selling on the HoSE to the tune of VND397 billion, but they are unloading the VN30 basket more aggressively, with net sales of over VND435 billion. This is because they are net buying a few stocks significantly, such as NVL (+VND154.8 billion), EIB (+VND57.9 billion), NLG (+VND46.3 billion), and PNJ (+VND31.8 billion). These stocks have impressively bucked the downward trend. In the VN30 basket, only VCB’s net buying of VND24.9 billion is notable. On the other hand, stocks with notable net selling include VHM (-VND97.6 billion), CTG (-VND71.3 billion), STB (-VND61 billion), GEX (-VND49.3 billion), MWG (-VND45.9 billion), HPG (-VND42 billion), VIC (-VND40.9 billion), and DPM (-VND34 billion).
Stock Market Blog: Hot Stocks Take a Tumble
A significant profit-taking event occurred in the mid and small-cap stock categories early today, intensifying as the day progressed. Although the VNI remained relatively stable, propped up by heavyweights like VIC, VHM, and GAS, limiting the decline, hundreds of stocks plummeted by over 1%, facing substantial selling pressure.
The Stock Market is ‘Riding High’ in its Strongest Performance of the Year
As of the market close on May 27th, the VN-Index soared to a year-to-date high, hovering just below the 1340-point mark. The real estate sector continued to be a magnet for investment, attracting a substantial influx of capital.
Market Pulse May 29: Rising Pressure, VN-Index Temporarily Loses its Green Tint
The market succumbed to mounting pressures and surrendered its green hue as the lunch break loomed.
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The VN-Index reached new heights today (May 28th), surpassing 1340 points. However, the market is highly polarized, and the benchmark’s upward trajectory is dependent on the Vingroup conglomerate’s performance.
Profits Pressure Mounts, Blue-Chip Stocks Keep Index in the Green
The market took a significant turn for the worse in the afternoon session as bottom-fishing stocks from the volatile May 26 session flowed into accounts. It wasn’t just the weakness in blue-chips that pushed the VN-Index below reference levels; the contraction in breadth also indicated a widespread decline in stock prices.
