The market opened the first day of June with a significant drop in the VN30-Index, losing 0.99% due to declining large-cap stocks. The VN-Index was also heavily impacted by losses in VIC and VHM, falling by 0.62%. However, money continued to flow into mid-cap stocks.
The Midcap index rose 0.09% with 35 gainers and 26 losers, while the Smallcap index climbed 0.31% with 75 gainers and 76 losers. The overall breadth on the HoSE was slightly negative with 149 gainers and 155 losers. Even within the VN30 basket, there were 11 gainers and 17 losers.
The large-cap stocks seemed to be the main drag on the VN-Index and VN30-Index. VHM plunged 3.09%, its biggest drop in 12 sessions. VIC fell 3.56%, its steepest decline in 13 sessions. Two other VinGroup stocks also struggled: VPL dropped 1.69%, and VRE fell 3.45%. These four stocks alone wiped out 6.6 points from the VN-Index and 10.5 points from the VN30-Index (excluding VPL).
However, the decline in the VN-Index and VN30-Index this morning wasn’t solely due to the VinGroup stocks. Among the top 10 largest market caps, only TCB managed a slight gain of 0.33%, while GAS traded flat. BID, the fourth-largest market cap, fell 1.11%.
On the upside, 11 stocks in the VN30 basket posted gains, but most of them had modest increases. VJC stood out with a 2.99% gain, followed by PLX with an 1.88% rise. Unfortunately, these two stocks have relatively small market capitalizations.
Trading volume in the VN30 basket is shrinking, with today’s matched orders reaching only VND 4,332 billion, a 17% drop from the previous session. Foreign investors net sold about VND 324 billion in the basket, but their total selling value accounted for only 12.6% of the basket’s total trading value. Notable stocks that were net sold included HPG (-VND 94.3 billion), VIC (-VND 73.4 billion), STB (-VND 48.1 billion), FPT (-VND 45.8 billion), and VRE (-VND 40.7 billion).
Trading in the remaining stocks was somewhat mixed, but not entirely negative. While the money flow seemed insufficient to drive broad-based gains, it provided support to select stocks. Out of the 149 gainers, 78 stocks rose by more than 1%, and trading was concentrated in 35 stocks with liquidity above VND 10 billion. Notably, seven of these stocks had liquidity of over VND 100 billion: PDR (+6.43% with VND 400.1 billion), CII (+3.25% with VND 274.1 billion), VND (+1.59% with VND 255.6 billion), DIG (+6.83% with VND 182.4 billion), KDH (+3.4% with VND 137.7 billion), EVF (+3.38% with VND 131.5 billion), and TCH (+2.02%).
Real estate stocks dominated the list of top gainers, and their prices showed strength. Several other real estate stocks with lower liquidity also performed impressively, including NTL, KHG, SCR, HQC, DXS, and NHA. Despite the sharp decline in VinGroup stocks, real estate stocks continued to attract hot money. Overall, the sector’s liquidity increased by over 1% this morning, accounting for 27.2% of the matched orders value on the HoSE.
On the downside, 82 stocks fell by more than 1%, with trading concentrated in 28 stocks with liquidity above VND 10 billion. Seven stocks had liquidity of over VND 100 billion: MWG (-3.06%), VIC (-3.56%), TPB (-1.51%), VHM (-3.09%), PNJ (-5.58%), VRE (-3.45%), and NKG (-3.37%). This group of weakest stocks accounted for 24.6% of the HoSE’s liquidity.
The market appeared relatively balanced, with negative signals coming from the large-cap stocks that influence the indices. The VN-Index posted its third consecutive daily loss and moved further away from the 1340-point level, creating technically unfavorable signals. However, the money flow didn’t show significant concern. Speculative activities continued, albeit less vigorously and on a narrower scale than before. A certain level of confidence and a focus on individual stocks rather than the index are necessary for dynamic short-term trading. The total matched orders value on the two exchanges this morning reached VND 10,929 billion, roughly the same as the previous Friday morning session.
Foreign investors net sold VND 281.3 billion on the HoSE, mainly offloading blue chips. In addition to the stocks mentioned earlier, they net sold DPM (-VND 41.5 billion), NVL (-VND 32.9 billion), HAH (-VND 22.6 billion), and PVD (-VND 20.9 billion). On the buying side, they net bought SHB (+VND 52.5 billion), VND (+VND 45 billion), VIX (+VND 30.2 billion), VCG (+VND 29.3 billion), and EIB (+VND 35.3 billion).
Technical Analysis for June 2nd: A Market Torn Between Emotions
The VN-Index and HNX-Index exhibited a contrasting performance in the morning session, with a mix of positive and negative technical signals. This indicates a continued tug-of-war between bulls and bears, reflecting the investors’ uncertain sentiment.
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