VN-Index Plunges
Vietnam’s stock market on September 8th witnessed another sharp decline as selling pressure spread across the board.
The VN-Index closed at 1,624.53 points, down 42.44 points or 2.55%. This was the steepest drop in many weeks, pushing the index to a new low after a brief recovery period.
Similarly, the HNX-Index fell 3.24% to 271.57 points, while the UPCoM-Index also retreated to 109.63 points, down nearly 2%. The VN30 basket also dropped sharply by 2.07%, landing at 1,807.22 points, reflecting the broad-based correction.
The market was almost entirely covered in red, with 285 codes decreasing in value, while only 56 codes increased. Liquidity on HoSE reached approximately VND 41,971 billion, indicating overwhelming selling pressure and investor caution in new investments.
The stock market has been experiencing significant adjustments in the last two months. Photo: AI
In the financial and banking sector, large-cap stocks such as VPB, VIB, MSB, TCB, and SHB fell by 4-7%, putting significant pressure on the overall index. The securities sector also couldn’t escape the downward trend, with SSI, VND, and VCI losing points.
Real estate continued to be under heavy pressure, with PDR, NVL, DIG, and KDH falling sharply by 5-7%. Meanwhile, the steel group saw a mixed performance, as HPG and NKG managed to stay slightly in the green, while HSG slipped below the reference price.
Foreign Investors Net Buy
A rare bright spot came from foreign investors’ transactions, as they net bought nearly VND 1,000 billion on the HoSE. HPG, SSI, CTG, SHB, and VPB were among the most heavily bought stocks, with HPG alone net bought for over VND 300 billion. On the other hand, stocks like GEX, VIX, and NVL experienced strong net selling by foreign investors.
Foreign investors net bought nearly VND 1,000 billion on HoSE
Analysts attribute this correction to short-term concerns as the market has just gone through a heated rally, coupled with strong profit-taking pressure around the 1,700-point resistance level.
However, the return of foreign investors’ net buying can be seen as a positive signal, helping to boost investor sentiment in the coming sessions. The market is expected to remain volatile around the support level, while the divergence among sectors is likely to continue.
Nevertheless, Mirae Asset Securities, in its latest report, maintains that the Vietnamese stock market has entered a new growth cycle characterized by highly volatile sessions with swings of nearly 100 points.
According to Mirae Asset, large swings are expected to persist in September as investors await the realization of positive news that has already been priced into the VN-Index’s recent rally. Notable events include the September review of Vietnam’s potential market status upgrade by FTSE Russell and the Fed’s interest rate decision in its upcoming September meeting.
“VN-Index Plunges from Peak: MBS Experts Uncover Top Risks and Defensive Strategies for Investors”
The expert believes that short-term adjustments such as the session on September 5th do not alter the overall trend, and the market remains on a positive trajectory.
Stock Market Peaks: A Short-Term High – What’s the Investor’s Strategy for the Week Ahead?
The VN-Index witnessed a remarkable surge, surpassing the 1,700-point mark, only to experience a sharp decline towards the end of the trading session. Analysts predict continued volatility in the coming week, indicating potential fluctuations in the market.
Will the VN-Index Regain its 1,700-Point Mark? A Look at Vietnam’s Stock Market Outlook for the Week Ahead.
The VN-Index surpassed the 1,700-point resistance level after the holiday, but this victory was short-lived as it swiftly turned downwards. As profit-taking pressures mounted, liquidity dried up, and foreign investors remained net sellers, the market closed the week in negative territory, sparking concerns about a potential short-term peak.
The Big Sell-Off: Foreign Investors Dump Nearly $1.5 Billion in Bank Stocks
In the sell-off session, VPB, MBB, HDB, and TCB stocks topped the net sell-off list, with values reaching hundreds of billions of VND.
Expert Insights: VN-Index Expected to Resume Uptrend Soon, But Hold Off on New Investments for Now
The MBS expert believes that the market remains on a positive trajectory and is poised to rebound swiftly. The underlying strength is evident as buying pressure absorbs profit-taking, indicating a robust foundation for a potential upswing.
