The stock market experienced some volatility this morning as most of the largest market cap stocks were weak, except for VIC and VPB. The blue-chip stocks were unable to push the VN-Index firmly higher as it approached the medium-term peak from September 2023. However, there is still differentiation in stock performance, especially in the oil and fertilizer sectors.
PVD entered the top 10 best-performing stocks in the VN-Index, despite having a relatively small market cap and not being in the top 50 largest stocks (ranked 52nd). However, PVD’s impressive 6.94% limit-up performance has had a significant impact on the index.
This morning’s rally helped PVD surpass its previous high from March 2022, reaching a new record price in over 9 years. The liquidity also reached its highest level since the beginning of 2023, with 16.59 million shares traded, equivalent to over 506 billion VND, ranking second in the market. The vast majority of the aforementioned liquidity came from domestic investors, with foreign investors accounting for only about 6.3%.
In addition to PVD, the oil and gas sector performed well this morning. The only drawback was GAS, which only increased by 0.64%. In fact, this stock had moments of note with a 2%+ increase, but was later subject to profit-taking pressure. Similarly, PLX in the VN30 basket also experienced profit-taking pressure, dropping approximately 1.49% from its peak, but still recording a 2.24% morning gain. Other oil and gas stocks remained stable at a high level: PSH, PVC, BSR, PVS, PVB, OIL, PVT… all recorded 2%+ gains. The related fertilizer sector also showed strength this morning, with DCM, DPM both up over 2%, LAS up 1.02%, BFC up 3.02%, etc.
In the oil and gas group, only GAS has a large market cap (ranking 5th in the VN-Index). The other two blue-chip stocks in the top 10, VIC and VPB, performed well with gains of 1.22% and 1.29% respectively, while the rest were weaker. VCB, VHM were flat, BID dropped 0.94%, CTG dropped 1.11%, HPG dropped 0.49%, VNM dropped 0.14%, TCB dropped 0.36%. Due to the divergence in strength, the VN-Index struggled to hold its ground. Within the first few minutes of trading, the index reached its highest point, up 0.51% from the reference price (+6.33 points), but then continuously dipped below or hovered around the reference price. The VN-Index closed the morning session up 2.15 points, equivalent to +0.17%.
A positive factor is that the index’s situation did not have a significant impact on stock trading. HOSE maintains good differentiation with 238 gainers for every 200 decliners. Gaining stocks accounted for 59% of the total trading value of the exchange, while declining stocks accounted for nearly 32%. In other words, money flows are still focused on high prices, and selling pressure has not significantly affected prices across the board.
In addition, the price increase range is considerably positive, with about 70 stocks closing above the reference price, up more than 1%. Notable liquidity stocks include: GEX with 540.6 billion VND, up 2.95%; STB with 308.9 billion VND, up 1.14%; MWG with 378.2 billion VND, up 1.23%; VRE with 305.1 billion VND, up 3.98%; DCM with 178.2 billion VND, up 2.08%; DPM with 145.6 billion VND, up 2.17%… In total, trading in this group accounted for over 39% of the total trading volume on HOSE, highlighting the effectiveness of capital inflows in driving up prices.
Market liquidity declined significantly this morning due to decreased trading in blue-chip stocks. The VN30, dominated by blue-chip stocks, was relatively flat and lacked strength from the banking stocks. The index closed the morning session up 0.22% with 16 gainers and 10 decliners. Liquidity decreased by 33% compared to the previous morning due to reduced trading in SSI and HPG. Specifically, the total trading value of the VN30 basket this morning decreased by an absolute amount of 1,916 billion VND, with SSI and HPG experiencing a 78% decrease in trading value compared to the previous morning, equivalent to a decrease of 2,324 billion VND. Overall, the absolute decrease on HOSE was around 1,756 billion VND (-15%). Therefore, other stocks still maintained a comparable level of trading volume compared to the previous morning.
Regarding declining stocks, although there are 200 of them, the majority only experienced slight decreases, with only 46 declining by more than 1% and this group had lower liquidity (accounting for 7.2% of total trading volume on the exchange). Some notable stocks include: EVF down 3.39%, with 200.5 billion VND traded; FRT down 1.91%, with 38.1 billion VND traded; PAN down 1.67%, with 39.6 billion VND traded; CTG down 1.11%, with 162 billion VND traded; ST8 down 4.9%, with 40.6 billion VND traded.
