The Ho Chi Minh Stock Exchange (HoSE) witnessed a significant drop in liquidity this morning, with a 10% decrease compared to the previous session, while declining stocks overwhelmingly outnumbered gainers. The VN-Index closed near its intraday low, shedding 234.38 points or 1.97%, and for the second time in two sessions, it dipped close to the 1200-point level.
HoSE ended the morning session with 38 gainers and 395 losers, including 183 stocks falling by more than 2% and 65 others declining within the range of 1% to 2%. With such a broad and sharp decline, liquidity decreased instead of surging, indicating a dominant trend of capital withdrawal. Investors are waiting for deeper price corrections and expecting more aggressive selling from panic sellers.
Right after the opening bell, the VN-Index plunged by nearly 23 points. After a brief period of sideways trading with negligible recovery, the index hit its intraday low at 11:15 AM, down 26 points, and eventually closed the session with a loss of 24.38 points. The VN-Index’s highest rebound during the session narrowed the loss to almost 14 points, reflecting extremely weak and passive buying power.
The blue-chip group failed miserably in supporting the index, as all 30 stocks in the VN30 basket closed in the red, with 26 stocks falling by more than 1%. Among the top 10 stocks by market capitalization, TCB led the losses with a 3.4% decline, followed by VHM (-2.64%), VIC (-2.62%), HPG (-2.57%), and CTG (-2.85%). FPT was the only stock in the top 10 that dropped slightly below 1%, losing 0.89% compared to the previous reference price. The VN30-Index closed the morning session down 2.02%, underscoring the negative impact of this group.
With only 38 stocks ending the session in positive territory on HoSE, the gainers were mere isolated “green dots.” While a few million to a few tens of million dong in liquidity helped sustain prices, it did not guarantee reliability. Notable gainers included EIB (+1.94% with a matching value of VND78.7 billion), AGG (+1.75% with VND12.2 billion), BSI (+1.16% with VND18 billion), CTS (+1.15% with VND35 billion), FTS (+0.94% with VND53.9 billion), and HAH (+0.25% with VND48.7 billion).
As expected, decliners dominated the market. Stocks falling by more than 2% accounted for approximately 60% of the total matched order value on HoSE. HPG, MBB, SSI, VPB, TCB, TPB, and VHM were among the stocks with the highest liquidity in this group. Blue-chips were heavily impacted by liquidity issues and may even be facing cross-margin calls as speculative stocks have witnessed significant price declines.
The Vietnamese stock market’s bearish performance this morning was partly influenced by global trends. U.S. stocks suffered sharp losses last weekend, and Asian markets experienced a massive sell-off in Japan and South Korea today. Although the Vietnamese market staged a decent recovery last week, weak liquidity signaled the risk of a bull trap. Investors’ reluctance to chase higher prices contributed to today’s substantial decline, despite relatively subdued liquidity.
The VN-Index touched its intraday low of 1,210.6 points this morning, nearing the previous session’s low of 1,209.77 points. Thus, the index is retesting the 1,200-point support level for the second time. The market needs to witness the emergence of bottom-fishing forces to reinforce the support signal around this critical level.
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