The domestic market has breathed a sigh of relief as US stock index futures turned green early this morning. Asian stocks, particularly the Nikkei 225 and Kospi, surged. The haunting of last night’s market crash on Wall Street has lessened. The VN-Index closed the morning session up 0.86%, equivalent to +10.22 points.
Compared to yesterday’s drop of 48.53 points (-3.92%), today’s recovery is modest. Nonetheless, the market has calmed down. The main focus is on the Japanese stock market, with the Nikkei 225 index surging more than 10% and the Kospi gaining nearly 4%.
The domestic market opened this morning with a 0.88% gain but then entered a correction phase. The VN-Index hit its intraday low at 10:20 am, dipping slightly below 1 point. However, the latter half of the session witnessed a rebound, with the index closing near the day’s high. The breadth of the index also exhibited slight fluctuations, and some blue-chip stocks exerted pressure on the VN-Index during the correction. Five minutes after the opening bell, the HoSE recorded 269 gainers and 69 losers. At 10:20 am, there were 180 gainers and 187 losers, but at the close, the numbers stood at 272 gainers and 123 losers.
The main losers during the correction phase were VIC, which fell 1.82%, VHM by 1.45%, TCB by 1.12%, and MWG by 1.62%. VCB, VPB, HPG, CTG, and BID also edged lower. Fourteen stocks in the VN30 basket traded below the reference price before rebounding. The VN30-Index is now up 0.85% with 23 gainers and 6 losers.
Among the largest-cap stocks, 3 out of 10 rose more than 1%: GAS climbed 1.83%, FPT advanced 1.69%, and VNM jumped 4.61%. Only 3 stocks in this group were in the red: TCB fell 0.45%, VIC declined 1.21%, and VHM slipped 0.87%. These pillars have recovered slightly but are yet to return to the reference price. The mid-cap group performed strongly, with SAB up 3.46%, GVR up 3.32%, STB up 3.31%, TPB up 2.08%, and SSI up 2.03%.
With the breadth currently heavily skewed towards gainers, the broad-based recovery is confirmed. On the HoSE, 132 stocks rose over 1%, accounting for approximately 57% of the floor’s total value. This indicates a clear price-pushing effect from the cash flow, especially as the floor’s total liquidity also increased by nearly 19% compared to yesterday morning.
However, cash flow remains concentrated in the blue-chip group, high-quality stocks that were sold off during the market-wide sell-off. The VN30 basket accounted for 56.1% of HoSE’s transactions and about 70% of the floor’s increased liquidity. The top 10 largest transactions on the market are all VN30 stocks. If we expand to the top 20, only DIG and DGC are non-VN30 stocks.
In terms of amplitude, small-cap stocks are naturally more resilient due to limited liquidity. However, cash flow is not widespread. While dozens of small-cap stocks rose sharply, the Smallcap index only gained 0.42%, and the Midcap index rose 1%. HBC, AGG, DLG, CSM, VNE, PTB, CTI, VIP, and HNG rose over 3% with transactions ranging from a few billion to a few dozen billion VND.
Among the 132 stocks still in the red, a third fell more than 1%, but their liquidity was insignificant. These stocks dipped due to a lack of buying interest rather than intense selling pressure. QCG, VOS, HVH, NHA, TCO, SMC, VGC, and DHC are the most notable decliners, with higher liquidity than the rest and a drop of more than 2%. Together, the group that fell more than 1% this morning accounted for only 2.5% of the total matches on the HoSE.
Today’s recovery is unremarkable as the panic subsides temporarily, mainly due to a more stable external environment. There are no significant issues in the domestic market, and foreign investors have reduced capital outflows. However, external influences continue to fuel fear. The rapid decline in stock prices also creates forced selling pressure. The positive sign is that bottom-fishing cash flow is entering the market as prices fall sharply. Yesterday, liquidity climbed to nearly 26,500 billion VND in total transactions on the three exchanges, and this morning, the HoSE and HNX’s matched orders also increased by 19% compared to yesterday morning.
