The VN30-Index was the only capitalization-weighted index that increased this morning, with more than 50% of the total matched orders on the HoSE also focusing on the VN30 basket. While the liquidity of this exchange decreased by about 14% compared to yesterday morning, the VN30 basket increased by nearly 8%…
The short-term profit-taking signal is still quite clear when the market performed the best in the first half of the morning session, then weakened. The VN-Index peaked at 10 am, up 9.6 points, but closed at only 4.78 points (+0.38%). Moreover, the breadth of the index at the peak recorded 245 gainers/99 losers, and at the close, there were 152 gainers/207 losers.
The phenomenon of price sliding in both the index and stocks indicates that many investors are gradually exiting their positions. This is not a surprising development because after the explosive gain on August 16, the market continued to climb, and stock profits gradually increased with the T+ cycle as well as accumulated volume. The short-term satisfaction of investors holding stocks inevitably leads to a realization of profits.
However, the market did not fall into a bad state. Firstly, the liquidity was not large. This morning, the two exchanges’ order matching decreased by nearly 16% compared to yesterday morning, reaching only VND7,200 billion. The HoSE decreased by 14% with VND6,839 billion. If the profit-taking demand is high, liquidity usually increases rather than decreases. Secondly, the decline in stock prices was not significant: Out of the 207 losing stocks, only 69 stocks fell by more than 1% compared to the reference price, while they only accounted for 10.8% of the total matched value of the exchange. In other words, although many stocks are in the red, the majority are fluctuating within a narrow range due to short-term supply and demand, not due to large-scale selling.
Blue-chip stocks are still the ones that maintain the rhythm and stabilize the index. At the end of the morning session, the VN-Index increased by 4.78 points, of which only the top four supporting stocks contributed 5.2 points: VCB increased by 1.8%, BID by 2.09%, VHM by 2.07%, and VIC by 1.94%. The VN30-Index is up 0.27% with 12 gainers/13 losers, of which 6 stocks rose more than 1% (including VRE up 2.46% and CTG up 1.53%). On the losing side, only 2 stocks fell by more than 1% and had little impact: POW down 1.48% and HDB down 1.11%.
The notable change is that the money flow is currently mainly focused on blue-chip stocks. In this rally, the strongest price increase range still belongs to mid-cap and small-cap stocks. However, many of these stocks have been sold off quite strongly and reversed in the last 2 sessions. In contrast, the “heavier” blue-chip stocks, which tend to rise more slowly, are attracting money later. This morning, the HoSE had 21 stocks with order matching exceeding VND 100 billion, of which 14 belonged to the VN30 basket, led by VHM with VND 449.5 billion, FPT with VND 227.6 billion, and HPG with VND 222 billion. All three of these stocks rose. In fact, among the 21 stocks that attracted the most money, only 5 were in the red, the rest were in the green. VIX was the only notable loser in this group, falling 1.25%, while the rest were very minor.
Although the mid-cap and small-cap groups as a whole are weak – the Midcap index decreased by 0.11%, and the Smallcap index decreased by 0.36% – there are still many individual stocks that have strongly bucked the trend. However, few stocks have attracted large money flow. PDR rose 2.61% with a liquidity of VND 137.5 billion, HHV rose 2.56% with VND 43.3 billion, DXG rose 2.4% with VND 112.2 billion, PNJ rose 1.57% with VND 202 billion, and LCG rose 1.4% with VND 16.4 billion were the most notable.
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