The afternoon trading session saw a significant slowdown in transaction speed as investors awaited the large buying and selling of ETFs’ restructuring at the closing time. Many large-cap stocks came under pressure and fell, causing the VN-Index to fall back to the reference level. However, the rest of the market remained positive, and the cash flow took advantage of the large volume of goods being dumped, pulling liquidity to a five-week high.
The afternoon slowdown was most evident in liquidity. Even with a massive ATC session, the HoSE floor still decreased by nearly 10% in liquidity compared to the morning session. This restructuring has been anticipated by the market, and if investors want to buy, there is no need to enter too early.
Selling pressure during the ATC session pushed many pillar stocks down: VCB closed down 0.98%, VIC down 1.4%, BID down 0.41%, VHM down 0.91%, and VNM down 0.82%. These are all stocks in the Top 10 capitalization of the index. In addition, many other stocks also weakened. VN-Index ended the session with only a 0.77-point (+0.06%) increase, despite gaining more than 12 points (+0.95%) at its peak.
Nevertheless, stocks generally maintained their prices quite well. By the end of the day, HoSE still had 224 stocks rising/185 falling, including 53 stocks rising by more than 1%, concentrating 31.1% of the floor’s total matching value. On the downside, 69 stocks fell by more than 1% but only accounted for 8.1% of the liquidity. In other words, the ability to maintain prices in many stocks remained stable, especially those unaffected by ETF portfolio restructuring activities.
In addition, this restructuring is only temporary, and today’s price movements should not be used to assess supply and demand. Foreign liquidity on the HoSE accounted for only 14.9% of the floor’s total transactions on the sell-side and nearly 13.5% on the buy-side. Meanwhile, HoSE’s total transactions reached VND 21,821 billion, the highest in the past five weeks. This indicates that a large amount of money has been injected into the market.
