Market Beat October 10th: Fading Momentum, VN-Index Climbs but Leaves Investors Wanting More

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Closing the 10/10 trading session, after many pressures in the afternoon session, the green still prevailed on the VN-Index with a gain of 4.51 points to 1,286.36 and UPCoM up 0.12 points to 92.57, while HNX fell 0.48 points to 231.29.

The afternoon session saw broad-based pressure, with the number of declining stocks rising to 358, almost equal to the number of advancing stocks at 360. This result may have left a significant number of investors with a “green on the outside, red on the inside” situation today.

The contrast was evident, but the indices managed to stay in positive territory, especially the VN-Index which gained 4.51 points, indicating that the main driving force came from large-cap stocks.

Looking at the top 10 stocks with the most positive impact on the VN-Index, FPT contributed more than 2.3 points to the gain, followed by VCB with over 1.2 points, and MSN with nearly 1.1 points, totaling even higher than the VN-Index’s gain.

The dominance of large-cap stocks was also reflected in the market map in terms of trading value. Accordingly, stocks such as VPB up 1.48%, HDB up 1.67%, SSI up 0.92%, MSN up 3.9%, FPT up 4.65%, and MWG up 1.25% occupied large spaces.

In line with the overall sentiment, foreign capital also flowed into many large-cap stocks, notably net buying MSN nearly VND 367 billion, and FPT more than VND 312 billion. This was followed by stocks such as NTL with nearly VND 158 billion and TCB with nearly VND 136 billion.

On the net selling side, STB led with a scale of over VND 128 billion, followed by VPB and CTG, both of which were sold for less than VND 50 billion.

As a result, foreign investors returned to net buying today with nearly VND 468 billion, ending a four-session net selling streak. Since the beginning of October, foreign investors have been net buyers of over VND 190 billion, continuing the recent trend reversal and providing additional momentum for the market to move towards higher milestones.

13:50: Red spreads, VN-Index fluctuates around 1,290

The market continued to fluctuate around 1,290 in the first half of the afternoon session. As of 13:45, the VN-Index narrowed its gain to 6.6 points, reaching 1,288.45 points, while the UPCoM-Index rose 0.07 points to 92.51 and the HNX-Index fell 0.04 points to 231.73.

The number of declining stocks increased rapidly and almost balanced with the number of advancing stocks. Specifically, the market breadth showed 341 gainers versus 324 losers, a stark contrast to the early morning session.

A similar situation occurred when looking at sectors, with the number of sectors in the red rising to nine out of a total of 24 sectors according to VS-SECTOR.

This situation implied that the market maintained its gain of over six points thanks to the significant support of large-cap stocks, typically FPT, VCB, MSN, VPB, BID, etc. Overall, bank stocks dominated.

Morning session: Testing the 1,290 level

Efforts from bank stocks and many other large-cap stocks helped the VN-Index quickly surpass 1,290, even reaching close to 1,295 twice in the first half of the morning session. However, the market soon pulled back and closed the morning session below 1,290.

At the end of the morning session, the VN-Index gained 7.84 points to 1,289.69, the HNX-Index rose 0.29 points to 232.06, and the UPCoM-Index climbed 0.27 points to 92.72. Market liquidity improved compared to previous sessions, reaching over VND 10,763 billion.

Source: VietstockFinance

The market heat map was predominantly green, with 354 gainers including eight stocks hitting the daily limit, while only 257 losers including 18 stocks falling to the floor price, and the remaining 999 stocks were unchanged.

Bank stocks maintained their gains from the early morning session, but the momentum was not further boosted. Instead, the shares of tech giant FPT widened its gain to 4.06% and became the stock with the highest contribution to the VN-Index’s gain, specifically more than two points.

Following FPT were VCB and MSN, which contributed nearly 1.1 points and nearly one point, respectively. This trio together created a strong driving force for the market in the morning session.

In terms of sectors, the breakthrough of FPT helped the software group lead the market with a gain of 4.03%. In addition to software, other sectors such as media & entertainment; household & personal products; food, beverage & tobacco; and insurance also recorded increases ranging from over 1% to over 2%.

On the other hand, not many sectors declined, and the decreases were also insignificant.

Foreign investors temporarily net bought nearly VND 402 billion in the morning session, after four consecutive net selling sessions. However, the positive sign was that the net selling pressure had significantly reduced.

The most actively net bought stocks in the morning session were FPT with nearly VND 286 billion, MSN with nearly VND 268 billion, and TCB with over VND 92 billion. In terms of net selling, STB led but the scale was only about VND 41 billion.

10:40: VN-Index breaks through 1,290, foreign investors net buy FPT and MSN

Following the upward momentum from the early morning session, the VN-Index continued to accelerate and broke through the 1,290-point threshold with green spreading across the market. As of 10:30, the VN-Index advanced to 1,292.32 points, the HNX-Index climbed to 232.51 points, and the UPCoM-Index rose to 92.78 points. Liquidity on the three exchanges reached over VND 7.8 trillion, higher than the previous session.

Bank stocks continued to be the main driving force, but it is worth mentioning the large-cap stocks from other sectors, notably MSN rising 3.9% and FPT climbing 3.8%. The trio of VCB, MSN, and FPT continued to be the main drivers of the VN-Index, respectively contributing about 2.2 points, 1.8 points, and 0.5 points.

MSN and FPT‘s strong gains were supported by foreign capital inflows. As of 10:40, foreign investors net bought over VND 400 billion, almost entirely focused on MSN with nearly VND 273 billion and FPT with nearly VND 223 billion. In addition, TCB was also net bought for over VND 70 billion.

Opening: Positive start thanks to banks, VCB shines

After the first 25 minutes of the session, Vietnam’s stock market indices recorded positive gains, with the VN-Index rising 7.44 points to 1,289.29, the HNX-Index climbing 0.79 points to 232.56, and the UPCoM-Index advancing 0.2 points to 92.65.

The green spread across the banking group supported the market’s gains, notably VPB up 0.74%, TCB gaining 0.61%, TPB increasing 0.57%, and especially VCB climbing 1.65% and contributing nearly 1.8 points to the VN-Index. The green also appeared in other large-cap stocks such as FPT up 1.62% and MSN rising 1.69%…

Foreign investors immediately net bought FPT and MSN, respectively contributing nearly VND 31 billion and nearly VND 19 billion, positively impacting the net buying value of over VND 34 billion on the overall market. Today’s net buying move by foreign investors was noteworthy, as they had continuously reduced net selling in the previous sessions.

Vietnam’s market sentiment was positively echoed by the international market. In Asia, indices opened mostly in the green, with Hang Seng up 2.87%, Nikkei 225 gaining 0.24%, and Singapore Straits Times advancing 0.43%…

Last night, US stocks marked the second consecutive session of gains. At the close of the trading session on October 9, the S&P 500 rose to 5,792.04 points after hitting an all-time high, the Nasdaq Composite advanced to 18,291.62 points. The Dow Jones index added 431.63 points to 42,512 points, a record closing high. Tech stocks rallied, and investors shrugged off geopolitical concerns.

Huy Khai

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