The market continues to show no signs of a breakthrough, with the VN-Index hovering around the 1340 mark. The main culprit is the largest blue-chip stocks, which have turned downward. Meanwhile, overall liquidity has also decreased significantly, with opportunities now limited to a handful of mid-cap or small-cap stocks.
The VN-Index opened this morning with a weak signal, posting a slight gain that lasted only about 30 minutes. For the rest of the morning session, the index slipped, closing 4.28 points or 0.32% lower. At its lowest point, the index fell to 1338.31 but later recovered to 1341.46.
All ten of the largest stocks by market capitalization on the VN-Index are in the red. The biggest losers are VIC, down 1.33%; VHM, down 1.56%; and GAS, down 1.23%. Out of the VN30 basket, only eight stocks rose while 19 fell. The VN30-Index is down 0.25%. Just these three large caps mentioned took away 2.8 points from the VN-Index and four points from the VN30-Index.
While the breadth is weak, the blue-chip group is not overly weak. Aside from VIC, VHM, and GAS, only BVH, down 1.95%, and VRE, down 1.11%, fell significantly. On the upside, only GVR, up 1.54%; MSN, up 1.4%; MWG, up 1.14%; and STB, up 1.1%, posted notable gains.
The tug-of-war and weakness in blue-chips are not entirely dependent on the Vin group’s performance. The overall liquidity of this group is declining rapidly, with today’s trading value at VND 3,403 billion, 12% lower than yesterday and the lowest in four weeks.
All 30 stocks in the basket showed signs of weakening buying interest, regardless of whether their prices were above or below the reference price. The intraday price range varied, but no stock maintained its intraday high. Two pillars, VIC and VHM, fell by 1.33% and 1.43%, respectively, from their intraday highs. Other pillars, including GAS, CTG, and TCB, also gave back more than 1% to the market and turned negative.
The breadth on the HoSE is tilting towards the red, with 134 decliners and 158 advancers, mainly due to profit-taking in mid- and small-cap stocks. Many stocks in these two groups performed well this morning. DXS, HAP, and HTN hit the ceiling price, with DXS seeing significant trading volume and setting a record since the beginning of June 2024. This stock has hit the ceiling price for two consecutive sessions, returning to its 12-month high and stimulating strong profit-taking pressure. Other notable performers include DRC, up 5.49%; SAV, up 4.94%; DRH, up 4.4%; CIG, up 4.21%; PVP, up 4.11%; VGC, up 3.85%; OGC, up 3.12%; and VTP, up 3.11%. Most of these stocks had a few billion VND in liquidity, with a small number reaching tens of billions, but generally, the majority of the strongest stocks did not see a surge in trading volume.
Nonetheless, the small-cap group remains an attractive destination for liquidity, despite an absolute trading value of only about VND 1,308 billion. In terms of market share, this group accounts for 15.5% of the HoSE’s matched orders, a very high proportion. The last time the small-cap basket accounted for over 16% of the market share was on January 17, 2025.
In terms of liquidity, many large-cap stocks are among the best performers. HHV rose 2.39% with a trading value of VND 200.5 billion; DGC rose 1% with VND 95.1 billion; CTD rose 1.97% with VND 82.8 billion; and VTP rose 3.11% with VND 75.6 billion. The blue-chip group contributed MSN, STB, and MWG, each with a trading value of over VND 100 billion. Currently, 69 stocks on the HoSE have risen by more than 1%, with 25 of them in the lead with a trading value of over VND 10 billion.
On the downside, the situation is not dire, but it is less favorable: 74 stocks are down more than 1%, but their total liquidity accounts for 30.3% of the HoSE. Nearly ten stocks have seen trading values exceeding VND 100 billion, such as VIX, down 1.42%; GEX, down 2.3%; DXG, down 1.88%; NVL, down 1.41%; VND, down 1.16%; HAH, down 2.63%; and HHS, down 3.04%. The Midcap index is down 0.48%, and the Smallcap index is down 0.13%, indicating significant divergence within the mid- and small-cap groups. While money flow remains robust in some stocks, it is not widespread.
The total trading value of the two listed exchanges this morning fell 17% from yesterday morning, falling below VND 10,000 billion for the first time in three weeks. HoSE saw an 18% decrease, with a decline in trading across all stock groups. This highlights the concentration of trading activity in a few stocks rather than the overall market.
Foreign investors are also reducing their trading activity. Specifically, they bought only VND 668.6 billion on HoSE, a decrease of 40% from yesterday morning and the lowest in five weeks. The net selling value was about VND 324 billion, mainly due to reduced buying, as selling also decreased by 14%. The main stocks that were net sold were VIX, STB, VIC, HDB, VHM, and HPG. On the net buying side, MSN and MWG stood out.
Market Beat: Green Across the Board as Real Estate and Construction Stocks Rally
As of 9:30 a.m., the market opened in the green, with the VN-Index climbing 0.16 points to 1,345.9, the HNX-Index surging 0.73 points to 231.56, and the UPCoM-Index gaining 0.65 points to reach 99.66. The market witnessed a positive sentiment with 276 gainers outpacing 159 losers. The total trading volume across all markets stood at 97 million shares, equivalent to a trading value of nearly VND 1,985 billion.
The Foreign Turn: Heavy Selling in Two Blue-chip Stocks
The foreign transactions balanced out with net selling of approximately VND 49 billion across the market.
“The Upcoming Stock Dividend Payout by Cotana Group: How Much Will Chairman Dao Ngoc Thanh Receive?”
The Cotana Group plans to issue 3.74 million bonus shares, representing a 10% stock dividend. With over 11 million shares to his name, Chairman Dao Ngoc Thanh is set to receive more than 1.1 million of these new shares.
The Great Vietnam Exodus: Unraveling the Story Behind the Massive Capital Outflow from Vietnam-Focused ETFs in Southeast Asia
The Vietnam-focused ETFs witnessed a net outflow of $13.7 million, leading the withdrawal trend.
Market Tug-of-War: The Ongoing Battle Unveiled
The VN-Index witnessed a slight dip with a tug-of-war session, coupled with below-average trading volume. A throwback is currently unfolding as the VN-Index has recently breached a strong resistance level of 1,320-1,340 points. Notably, the MACD indicator has been narrowing its gap with the Signal line in recent sessions. Should this indicator flash a sell signal in the upcoming periods, the risk of a short-term correction may emerge.
