VN-Index reversed and dropped sharply by 31 points

VN-Index reversed from an increase of more than 20 points to a decrease of 31 points, marking the strongest correction in the past three weeks.

The index representing Ho Chi Minh City stock exchange moved in accordance with the predictions of many analysis groups in the morning session, sometimes increasing by 21 points to nearly 1,875 points. However, the green color did not last long.

The pressure to release goods appeared from about 10am, causing VN-Index to narrow its increase range, then turn red. Towards the end of the session, the decrease became higher as investors withdrew capital on a large scale.

VN-Index closed at 1,821 points, losing 31 points compared to the reference. VN30 also dropped nearly 22 points, failing to conquer the 2,000 point mark as predicted by some securities companies.

Red covered the Ho Chi Minh City floor with more than 230 decreasing codes, nearly 3 times the number of increasing codes. The large-cap basket is also strongly differentiated with 22 stocks below reference, while the gainers only have 8 names.

By industry, oil and gas is the group experiencing the strongest selling pressure. All component stocks reversed from increase to decrease with a common correction of about 2%. Leading industry codes such as GAS, BSR, PLX lost 1.4-2.4%.

The banking group also suffered drastic liquidation. Small-cap codes such as KLB, OCB and NAB fell the most, all over 2%. Key stocks such as VCB, BID, CTG, MBB and VPB lost 1-2%. This group still recorded positive signals from some stocks such as SSB, LPB, HDB, ACB although the increase was not large.

The two pillar codes of Vingroup group, VIC and VHM, closed in the red, while VRE and VPL became the pillars of support. VIC today dropped 4.3%, causing the index to lose more than 18 points.

Market liquidity has not changed much compared to last week, still fluctuating around VND 17,000 billion. According to the analysis team of ACB Securities Company, this shows that demand is generally stable and has not shown signs of significant weakening despite the market plunge. VIC and VHM took the lead with a total matched value of about 2,400 billion VND, far ahead of the codes ranked behind.

The least positive signal today is that foreign investors net sold nearly 470 billion VND. On the buying side alone, the value dropped to its lowest level in three weeks.

According to the analysis team of Yuanta Vietnam Securities Company, profit-taking pressure may temporarily increase in Vingroup and banking codes. Therefore, short-term investors should take advantage of increases to gradually lower the proportion of stocks, and at the same time, limit chasing buying.

In the medium term, the index had its third consecutive weekly increase but faced a strong resistance area of ​​1,870 points. If this milestone is strongly exceeded, the market will form a clearer uptrend.