Although steel and securities stocks have shown some positive signs, widespread selling pressure has caused the market to continue to be in the red and the VN-Index has retreated close to the old short-term bottom of 1,580 points.
After 4 consecutive weeks of adjustment, the VN-Index has “broken the mark” of 1,600 points with a total decrease of nearly 200 points. Notably, the trading session on the weekend of November 7, when selling pressure spread to large-cap stocks and stocks that had not been adjusted before, caused the VN-Index to have the sharpest decrease in more than 1 month and lost this strong support level.
In terms of technical factors, the MACD and RSI indicators continue to trend down, although the index has retreated to near short-term support around the previous bottom, equivalent to 1,580 points (MA100). In addition, the ADX indicator and the -DI line remain above the 25 threshold, indicating that the correction trend has not shown any signs of stopping.
It is normal for the market to correct after a long period of increase and the corrections will fluctuate from 15-20% to bring the market to a better balance. According to Mr. Tran Thai Binh – CFA, Senior Director of Analysis Department of OCBS Securities Company, for the trend to reverse, the market needs a strong enough push in terms of positive macro information or quarterly business results . The market next week may have many strong fluctuations and adjust for at least a few more sessions before reaching the short-term supply-demand balance.
Returning to the market developments on the morning of November 10, widespread selling pressure continued to plunge the market into red and the VN-Index remained in a downtrend.
Although there were times when the market rebounded, even the VN-Index showed a glimmer of green, the selling pressure was always present, making it difficult for stocks to go far and quickly turn around to decrease, while the general index also reversed and traded around the price range of 1,590 points.
After about 90 minutes of trading, on the HOSE floor , the number of stocks decreasing is about 2.5 times the number of stocks increasing, in which no stocks hit the floor. The pillars of banking, securities, and real estate also lost points, although the decrease was not too large.
The remaining pillar stocks, steel, are showing positive signs thanks to strong domestic and foreign demand. HPG is currently increasing by around 1.5% with the highest liquidity in the market, reaching over 21 million units and foreign investors net buying up to 7.4 million units; NKG is also up nearly 1%…
Currently, the 1,600-point mark has become the market’s new resistance level. In the morning session of November 10, the VN-Index had some rebounds and challenged the 1,600-point mark, but as soon as it reached this resistance level, the market bounced back and started to decline again.
At the end of the morning session, the HOSE floor had 110 stocks increasing and 186 stocks decreasing, VN-Index decreased by 6.02 points (-0.38%), down to 1,593.08 points. Total trading volume reached 375.2 million units, worth VND10,649 billion, up 38.6% in volume and 33.3% in value compared to the morning session last weekend. Negotiated transactions contributed nearly 50.2 million units, worth VND1,632.6 billion.
The VN30 group closed the session down slightly by 2 points with 10 stocks increasing and 15 stocks decreasing. Of which, SSI securities stocks recovered positively thanks to strong demand, closing the session up 2.7% to VND33,850/share with liquidity reaching more than 14.3 million units.
Notably, VIC successfully reversed and was the most positive contributor to the general index, gaining more than 1 point. At the end of the session, VIC increased by 0.7% to 201 VND/share.
On the contrary, after a series of days of net buying by foreign investors, the large technology stock FPT, which was under supply pressure from domestic and foreign investors, turned down. At the end of the session, FPT decreased by 2.5% to the lowest price of the session at VND98,500/share with liquidity reaching 3.3 million units and foreign investors net selling nearly 0.8 million units.
In terms of industry groups, the steel group still increased slightly, with a bright spot being HPG closing the session up 1.3% to VND26,400/share, liquidity reaching more than 29.5 million units and foreign investors net buying nearly 10 million units.
Notably, the group of securities stocks has reversed and recovered thanks to strong demand. Besides SSI , some other bright spots of the industry are VND up 1.9% to 19,250 VND/share and matched 8.26 million units; HCM up 2.1% to 22,350 VND/share and matched 5.2 million units. However, VIX is still under selling pressure, closing this morning down 3.9% to 23,550 VND/share with liquidity leading the market, reaching 31.2 million units.
Meanwhile, banking stocks continued to adjust as red dominated but only slightly decreased. In particular, SHB was the most active in the industry with nearly 20.5 million units matched, closing the session at the reference level of VND15,300/share.
On the HNX floor, after a slight recovery at the beginning of the session, the market turned down due to widespread selling pressure.
At the end of the session, the HNX floor had 47 stocks increasing and 80 stocks decreasing, the HNX-Index decreased by 0.99 points (-0.38%) to 259.12 points. The total matched volume reached more than 43.2 million units, worth VND1,045 billion. The negotiated transactions had more than 6 million units, worth VND236.3 billion.
Securities stocks on HNX were also more positive, in which SHS only decreased slightly by 0.5% and liquidity still led the market with 14.2 million units; VFS increased by 0.6% and matched 2.9 million units, MBS increased by 1.8% and matched 1.1 million units…
Meanwhile, some other HNX30 codes traded actively, such as CEO closed the session at the reference price and matched 7.37 million units, PVS closed the session down 1.8% and matched 2.38 million units, HUT decreased 0.6% and matched 1.38 million units.
On UPCoM, the market maintained a slight increase throughout the morning session.
At the end of the session, UPCoM-Index increased by 0.77 points (+0.66%), to 117.52 points. Total matched volume reached more than 10.8 million units, worth 325 billion VND. Negotiated transactions were insignificant, just over 1.6 billion VND.
ABB shares were the most actively traded in the market with more than 1.1 million units, closing the session up slightly 0.8% to VND12,800/share.
Next, AAS and C4G both matched more than 1 million units, closing the session down 3.5% and standing at the reference price.
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