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Market mixed as liquidity continues to decline
The stock market extended its mild downtrend on Thursday, with the VN-Index edging closer to the 1,320-point threshold. Liquidity also weakened slightly, while foreign investors continued their net-selling streak for the eighth consecutive session, albeit at a reduced volume compared to previous days.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index dropped 2.28 points, or 0.17 per cent, to close at 1,323.81 points.
Market breadth remained negative, with 173 declining stocks, 124 gainers and 66 unchanged. Trading value declined to VNĐ16 trillion (approximately US$626.7 million), down 14.9 per cent from the previous session.
The VN30-Index, which tracks the 30 largest listed companies by market capitalisation, also slipped by 1.21 points, or 0.09 per cent, to 1,380.26 points. Within the VN30 basket, 21 stocks declined, eight advanced and one remained unchanged.
Losses in large-cap banking stocks were the primary drag on the market. The Bank for Investment and Development of Vietnam (BID) posted the sharpest fall, dropping 1.14 per cent and erasing more than 0.77 points from the VN-Index. Techcombank (TCB) declined 0.89 per cent, while Vietcombank (VCB) fell 0.46 per cent.
On the positive side, several large-cap stocks helped cushion the fall. FPT Corporation (FPT) led the rebound, rising 2.6 per cent and contributing nearly 1.2 points to the VN-Index. Saigon-Hanoi Commercial Joint Stock Bank (SHB) advanced 3.67 per cent, while Vietnam Rubber Group - Joint Stock Company (GVR) increased 1.3 per cent.
According to analysts at Saigon - Hanoi Securities (SHS): “The VN-Index appears to be completing a strong eight-week upward phase and is now facing pressure to retest support levels. The index remains in a short-term uptrend with the nearest support at around 1,320 points, equivalent to the 20-day moving average, and stronger support at 1,300 points.
“In the short term, this is not considered an attractive valuation zone for increasing investment exposure, especially after the VN-Index’s strong rally from 1,220 to around 1,350 points.
"The market remains highly segmented, with capital rotating among various stock groups. Growth expectations should be based on business performance and outlook, with a focus on fundamentally sound stocks with strong earnings prospects.”
On the Hà Nội Stock Exchange (HNX), the HNX-Index also declined, falling 0.74 per cent to 239.54 points. Trading value on the northern bourse reached over VNĐ1 trillion, with more than 60 million shares traded.
Foreign investors remained net sellers, offloading shares worth over VNĐ63 billion on HoSE and more than VNĐ31 billion on HNX.
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