After a historic peak with liquidity of more than 2 billion USD yesterday, VN-Index opened this morning, July 29, with an increase of 1,564 to establish a new highest score in the session. However, selling pressure quickly spread, causing the index to fall sharply.
As of 10:30, the main index of the HOSE floor decreased by nearly 20 points, to 1,537 points. The market width is now temporarily leaning towards the selling side with nearly 242 stocks down and 79 stocks up. Market liquidity continued to explode to reach 26,550 billion with more than 1 billion shares traded.
Bluechip stocks that have supported the market's increase in recent times such as VIC, VHM, MSN all turned to decrease. Stock groups and banks after a series of days of increase also turned down sharply, the market was in full red.
This has been predicted by securities companies after a period of strong market growth, with hot fluctuations for many consecutive weeks, the probability of short-term fluctuations is inevitable, especially when speculative cash flow tends to take short-term profits in stocks that have increased rapidly in a short time.
The VN-Index is at a historical peak, but it is necessary to look deeper into the quality of this breakthrough increase, instead of focusing only on the score. The market increased rapidly as the prospect of upgrading the emerging market to FTSE Russell standards became a dominating story, so cash flow focused on stocks in the VN-30, especially stocks that are expected to benefit from the market upgrade. When these stocks adjust, it will have a strong impact on the market.
Technically, the positive consistency can continue to push the VN-Index up. However, the risk of a bull-trap or a sudden correction will increase significantly when there is a lack of consensus from other industry groups.
