The stock market has just experienced a volatile trading week. The VN-Index, after conquering the 1,800 point zone, suffered strong downward pressure in the last two trading sessions of the week. The impact of the sudden reversal of the floor price reduction of a large-cap stock group has caused red color to spread to most stock groups.
The reversal of the index after advancing to the old peak shows that the market trend still faces many challenges, especially in the context that cash flow is not really sustainable and the upward momentum still depends significantly on the leading role of the pillar stock group.
At the end of the week, VN Index increased by 25.49 points (++1.50%) compared to the previous week and closed at 1,729.80 points. Matched order volume was the highest in the last 5 weeks, but still 23% lower than the 20-week average.
Liquidity on the HOSE floor averaged 914 million shares/session, up 27% compared to the previous week, corresponding trading value reached 28,341 billion VND/session, up more than 33%.
The highlight of the past week came from the last two sessions of the week, with the Thursday session when the market for the first time reached the 1,800 point mark before plunging sharply down 40 points in the ATC session and the Friday session sometimes lost more than 50 points and narrowed the decline to the end of the day. The strong influence was largely from the Vingroup stock group.
However, good growth in the first three sessions of the week helped Vingroup's stocks remain positive throughout the week, with VIC +4.4%, VHM +8.4%, VRE slightly increasing by nearly 1% and VPL only decreasing by 1.8%.
Regarding the trading value of foreign investors, this group of investors returned to net buying in the first 4 sessions of the week and only turned to net selling in the session on Friday. Accumulated after 5 sessions, foreign investors net bought VND 1,575 billion on the entire market.
From the perspective of experts, the very rapid reversal in the last two sessions of the past week has caused investors to fall into a passive state, right at the time when the market is sensitive, causing investors to instinctively react.
When pillar stock prices fall deeply in a short time, panic psychology spreads, especially with individual investors, leading to "running ahead, calculating later" sell-offs that forget that such psychological shocks usually pass quickly.
In addition to the psychological impact when the pillar stock group was sold off, analysts of securities companies said that there is no more negative macroeconomic information enough to strongly impact the market.
Regarding the expected factor, securities companies gave opinions that the market's reaction in the last two sessions of the past week was more psychological than the change in profit expectations.
Commenting on the upcoming trend, experts believe that such psychological shocks usually pass quickly. The market may only need a few sessions to stabilize again, and may even recover in the next session.
The short-term trend of VN-Index is still assessed as an upward trend, and the sharp decrease in the past session is not enough to break this trend. The short-term outlook of the market is still viewed in a positive direction.
