The stock market entered the new trading week still under increasing selling pressure on a large scale, causing the market to sink into red. VN-Index at one point decreased by more than 20 points before recoiling and narrowing the decline towards the end of the session.
Closing the trading session on September 14, HOSE had 229 declining codes, nearly 3 times the number of increasing codes (85 codes), VN-Index decreased by 6.98 points (-0.39%), to 1,788.23 points. Total trading volume reached nearly 824 million units, worth 19,538 billion VND, up 18.1% in volume and 15.2% in value compared to the last session of the week on September 11. Block transactions contributed more than 160.2 million units, worth 4,057 billion VND.
Foreign investors' transactions are a plus point when net buying about 812 billion VND of shares across the market. On the buying side, VPB and MBB shares were bought the most by foreign investors on HOSE with values of more than 149 billion VND and 136 billion VND.
Following behind, TCB and FPT are the next codes to be strongly bought 131 and 117 billion VND. In the opposite direction, HPG leads the list of net selling with 170 billion VND. Followed by VIC and VNM, respectively being net sold 77 billion VND and 64 billion VND.
Commenting on the market trend, OCBS Securities Company said that VN-Index may continue to struggle and adjust in the 1,780-1,810 point area when investor sentiment is not stable. Selling pressure may continue to appear, especially in stocks that have increased sharply in the past. Meanwhile, the 1,780 point area will be an important area to test demand.
If VN-Index maintains this support zone, liquidity decreases to a reasonable level and demand improves, the market may form a balance before determining the next trend. Therefore, OCBS currently leans towards a short-term correction and re-accumulation scenario rather than reversing the medium-term uptrend.
Yuanta Vietnam Securities Company believes that VN-Index has broken through the support zone of 1,810 - 1,815 points in the context of strong liquidity increase, showing that selling pressure is prevailing. Yuanta forecasts that the index may continue to bear downward pressure to the 1,760 - 1,780 point zone in the first sessions of the week.
Regarding the story of foreign capital flows, experts assess that the noteworthy point in the current period is not only the total net buying and selling value of foreign investors, but also the differentiation right in the group of large-cap enterprises.
This shows that foreign capital is choosing each stock based on valuation, prospects and ability to meet investment criteria, instead of buying simultaneously based on the story of upgrades. In particular, the first disbursement according to the roadmap after the market is upgraded by FTSE is only about 10% of the target weight, with capital estimated at about 220 million USD, equivalent to 5,760 billion VND.
Therefore, the greater meaning of the upgrade lies in improving the position and ability to attract long-term capital flows for the Vietnamese market, instead of expecting an immediate liquidity boost.
Cash flow still prioritizes large-cap stocks and codes directly benefiting from the FTSE story.However, when VN-Index has increased quite strongly and the valuation of some leading stocks has been pushed up, cash flow is starting to tend to look for a price level and a new story.
