Entering the trading week before the long holidays (April 30 and May 1), the stock market only traded for two sessions this week. Many experts predict that shaking and adjustment pressure may appear after the recent hot increase, but large-cap stocks may alternately increase points to continue helping the market anchor points in the high zone.
In today's trading session (April 28), the Vietnamese stock market continued to accelerate from the beginning of the session thanks to the push from the VIC-VHM pair. Meanwhile, the electronic board is still dominated by red, even selling pressure shows signs of spreading to many oil and gas and energy industry groups, causing VN-Index to cool down at times.
However, the fact that Vingroup's stock group simultaneously surged helped VN-Index stand firm. Closing the trading session on April 28, HOSE had 107 gainers and 210 losers, VN-Index increased by 22.55 points (+1.22%), to 1,875.84 points.
Market liquidity is still very weak when total trading volume reached more than 629.7 million units, worth 19,422 billion VND, a slight decrease of 6% in volume and equivalent in value compared to the last session of the previous week. Block transactions contributed more than 51.7 million units, worth 1,383 billion VND.
Four Vingroup stocks contributed a total of more than 34 points to the index. In which, VHM and VRE stocks closed the session at the ceiling price of 151,000 VND and 30,800 VND respectively, while VIC +6.3% increased to 225,500 VND and VPL +3.4% increased to 84,300 VND.
In the opposite direction, most of the declining codes only lost points slightly, especially the oil and gas industry pair was heavily sold when PLX fell to the floor price -6.9% to 36,950 VND and GAS -6.1% to 73,500 VND.
PC1 shares are still the focus of the market when they continue to be dumped with surplus goods sold at the floor price up to more than 23.5 million units.
The fact that VN-Index approached the old peak in a state of liquidity decline and market breadth narrowing reflects the cautious sentiment of investors in the context of the business results picture of listed companies gradually becoming clearer.In particular, the psychological effect before the holidays also contributes to making cash flow in the market more cautious.Usually, investors tend to reduce the margin ratio to reduce loan interest costs and prevent risks of fluctuations from the international market during long holidays.
Analyzing more deeply about cash flow, Mr. Huynh Anh Huy, Industry Analysis Director - Kafi Securities, said that the market is witnessing a trend of narrowing liquidity accompanied by high differentiation.Instead of spreading consensus widely, current cash flow is tending to gradually withdraw from speculative segments to focus on pillar stock groups.It is the support from this large-cap group that is playing the role of "anchor" keeping the general index in pace, while small and medium-cap groups (Midcap and Smallcap) are facing significant adjustment pressure after a period of recovery.
Second, in terms of information, the market seems to have entered a "low zone" after the financial reporting season.Positive data from Q1 business results has largely been absorbed by the market and reflected in the current price level.Due to the absence of new growth stories, the weight to activate expectations, the driving force for strong cash flow to circulate between industry groups is no longer much.
"I believe that the market in May will maintain a sideways accumulation state with a narrow amplitude in the high price zone.The most likely scenario is that the VN-Index will still maintain stability thanks to the Blue-chips group, but the "health" of the individual portfolio may be affected if investors still focus too much on the small and medium capitalization group - where profit-taking pressure and cash flow withdrawal are still clearly present," Mr. Huynh Anh Huy stated his opinion.
