After yesterday's nearly 30-point decline on December 10, investors have put caution first in today's session, especially when the VN-Index has broken through the psychological mark of 1,700 points and pillar stocks VIC and VPL continue to retreat to the floor price, liquidity decreased sharply.
In that context, the market did not have any industry groups or stocks that were strong enough to support, so it was not enough to attract cash flow to participate in bottom fishing, but caution continued to increase.
At the end of the trading session on December 11, the HOSE floor had 104 stocks increasing and 192 stocks decreasing. VN-Index decreased by 20.08 points to 1,698.9 points.
Notably, liquidity, when falling sharply to the lowest level since mid-June. Total trading volume reached more than 592.5 million units, worth VND 16,224.3 billion,
Vingroup stocks are still the focus, with VIC and VPL having times decreased the floor, but closing VIC is only -1.9% down to VND 146,000/share, while VPL lost 5% to VND 91,000/share. The remaining two stocks are VHM -2.3% to VND 101,100/share, VRE slightly decreased by 1.7% to VND 29,500/share. In total, this group took away more than 7 points from the VN-Index...
SGI Capital commented that liquidity in the Vietnamese stock market has not improved, but the net selling pressure of foreign investors has cooled down, along with the decreased margin, reducing supply pressure for the general market.
However, the pressure of the financial market is still due to: year-end bond maturities and stock issuance and IPO are still high, expected to surpass 2021, reaching a new record in the history of the Vietnamese stock market. In addition, the market is not cheap enough in the context of interest rates still increasing, limiting demand, making it difficult for the market to break out in the short term.
SGI Capital assessed that in the next 3 months, there are many expectations that the credit room opened for 2026 will create a wave at the beginning of the year as usual. This, according to SGI, depends largely on the speed of improving the liquidity of the system according to the ability to mobilize capital in the coming months.
In case of good mobilization, interest rates can stabilize again, creating conditions for cash flow to spread to seek investment opportunities. In case credit continues to increase too strongly beyond mobilization capacity, interest rates will continue to increase and the competitive effect on capital sources will occur in the inter-market, causing cash flow to continue to decrease in the stock market, creating more pressure if investors and business owners have to sell less stocks to reduce debt and compensate for liquidity shortages.
