At the end of today's session (8.), VN-Index decreased by 77.88 points, equivalent to 6.43%, down to more than 1,132 points.
Red dominated almost the entire HOSE scoreboard with 506 codes, including 266 codes for floor reduction.
On the reverse side, only 11 stocks increased and 14 stocks remained stable. The VN30 power board was in red with 30/30 codes down, including up to 25 codes down the floor.
Witnessing the decline that has not shown any signs of stopping, many investors are more hesitant when launching buy buy to catch the bottom. Therefore, liquidity in today's session decreased sharply with more than 1.16 billion transferred shares, equivalent to a trading value of more than VND 25,300 billion.
Although the index has another deep decline, foreign investors have not shown any signs of getting to the bottom. In today's session, foreign investors net sold VND728 billion on the HOSE.
After less than 3 days of fluctuating trading due to the US government's counterpart taxes, the market capitalization of stocks in the Vietnamese market has decreased by more than 1 million billion VND, equivalent to nearly 40 billion USD.
This reflects the worried mentality that is permeating the market as the deadline for applying counterpart tax 9.4 is approaching and there is still no information about the deal being announced.
Currently, both investors and businesses are waiting for the latest information about the tariff negotiation round between the Vietnamese delegation and representatives from the US government.
According to a newly updated report from SGI Capital, in the case of successful negotiations and a counterpart tax reduction of 10% - 20%, Vietnam's growth momentum from exports and FDI growth will still be affected.
In the scenario of tariffs applied higher than 20%, the Government will implement stronger domestic stimulus measures ( interest rate reduction, tax and fee support, public spending packages, etc.) to support domestic enterprises to expand their scale, absorb labor from the export sector and maintain high growth targets.
According to updated information, the Government, the State Bank and ministries are urgently discussing to introduce new economic stimulus policies in April.
We believe that the risks from tariffs affecting investors are reflecting very quickly in stock prices and will gradually fade in the next two months. In the second half of this year, foreign cash flow may return to net buying as valuations are attractive and the process of upgrading to emerging markets, said a report by SGI Capital.
The report also pointed out that one of the very notable points in this sharp decline in the stock market is the stability of exchange rates and interest rates. It is undeniable that the proactive management of the Government and the State Bank is being effective.
Macro stability along with the Government's continuous efforts in negotiating and supporting growth will be an important support for long-term cash flow to flow into the market.
Currently, the sharp decline of the VN-Index has dragged the market valuation to the cheap zone of 10 years, opening up very good long-term investment opportunities for many high-quality leading stocks. When all businesses were sold off around historical lows, many very attractive long-term investment opportunities appeared.
According to SGI Capital, although price fluctuations in the coming weeks may be unpredictable, after the fear of the extreme has passed, a new order will gradually be established and we will look back at this period as one of the best investment opportunities in the history of the Vietnamese stock market.
