Opening the morning trading session today (July 13), the stock market reversed to recover to green after 2 consecutive declining sessions last weekend. However, unexpectedly, strong selling pressure appeared after the market entered a continuous order matching session, causing the electronic board to be filled with red.
Towards the end of the morning session, selling pressure became stronger, causing stocks from bluechips to small stocks to race to fall deeply, and even the VN-Index at one point "pierced" the strong psychological threshold of 1,800 points.
Closing the morning session on July 13, VN-Index decreased by 26.83 points (-1.47%), to 1,801.51 points. On the HOSE exchange, there were 255 declining codes, nearly 5 times the number of increasing codes (53 codes). Total trading volume reached 370.3 million units, worth 9,917 billion VND.
Most industry groups were submerged in red. Notably, the pillar group of banking and securities created great pressure on the market when stocks raced to fall deeper. Among them, the banking stock group was in the top 5 group of strong decliners in the market when no stock in the whole industry escaped the correction state. The real estate stock group was under quite a lot of pressure from the Vin family, in which VHM decreased by 3% and VIC decreased by 1.5%, taking a total of more than 6.5 points of the general index.
Meanwhile, the energy group is successfully reversing the trend thanks to BSR increasing by 2.2%, OIL increasing by 3.7%, PVC increasing by 3.9%, PVS, GAS all increasing by more than 1%.
Notably, GIL shares of Binh Thanh Production, Trading and Import-Export Joint Stock Company (Gilimex) are still under pressure to sell off after information that the Federal Court of Southern New York (USA) rejected all lawsuits of Gilimex. At the same time, the Court allowed Amazon to request Gilimex to reimburse lawyer fees and litigation costs incurred during the investigation and proving fraudulent acts. Currently, GIL shares have decreased by 6.9% to the floor price of 9,910 VND/share with a floor selling surplus of nearly 1.9 million units.
Commenting on securities this week, Pinetree Securities Company forecasts that the market is likely to face many difficulties. VN-Index may retreat to retest the medium-term bottom around 1,790 points created last month due to market liquidity being clearly depleted, reflecting the reality that large cash flow is standing outside waiting.
Besides internal factors, Pinetree experts believe that escalating tensions between the US and Iran also weigh heavily on market sentiment. The US airstrikes on Iran twice within 48 hours caused oil prices to skyrocket in the middle of the week.
With the index possibly continuing to decline, VCBS Securities Company recommends that investors temporarily reduce the proportion of leverage used to manage risks, and at the same time limit opening new buy positions.Traders should wait for the market to form a stable accumulation zone along with signals of bottoming in liquidity and supply pressure before considering re-disbursing.
