After the strongest increase in history, investor sentiment became cautious, leading to increased adjustment pressure in the market. The electronic board filled with green of the previous session quickly turned bright red in today's trading session on April 9 with hundreds of declining codes.
However, bottom-fishing cash flow quickly returned as many stocks fell deeply. As a result, many stocks turned to increase again, especially steel and public investment stocks.
At the end of the trading session on April 9, VN-Index decreased by nearly 20 points, falling to 1,677 points. Liquidity still maintained at a high level with the trading value on the HOSE floor reaching more than 29,000 billion VND.
Capitalization groups today, from Large Cap, Mid Cap to Small Cap, all decreased points with the main pressure from the Large Cap group when it decreased by 1.26%. The industries that decreased the most today are the energy and oil and gas industries, down 2.28%.
However, the main pressure on the market largely comes from the "super pillars" group. Typically, banks with names like VCB decreased by 1.33%, VPB decreased by 1.81%, BID decreased by 2.05%, CTG decreased by 1.41%... Besides, a series of securities industry stocks also went downwards after the rise from market upgrade information.
With the Vingroup group of stocks attracting the most attention when falling by 5.88%. However, the most influential stock is VIC, which fell by 2.74%, directly taking away 6.82 points of the VN-Index. The real estate industry recorded the strongest increase in today's trading session with names such as NVL up 6.03%, DXG up 2.36%...
Especially QCG shares increased to the ceiling price on the day that Ms. Nguyen Thi Nhu Loan was proposed by the Procuracy for a suspended sentence, related to the case of violations in the transfer of more than 6,000 m2 of "golden" land at 39-39B Ben Van Don.
The most surprising thing in today's session was foreign investors with net buying moves for most of the trading time. However, in the last minutes, this group rushed to sell 36.8 million VPL shares, equivalent to more than 3,280 billion VND. This selling pressure pushed VPL down sharply by 5.9%, and at the same time caused foreign investors to fall into a net selling position of nearly 2,500 billion VND on the HOSE exchange.
Before investors' questions about why the market has upgrade information but foreign investors still maintain net selling pressure, Mr. Pham Luu Hung - Chief Economist, SSI Research Analysis Director affirmed that the positive impacts are not not happening, but have not yet happened.
Currently, major financial institutions are actively carrying out overseas business trips to connect with international investment funds that do not yet have accounts in Vietnam.
The current net selling trend is actually a global risk-off response in the context of rising oil prices and the USD maintaining its strength, affecting most emerging markets, not just Vietnam.
SSI experts assess that the upgrade story is long-term, while capital flows from passive funds will begin disbursement in September instead of immediately. An important message to investors is not to focus too much on short-term speculative positions according to upgrade news.
Because upgrading is a journey of changing the perspective of international institutional investors on the Vietnamese market. Ignoring long-term benefits to chase immediate fluctuations may cause investors to miss greater opportunities when the financial market truly breaks through and deeply integrates with global standards.
