In the afternoon trading session on May 19, after noticing signs of adjustment at the end of the morning session, many investors began to race to sell at all costs.
Selling pressure has become somewhat stronger, focusing on oil and gas, fertilizer, and chemical stock groups and spreading more widely in the market, while the absence of supporting pillars has caused VN-Index to at times fall back to near 1,900 points. Many codes fell into a "white buyer" situation. At this time, the market's supporting pillar continues to be the Vingroup group thanks to the recovery of VHM in the ATC session (contributing 2.7 points).
Closing the trading session on May 19, VN-Index decreased by 15 points, down to more than 1,912 points. HoSE's electronic board today was dyed red with 223 declining stocks (8 floor declining stocks), while the number of increasing stocks was 90. Notably, all 8 floor declining stocks are oil and gas and rubber stocks including: GVR, PHR, HRC, GAS, PVD, BSR, PVT, PLX.
Oil and gas, energy, fertilizer, chemical, and rubber stocks are the focus of selling, with names in the VN30 basket such as BSR, PLX, GAS, and GVR all falling to the floor price, of which BSR matched more than 31.7 million units and there are still surplus units for sale at the floor price of more than 4 million units.
Other codes in these groups such as PVT, PVD (oil and gas), PHR, HRC (rubber) also decreased to the full range. The codes ASP, DGC, BFC, PVP, DPM, DCM decreased from more than 3% to more than 5% and DPR -6.67% to 40,600 VND.
On the contrary, some noteworthy stocks are still the pair Viettel CTR maintaining the ceiling price at 93,400 VND and VTP +5.1% up to 71,700 VND.
In the context of strong selling pressure, it contributed to creating a breakthrough in liquidity thanks to bottom-fishing cash flow. According to statistics, today's session had 986.3 million shares matched orders on the HoSE exchange, equivalent to a trading value of more than 30,000 billion VND.
On the other side, the group of foreign investors continued to have the 3rd consecutive net selling session on the HoSE exchange. According to statistics, this group net sold 726 billion VND. Selling orders focused on banking and securities groups such as MBB, SSI, ACB, VPB, CTG, STB.
Experts predict that VN-Index is likely to continue to fluctuate around the peak as profit-taking pressure from large-cap groups increases. In a positive scenario, liquidity will improve, and cash flow will spread to the mid-cap group, thereby the market forming a sustainable upward momentum.
In a negative scenario, the phenomenon of prolonged pillar pulling while the majority of stocks are weakening will increase the risk of technical correction.
In this period, the important goal is not to seek quick and large profits, but to preserve capital, maintain portfolio efficiency and patiently wait for real cash flow to spread.
If liquidity improves and cash flow spreads better to the mid-cap group, the market still has the opportunity to form a more sustainable upward momentum in the coming period. Conversely, if the pillar pulling state continues while most stocks weaken, the risk of technical correction will increase.
In a period of strong market differentiation, the important goal is no longer to maximize short-term profits, but to maintain portfolio efficiency, control risks and patiently wait for the time when cash flow will spread back widely.
