The stock market continued its sluggish state from early morning in today's session (August 28) with the electronic board always maintaining a high level of differentiation, especially in the bluechip group. Even at times, the VN-Index broke the 1,820 point mark. Selling pressure appeared strongly in the large-cap group, causing stocks to be dyed red in the afternoon session.
However, the last-minute tug-of-war helped VN-Index close above 1,832 points, up 0.56 points compared to yesterday. This is the 7th consecutive session the market has gone up, the longest streak of increases this year. Accumulated in the past 7 sessions, stocks have accumulated more than 105 points.
At the end of the trading week, the VN-Index increased by 64 points, equivalent to +3.62% and was the second consecutive week of increase after +2.3% in the previous week. Today's session is also the last trading session of August and in this month, the VN-Index increased by more than 96 points, equivalent to +5.55%.
During the market fluctuation session, HOSE's liquidity improved by nearly 9% to about 17,400 billion VND. However, this is still a relatively low level, showing that selling pressure has not yet increased. Foreign investors continue to net buy about 335 billion VND. Foreign cash flow is seeking FPT, TCB and VPB. Meanwhile, VIC is the only stock that was net sold over hundreds of billions of VND.
In today's trading session, only a few stocks had notable transactions, such as SSB in the VN30 basket returning to the ceiling price when closing +6.9% to 17,100 VND, matching more than 4.9 million units. Two following stocks, SHB and STB, also eased their upward momentum, both increasing by more than 2.5% to 12,200 VND and 75,500 VND respectively, with SHB this session matching the highest order in the whole market when reaching 77.6 million units. The rest of the bluechip group fluctuated slightly, with TCB leading the downward momentum but also only -2.1% down to 33,400 VND, matching more than 27.6 million units.
VPBank Securities Company noted that the current increase of VN-Index does not accurately reflect supply and demand in the market. From the beginning of the week, the Vingroup group contributed more than 55 points in the total increase of more than 63 points of the index, while the number of declining stocks still prevailed. The large impact of some high-cap stocks may cause VN-Index to fluctuate more strongly in the coming time. The market needs consensus from many industry groups before the upward momentum becomes solid.
HSC Securities Company believes that if VN-Index decisively surpasses the 1,850 point zone in the coming time with improved liquidity and the consensus return of the large-cap group, the upward trend may continue to expand. Conversely, if profit-taking pressure increases, the 1,800 - 1,820 point zone will be a near support zone that needs to be monitored.
TPS Securities Company also maintains a positive view in the next few weeks. VN-Index has surpassed 1,830 points while liquidity has not improved correspondingly, causing the market to need a few more sessions to consolidate the reliability of the breakthrough. If a slight correction appears, this may be an opportunity to increase the proportion at a better price instead of chasing.
