VIC pulls index, VN-Index still loses 1,300 mark
In the session of May 19, increased selling pressure caused the VN-Index to decrease by 5.1 points, equivalent to 0.39%, closing the session at more than 1,296 points. On HoSE, red dominated with 216 stocks off, while only 110 stocks increased and 42 stocks stood at prices. However, the index did not fall far thanks to significant support from Vingroup stocks, especially VIC.
VIC contributed up to 5.3 points to the VN-Index and increased the ceiling, while VHM contributed nearly 0.8 points. On the contrary, VPL was the code that took away the most points, causing the general index to lose 1.1 points. Mixed developments in the same group of stocks show a clear differentiation, especially when VIC is attracting large cash flows from both domestic and foreign investors.
Market liquidity improved slightly compared to the previous session, with more than 890 million shares matched, equivalent to a trading value of VND 21,400 billion. Notably, two codes with transaction values exceeding VND1,000 billion are VPB (1,53 billion VND) and FPT (1,55 billion VND), reflecting the great interest of cash flow in banking and technology.
Foreign investors continue the net selling trend, with a total net selling value of about VND500 billion on the HoSE. VHM, GEX, MSN, DXG and VRE are codes on the list of released products. On the other hand, VIC was net bought for more than 173 billion VND, becoming a rare bright spot attracting foreign capital. In addition to VIC, two bank codes, MBB and CTG, also recorded net purchases of VND 148 billion and VND 83 billion, respectively.
The market may continue to adjust before recovering
According to Mirae Asset Securities, after two weeks, VN-Index is trading in the resistance area, short-term profit-taking pressure is an essential factor that makes the market adjust. The stocks of Vingroup, especially VRE and VHM, are entering the technical barrier area, which can slow down the recovery momentum of the general index.
In addition, the banking group also recorded a state of differentiation. Some stocks such as TCB, STB, LPB, MBB are under profit-taking pressure as they surpass historical peaks, while stocks such as CTG, HDB, SHB are facing selling pressure as they approach the resistance zone.
In the cautious scenario, Mirae Asset expects the first support zone to form around 1,275 points, before the VN-Index can continue its journey to conquer the old peak at 1,340 points.
In the same viewpoint, the BSC Research warns the rising momentum of VN-Index has slowed down and the reversal signal appears. Experts recommend that investors need to be careful in the coming sessions, because the market can decrease in the inertia, especially when it is in the process of gap filling a large decline from 1,270 - 1,315 points.
