Strong selling pressure towards the end of the morning session pushed the VN-Index down more than 12 points. In the afternoon, the market rebounded into positive territory, though the gains were modest as leading stocks gradually lost momentum.
At the close on Friday, the VN-Index finished at 1,584.95 points, up 3.14 points, or 0.2 per cent.
Market breadth was slightly positive with 177 gainers and 155 decliners. Liquidity rose 11.3 per cent from the previous session to VNĐ49.1 trillion (approximately US$1.87 billion).
Meanwhile, the VN30-Index dropped 5.77 points, or 0.33 per cent, to 1,729.08 points. Within the VN30 basket, there were 18 decliners, 11 gainers and one stock that ended flat.
Vingroup shares rose 1.7 per cent and VPBank gained 2.1 per cent, despite both experiencing mild corrections during the session. Since the beginning of August, VIC and VPB have accumulated gains of 11 per cent and 15 per cent respectively, with some sessions hitting the ceiling.
Aside from these two large-cap stocks, the blue-chip group saw rather negative movements. The market’s focus continued to shift towards mid-cap stocks. All 15 stocks that hit their ceiling prices on HoSE today were outside the VN30 basket, with notable names including PDR, CII, PVD, HAG and GEE. Cash flow continued to seek stocks with specific growth stories rather than concentrating solely on leading groups.
Foreign investors increased their net selling to about VNĐ834 billion, offloading large amounts of BID, SSI, HPG, FPT and VCB. On the other hand, they net bought more than VNĐ100 billion worth of VPB, GEX, CII, DCM and CEO.
After a sharp correction last week, the market has posted consecutive gains throughout this week. However, intraday volatility remained present. Liquidity continued to stay at high levels, indicating that cash flow remained active.
According to Vietcombank Securities (VCBS), the market continued to show momentum to move towards higher points during the week. Although stock groups have shown signs of divergence, the active rotation of capital has allowed the VN-Index to maintain its points and gradually consolidate support levels.
With the current trend, VCBS recommended that investors realise partial profits on stocks experiencing strong supply at high price zones.
At the same time, investors may select stocks entering an uptrend from long-term accumulation zones, or those showing signs of successfully testing support after a correction, to open positions when the VN-Index sees volatility next week. — VNS