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| LPB and the Vingroup group continued to be the "pillar" helping the VN-Index maintain its upward momentum, even though most stocks on the market faced strong downward pressure during the June 24th trading session. |
The stock market closed on June 24th with a familiar pattern: the VN-Index continued to rise, but the increase was driven by large-cap stocks, while most stocks on the HoSE exchange faced downward pressure. Capital flowed into large-cap stocks, particularly LPBank and the trio of stocks belonging to the Vingroup ecosystem.
At the close of trading, the VN-Index rose 8.98 points to 1,878.02 points, equivalent to +0.48%. Meanwhile, the HNX-Index fell 8.14 points to 318.24 points, while the UPCoM-Index edged up slightly by 0.79 points to 128.22 points. Trading volume on the HoSE reached over 18,166 billion VND, remaining at a relatively low average level compared to the previous period.
Notably, the market continued to rise despite the news that Vietnam has yet to be included in MSCI's Watch List for an upgrade. This indicates that investor sentiment has become somewhat "immune" to external news in the short term, as capital flows are becoming more selective and concentrated on leading stocks.
Among the stocks with the most positive impact on the VN-Index, LPBank stood out, rising 5.51% to VND 55,500 per share, becoming the largest contributor to the index's increase. This surge followed the previous day's breakout, as the stock attracted strong capital inflows due to information related to the ownership structure of major shareholders.
Besides LPB, the Vingroup group of stocks continued to play a crucial supporting role. Vinhomes increased by 2.31%, Vingroup by 0.66%, and Vincom Retail by 1.68%. This group of stocks directly influenced the VN-Index to maintain its positive performance amidst a market breadth heavily skewed towards sellers.
On the positive side, several other real estate stocks also recorded favorable developments, such as Novaland 's NVL, which increased by 5.28% with a surge in trading volume, a strong reversal from the previous day's decline.
The banking sector continued to show a clear divergence in performance. Besides LPB, some stocks like TCB rose 1.4%, KLB increased 1.94%, while HDB, MSB, ACB, and NAB only edged up slightly by less than 1%.
Conversely, many large bank stocks such as BID, CTG, VCB, STB, TPB, and VIB all fell by around 1%, meaning the spread of this group was not strong enough to create a general trend. This explains why the VN-Index rose but the market remained in a state of "green on the outside, red underneath".
Statistics on the HoSE show 185 declining stocks compared to 120 rising stocks, including 4 stocks that hit the ceiling price and 4 stocks that hit the floor price. Market breadth improved slightly compared to the morning session, but selling pressure still prevailed.
The VN30 basket recorded 13 gainers and 10 losers, but most of the gains were concentrated in a few individual stocks, rather than being evenly distributed. This is a factor that makes the VN-Index heavily dependent on blue-chip stocks.
Following a sharp correction, the oil and gas sector showed a notable recovery, with BSR rising 1.79%, PVD up 3.23%, and GAS up 0.51%. The return of capital to this sector in the afternoon helped alleviate the downward pressure on the market.
In the retail and construction sectors, some stocks like MWG (up 2.37%) and CII (up 1.46%) also contributed to supporting the index. However, the contribution remained localized and did not create a ripple effect across the entire market.
Foreign investors continued to net sell VND 603 billion on the HoSE. Selling pressure was concentrated on large-cap stocks such as FPT, VPB, CTG, STB, TCB, KBC… Meanwhile, foreign investors disbursed into VIC, LPB, NVL, VRE, PVD.
This development indicates that foreign capital flows remain cautious and have not yet returned to sustainable net buying.
A notable point is that overall market liquidity decreased by more than 28% compared to the previous session, reflecting cautious investor sentiment. Capital tended to concentrate on a few large-cap stocks, rather than spreading broadly across the market.
Large transactions mainly occurred in LPB, VHM, NVL, TCB, and some oil and gas stocks. Meanwhile, the group of declining stocks accounted for a very low proportion of transactions, indicating that the selling pressure was not panic-driven but mainly profit-taking or gradual withdrawal.
The June 24th session showed that the VN-Index maintained its upward trend thanks to blue-chip stocks, especially LPB and the Vingroup group. However, the "green outside, red inside" situation has not improved as market breadth strongly favors sellers.
In the short term, the market trend will continue to depend on the ability of large-cap stocks to maintain their strength and, more importantly, on the spread of capital to other sectors. If liquidity does not improve, the index's upward momentum may continue to be more technical than a sustainable trend.
Source: https://thoibaonganhang.vn/blue-chips-dan-dat-vn-index-duy-tri-sac-xanh-183941.html
