Stocks suddenly fell deeply, an industry with many expectations was "dumped" heavily

The stock market was under strong selling pressure in the first morning session of the week - Photo: QUANG DINH

Opening this morning, VN-Index fluctuated around the reference level. After more than 10 hours, the market suddenly dropped more sharply, at times falling more than 20 points under pressure from large-cap stocks.

At the end of the morning session, the index representing the Ho Chi Minh City Stock Exchange fell 18 points, falling deeply to 1,264 points. The VN30 alone fell 22 points. The other two exchanges, HNX and UPCoM, also saw a downward trend due to strong selling pressure.

The entire market had 530 stocks decreasing in points, counterbalancing 220 stocks increasing in price. The stock groups GVR (-3.6%), HPG (-2.24%), VPB (-1.5%), FPT (-1.69%), MBB (-2.77%), CTG (-1.7%)... were the "culprits" that dragged the overall market score down.

On the contrary, VCB (0.7%), POW (2.4%), VIC (0.12%), VRE (0.5%)… were among the groups that supported the market this morning.

If classified by industry group, the top stocks were "dumped" heavily, down 3.86% after half a day of trading.

Of which, MBS (-6.63%), CTS (-6.3%), VCI (-4.67%), HCM (-3.73%), SSI (-2.68%)... Rarely, VND of VNDirect kept the green color, but the increase was insignificant at 0.6%.

At the end of the session, cash flow was strongly withdrawn from securities stocks, trading volume reached nearly 97 million units with greater selling pressure.

In addition to the securities group, information technology with leading stock FPT also could not escape the general negative trend of the market.

Meanwhile, the real estate and construction sectors have a strong differentiation. A series of stocks such as VIC, VRE, DIG, KBC, ITA… have increased in price well. The remaining stocks such as VHM, BCM, NVL, KDH, NLG… have adjusted.

Why did stocks fall so hard at the beginning of the week?

The negative trend of VN-Index occurred at the beginning of the week. Before that, the general index representing the Vietnamese stock market experienced a week of fluctuations within a narrow range.

In terms of capitalization, the cash flow allocation ratio increased in the mid-cap group and remained in the large-cap VN30 group, while it turned to decrease in the small-cap group. It should also be noted that the small-cap group has recently increased very "hotly", creating "waves" on UpCOM.

Speaking with Tuoi Tre Online , Mr. Do Bao Ngoc - Deputy General Director of Kien Thiet Securities - said that for groups of stocks that increase excessively and without reason, corrections are inevitable, and investors need to be cautious.

In this morning's session, Mr. Ngoc said that the risk appears in the group of speculative stocks increasing a lot. Meanwhile, the decrease in business codes will be an opportunity to consider disbursement.

Some experts also noted that with the possibility of the 1,265 mark being "pierced", the VN-Index could fall to 1,250-1,255. This is the support zone, stimulating bottom-fishing demand.

The market correction is explained by the fact that this week funds closed NAV and securities companies closed margin lending balances for the second quarter. This could cause short-term pressure.

Some opinions explain that the market is lacking supportive information at this stage, high adjustment pressure is inevitable in the context of "hot" exchange rates again, and the stock market in the region is not very positive.

Source: https://tuoitre.vn/chung-khoan-bat-ngo-roi-sau-mot-nganh-rat-nhieu-ky-vong-lai-bi-xa-manh-20240624120321947.htm