Stocks unexpectedly 'fall' deeply after surpassing the historical mark of 1,700

chứng khoán - Ảnh 1. — Stock market fell sharply at the end of the week - Photo: QUANG DINH

The banking and securities groups suffered the strongest selling pressure at the end of this afternoon's session. The VN-Index suddenly dropped nearly 30 points, falling back to 1,666.97 points at closing time.

Stocks fell sharply after surpassing the 1,700 mark.

Earlier in this morning's trading session, VN-Index increased quite positively, officially surpassing the 1,710 point mark. Liquidity improved slightly compared to the same time yesterday, but was still lower than the average of the last 5 sessions.

Green spread across the market as 15 out of 19 secondary sectors recorded gains. The main drivers came from oil and gas, chemicals, real estate, and aquaculture.

Among them, oil and gas, chemicals and seafood stood out with outstanding growth, explosive liquidity and the upward momentum spreading across many stocks. Notably, foreign investors strongly bought BSR , PVD and DCM, contributing to strengthening the positive trend of this group.

But starting from 2 p.m., VN-Index turned down as selling pressure spread across the market. The correction momentum quickly increased, pulling the index to close near the 1,667 point mark, meaning it lost nearly 30 points compared to the reference. This was also the sharpest decline in the past 10 days, causing panic among investors who stuck to the market at high prices.

The securities group lost the most points with more than 4.2%, while banks decreased by 2.45%, while real estate was down less than 1%.

Foreign investors continued to experience a strong net selling session with nearly 1,400 billion VND. This group sold the most in banking groups such as VPB, MBB, HDB, TPB, TCB. Next, securities codes such as HCM, VND, VCI, VIX... were also "dumped" heavily by foreign investors.

How is the upgrade process?

The most concerning issue of the stock market today is whether Vietnam will be upgraded in the FTSE assessment in early October?

Regarding this topic, HSBC has just released a report stating that Vietnam has met 7 out of 9 criteria in FTSE's "market quality" framework.

The criteria for capitalization, liquidity, and presence of large stocks have all been met. The two criteria for "payment cycle" and "failure transaction costs" have also improved significantly. The Securities Law amended at the end of 2024 has removed the requirement for depositing money before buying stocks and added regulations for information disclosure in English.

In addition, the KRX trading system, which will be operational from May 2025, will also help resolve order congestion and increase the ability to process large transactions. At the same time, KRX will pave the way for the application of the central counterparty (CCP) clearing mechanism, helping transactions and payments take place simultaneously and more efficiently.

However, HSBC pointed out that there is still the problem of complicated registration process for foreign investors.

There are also foreign ownership limits (FOL) in certain industries such as banking, airlines and telecommunications.

This limit is usually up to 50%, but the foreign ownership limit in commercial banks is only 30%.

This means that once a foreign investor has bought 50% of a company, they can only trade with other foreign investors. Foreign prices will be set, different from the prices for domestic investors.

Currently, only 12 stocks in the VN-Index have reached the FOL limit. Overall, the VN-Index has a FOL of 42%, while the current foreign investor holding ratio is only about half of this limit, about 17%.

Although foreign ownership limits investors’ access to the market, HSBC notes that this is not a mandatory criterion for upgrading.

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BINH KHANH

Source: https://tuoitre.vn/chung-khoan-bat-ngo-roi-sau-sau-khi-vuot-moc-lich-su-1-700-20250905151609746.htm