The VN-Index lost 1.3% (more than 15 points) after the January 31st trading session, the sharpest decline since the end of November 2023, as bank stocks were heavily sold off.
Stocks experienced significant volatility today, after more than a week of sideways trading within a narrow range. The VN-Index opened above the reference level but gradually declined throughout the trading session. Selling pressure on leading stocks intensified, causing red to gradually dominate. By the end of the morning session, the HoSE index had retreated to near the 1,170 point mark.
Selling pressure intensified in the afternoon session as the sentiment of withdrawing money before the Lunar New Year increased. Red dominated the market, not just in the banking sector. Many stocks saw declines exceeding 3%. Mid-afternoon, the VN-Index recovered slightly before continuing to fall. The HoSE index closed at its lowest point of the day, losing over 15.3 points (1.3%), to 1,164.31 points.
The 1.3% drop was also the largest in over two months, since the end of November 2023. The VN30-Index fell by a similar margin, to 1,166.33 points. On the Hanoi Stock Exchange, both the HNX-Index and UPCOM-Index were in the red.
Total market liquidity reached over 27,145 billion VND. Of this, liquidity on the HoSE exchange accounted for over 23,300 billion VND, an increase of more than 11,000 billion VND compared to the previous session and the highest level since January 4th.
On the HoSE exchange, 101 stocks increased in price, compared to nearly 400 that decreased.
The banking sector was the main reason for market volatility. The group of stocks with the highest weighting in the market capitalization basket fell by nearly 2%. In the VN30 index,SHB dropped by more than 5%, the biggest loser of the day. VCB, STB, and TPB lost more than 2% of their market value, while CTG, TCB, and MBB fell by 1.6-1.9%.
Oil and gas, chemicals, consumer goods, and real estate were also among the stocks dragging the market down. VRE ranked second in the VN30 group in terms of decline with over 4%, while MSN and GVR lost over 2%. In the mid-cap group, red dominated.
Some stocks bucked the trend today, such as NVL, which rose 1.5% after reporting its highest profit in three years. Stocks in the securities sector and some construction stocks also maintained their gains.
Foreign investors were net buyers of nearly 120 billion VND today, for the second consecutive session.
Minh Son
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