Stocks surpass 1,300 then 'fall' again, investors disappointed

Stocks fall below 1,300 again - Photo: QUANG DINH

The stock market opened the first session of October quite positively with green covering. Overwhelming active buying power and better liquidity helped the VN-Index surpass the 1,300 point threshold this morning.

Stock market loses momentum

Not only banking stocks, securities, steel, real estate stocks all had impressive trading volumes. The entire market had more than 500 stocks gaining points. By the end of the morning session, the index had gained nearly 14 points.

However, in the afternoon session, the market lost its excitement. Selling pressure gradually increased in some stocks, especially in the banking group.

In the top 10 stocks that negatively affected the index, there were 7 banking "faces", typically: CTG of Vietinbank (-1.2%), VPB of VPBank (-1%), LPB of LPBank (-0.7%), HDB of HDBank (-0.7%), MBB of MBBank (-0.19%), NAB of Nam A Bank (-0.9%).

Meanwhile, the securities group had a higher consensus with the whole industry increasing by nearly 1% in today's session.

In addition to SSI (-0.36%), MBS (-0.94%), there are also ORS (+6.82%), VND (+1.31), BSI (+4.63%), CTS (+0.25%), VDS (+1.79%), BVS (+0.23%)...

Statistics at the closing time showed that 6 out of 22 industry groups decreased in points. The whole market had 450 stocks increasing in price, counterbalancing 275 stocks decreasing in price.

With liquidity on all three floors exceeding VND25,000 billion, the market witnessed a rare billion-dollar trading session in recent months.

On another positive note, foreign investors also returned to net buying in the session when VN-Index touched 1,300, with a net value of more than 400 billion VND.

Although the market still maintained its green color at the end of the session, increasing by more than 4 points. However, continuing to "fall" from the 1,300 zone in such a short time inevitably made investors disappointed.

This scenario repeated itself almost exactly like the session on September 27, when VN-Index also only touched 1,300 points in a short time due to strong selling pressure.

5 times difficult

Over the past 30 months, the VN-Index has touched the 1,300 mark several times. And if we count from the beginning of 2024 until now, this strong resistance zone has made it difficult for the index 5 times. Each time at this threshold, selling pressure reappears.

Speaking to Tuoi Tre Online , Ms. Tran Thi Khanh Hien - director of analysis at MB Securities (MBS) - said the 1,300 mark is still a strong resistance.

Many times when approaching this area, VN-Index dropped sharply by dozens of points, profit-taking pressure increased.

According to Ms. Hien, the proportion of institutional investors is not high, while the number of individual investors is overwhelming, so the market is volatile.

The risk tolerance of individual investors will be more short-term, leading to market fluctuations. Therefore, in the long term, there is still a need for changes in the nature and structure of the market to move towards more sustainable development.

Regarding foreign capital flows, Ms. Hien said they have withdrawn from the Vietnamese stock market quite strongly throughout the past year for many reasons. Of which, interest rate differential is only one factor.

Therefore, the Fed has lowered interest rates, and there is not much expectation that foreign capital will return to Vietnam strongly at this time. We should only hope that the sell-off will decrease and net buying volume will gradually improve.

Source: https://tuoitre.vn/chung-khoan-vuot-1-300-roi-lai-rot-nha-dau-tu-hut-hang-20241001153704303.htm