It's turning purple because... nobody's selling it.

The Vietnamese stock market on April 10th witnessed one of the most "bizarre" and dramatic trading sessions in its history. While the VN-Index surged by over 74 points – the strongest single-day increase ever – liquidity plummeted to unprecedented lows. Many stocks fell sharply, but the money flow... didn't move.

The entire electronic display board is dyed purple.

At the close of trading, the VN-Index rose 74.04 points, or 6.61%, to 1,168.34 points. The HNX-Index also increased by 15.74 points (+8.17%) to 208.32 points. The VN30-Index, in particular, recorded a maximum increase of 6.9% – a gain of 80.61 points – as all 30 blue-chip stocks hit their upper limit.

Stock prices are rising, but investors are finding it difficult to buy.

This trading session set several unprecedented milestones: more than 700 stocks hit their upper limit across all three exchanges, the entire VN30 group was in the purple throughout the session, and the trading day ended with no remaining sell orders.

Even leading stocks like HPG, SSI, and TCB recorded huge buy orders at the ceiling price, with nearly 100 million, 70 million, and over 50 million units respectively. The value of buy orders at the ceiling price for the VN30 basket reached over 13,800 billion VND, a figure never seen before.

In stark contrast to the dramatic surge in index points, market trading volume remained incredibly low. The total value of matched orders on the HoSE exchange reached only about 6,300 billion VND – the lowest level in many years. Across both exchanges, total liquidity reached just over 8,000 billion VND, equivalent to less than 20% of previous sessions.

All 30 blue-chip stocks in the VN30 index surged to their upper limit, hitting the purple ceiling.

The developments on the afternoon of April 10th further highlighted the "supply bottleneck" in the market. Throughout the afternoon, the value of matched orders on both exchanges increased by only a meager 462 billion VND, half of which came from foreign investors. This means that domestic investors sold almost no additional shares, leading to the trading screen remaining virtually "frozen" at the ceiling price.

The phenomenon of "green on the outside, red on the inside" – rising prices without liquidity – stems from the thorough hoarding by investors. After several sessions of sharp declines and panic due to concerns about retaliatory tariffs from the US, most investors sold off or were forced to sell at the bottom. When the market suddenly reversed, those who still held shares were determined to hold on tight in the hope of the next recovery.

In particular, the news that the US President postponed retaliatory tariffs for another 90 days against 75 countries, including Vietnam, immediately reversed market sentiment. Investors rushed to place buy orders at the ceiling price right from the start of the morning session, while few shareholders were willing to sell. As a result, the electronic trading board was filled with purple (indicating a significant price increase), but liquidity plummeted to its lowest point.

Foreign investors are opening the door slightly, while domestic investors are tightening supply.

Despite being considered a potential source of supply, foreign investors only sold a small amount today. The total net selling value in the afternoon session reached only about 42 billion VND, while the morning session saw stronger net selling of over 813 billion VND. Overall for the day, foreign investors net sold 855 billion VND – an insignificant figure compared to the 9,346 billion VND net sold in the previous four sessions.

Meanwhile, domestic investor demand was so strong that it easily absorbed all the selling pressure from foreign investors. Stocks that experienced net selling, such as KBC (153 billion VND), still hit the ceiling price along with the market.

Speculative sentiment is evident as investors rush to buy at the bottom but are reluctant to sell during the recovery. However, it should be noted that today's increase of over 74 points is still not enough to offset the more than 220 points lost by the VN-Index in the previous four sessions. This means the market is in a psychological recovery phase and has not yet truly reversed its trend.

A report from SSI Research stated: "Bad news can be a good opportunity." If Vietnam utilizes the 90-day period to negotiate and adjust its corresponding economic policies, there is still room for growth. However, the surge on April 10th was largely driven by sentiment rather than fundamental factors.

The dramatic surge on April 10th clearly demonstrated the power of expectations and crowd sentiment in the stock market. However, record-low liquidity indicates that caution still prevails. Investors need to recognize that while the technical rebound after the tax shock was necessary, it does not mean a sustainable upward trend has been established.

Source: https://thoibaonganhang.vn/tim-lim-vi-khong-ai-ban-162595.html