Purple because... no one sells

The whole electronic board was dyed purple.

At the end of the trading session, VN-Index increased by 74.04 points, equivalent to 6.61%, to 1,168.34 points. HNX-Index also increased by 15.74 points (+8.17%) to 208.32 points. VN30-Index alone recorded a dramatic increase of 6.9% - up to 80.61 points, when all 30 stocks in the blue-chip basket hit the absolute ceiling.

Stocks rise but investors find it difficult to buy

This trading session set many unprecedented milestones: more than 700 stocks hit the ceiling on all three exchanges, the entire VN30 group was "purple" throughout the session and ended the trading day with no remaining sell orders.

Even leading stocks such as HPG, SSI, TCB recorded huge ceiling price buy orders, nearly 100 million, 70 million and more than 50 million units respectively. The ceiling price buy order value of the VN30 basket reached more than 13,800 billion VND, a number never seen before.

In stark contrast to the shocking increase in scores, the market’s trading value was incredibly low. The total matched value on the HoSE floor was only about VND6,300 billion – the lowest level in many years. Combined, both floors had total liquidity of more than VND8,000 billion, equivalent to less than 20% compared to previous sessions.

All 30 blue-chip stocks in the VN30 basket hit the ceiling

The developments on the afternoon of April 10 further emphasized the "supply congestion" of the market. Throughout the afternoon, the value of matched orders on both exchanges increased by only 462 billion VND, half of which came from foreign investors. That is, domestic investors almost did not sell more goods, leading to the board almost "freezing" at the ceiling price.

The phenomenon of “green on the outside, red on the inside” increasing in points without liquidity - originated from investors’ thorough hoarding of stocks. After many sessions of deep decline and panic due to concerns about reciprocal tariffs from the US, most investors sold or were “forced to sell” at the bottom. When the market suddenly turned around, those who still held stocks were determined to hold on tight in the hope of the next recovery.

In particular, the news that the US President would postpone the imposition of reciprocal tariffs for another 90 days on 75 countries, including Vietnam, immediately reversed market sentiment. Investors rushed to place buy orders at ceiling prices right from the start of the morning session, while few stockholders were willing to sell. As a result, the electronic board turned purple, but liquidity fell to rock bottom.

Foreign investors "open the door", domestic supply tightens

Although considered a potential source of supply, foreign investors only "dripped" to sell today. The total net selling value in the afternoon session was only about 42 billion VND, while the net selling in the morning session was stronger with more than 813 billion VND. For the whole day, foreign investors net sold 855 billion VND - an insignificant number compared to the 9,346 billion VND net sold in the previous 4 sessions.

Meanwhile, the demand from domestic investors was so strong that it easily absorbed all the selling volume from foreign investors. Net sold codes such as KBC (VND153 billion) still hit the ceiling with the market.

Speculative sentiment is evident as investors race to buy the bottom but do not want to sell in the recovery zone. However, it should be noted that the increase of more than 74 points today is still not enough to make up for the more than 220 points that VN-Index lost in the previous 4 sessions. That is, the market is in the psychological recovery phase and has not really "reversed the trend".

“Bad news can be a good opportunity,” said a report from SSI Research. If Vietnam takes advantage of the 90-day period to negotiate and adjust its economic policies, there is still room for growth. However, the April 10 boom is largely psychological rather than fundamental.

The shocking increase on April 10 is a clear demonstration of the power of expectations and crowd psychology in the stock market. However, the record low liquidity shows that caution is still prevailing. Investors need to soberly recognize that the technical recovery after the tax shock is necessary, but it does not mean that a sustainable uptrend has been established.

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