VN-Index stages a spectacular reversal.

SGGPO August 22, 2023 16:25

Despite foreign investors recording a record net selling of 728 billion VND on the HOSE exchange, the VN-Index still reversed course, dropping more than 30 points from its intraday low and closing in positive territory.

VN-Index reversed course and recovered 30 points in the session.

The Vietnamese stock market opened on August 22nd with a cautious investor sentiment, as a large volume of shares bought at the bottom during the sharp decline at the end of last week's trading session on August 8th were credited to accounts. However, selling pressure intensified later in the session, causing the VN-Index to drop by 30 points at one point, nearing 1,150 points.

By the afternoon session, bargain-hunting stocks were credited to accounts, but instead of a sell-off, strong buying pressure from bargain hunters caused the VN-Index to quickly reverse course, recovering more than 30 points from its lowest point.

In particular, the securities sector showed strength with a series of stocks rising such as: SSI increased by 6.41%, VND by 2.69%, HCM by 2.46%, VCI by 5.2%, FTS by 2.8%, BSI by 3.17%, VDS by 4.58%, CTS by 3.73%...

Although there was some divergence among bank stocks, the majority were in positive territory. Specifically: TCB increased by 1.07%, STB by 1.1%, HDB by 1.23%, LPB by 1.99%, EIB by 2.39%, SSB by 6.02%, etc.

Meanwhile, some large-cap stocks declined, such as VCB down 1.56%, CTG down 1.41%, VPB down less than 1%... Similarly, the real estate sector also showed clear divergence.

While large-cap stocks declined, such as VIC (down 1.98%), VHM and VRE (down nearly 1%), and BCM (down 1.3%), many other stocks surged, including TCH (up to its ceiling price), KBC (up 4.67%), CII (up 2%), HDC (up 2.16%), and CRE (up 2.17%).

At the close of trading, the VN-Index rose 0.73 points (0.06%) to 1,180.49 points, with 220 stocks gaining, 250 stocks losing, and 51 stocks remaining unchanged.

At the close of trading on the Hanoi Stock Exchange, the HNX-Index also increased by 1.68 points (0.71%) to 239.65 points, with 87 stocks rising, 79 falling, and 81 remaining unchanged. Liquidity remained high, with the total trading value across the market reaching nearly 25,600 billion VND.

While domestic investors were buying at the bottom, foreign investors recorded a record net selling of nearly 728 billion VND on the HOSE exchange.

Source