VN-Index stages a spectacular reversal ahead of derivatives expiration.

After plummeting more than 50 points during the session, the VN-Index unexpectedly reversed course spectacularly thanks to strong bargain hunting in blue-chip and oil and gas stocks. The aggressive influx of capital helped the market narrow its decline, holding firm at the 1,900-point mark before the derivatives expiration date.

Strong bargain-hunting buying in the afternoon session helped many oil and gas and blue-chip stocks reverse their downward trends dramatically.

Today's stock market session was one of the most dramatic since the beginning of the second quarter, with the VN-Index experiencing a rollercoaster ride with extremely large fluctuations. What happened was completely contrary to the predictions of most securities companies, who had predicted that the index would only fluctuate within a narrow range of 1,950 points due to cautious sentiment and net selling pressure from foreign investors.

From the start of the session, the VN-Index maintained a slight upward trend thanks to support from large-cap stocks. However, the tug-of-war quickly turned negative towards the end of the morning session as selling pressure intensified. At one point, the index lost nearly 30 points before the midday break.

In the afternoon session, panic spread, especially in the real estate sector. A series of midcap and penny stocks plummeted, some even hitting the floor with no buyers, causing the VN-Index to drop by as much as 54 points, breaking through the 1,860 support level. This was also the deepest decline the market has experienced in the past two months.

However, the negative trend was short-lived. A sudden surge of bargain-hunting buying at low prices helped the market reverse quickly. In less than 5 minutes, strong demand emerged in many blue-chip and oil and gas stocks, significantly narrowing the VN-Index's decline before closing at 1,913 points, slightly higher than the reference point.

The biggest highlight of today's trading session came from the oil and gas sector, which witnessed a spectacular reversal. Previously, this sector had been under the most intense selling pressure in the market. Many stocks, such as BSR and PVD, had hit their floor prices, while GAS at one point fell by more than 6%.

However, bargain-hunting demand quickly changed the situation. GAS rebounded 3.7% by the end of the session, equivalent to a daily fluctuation of over 10%. PLX also staged an impressive comeback, turning from a deep decline to a 4.4% gain at closing. BSR rose 2.09%, PVS increased 3%, PVC gained 1.91%, and PVD also managed to regain its positive momentum.

Analysts believe this development shows that speculative capital has not yet withdrawn from the oil and gas sector, especially given that many stocks have undergone significant corrections in recent sessions and have become more attractive in terms of valuation.

Not only oil and gas stocks, but also blue-chip stocks saw strong buying interest at the bottom. The VN30 basket saw 15 stocks recover more than 3% from their intraday lows.FPT became the focal point, surging 4.3% after dividend announcements. VinGroup stocks like VIC and VHM continued to support the index, rising 0.71% and 1.85% respectively.

Liquidity in the VN30 group surged in the afternoon session with a trading value exceeding 10,200 billion VND, 47% higher than the morning session and the highest level in the past 11 weeks. Overall for the day, blue-chip stocks alone accounted for nearly 59% of the total liquidity on the HoSE exchange.

Despite a strong market recovery at the end of the session, market breadth remained significantly skewed towards sellers. On the HoSE, only 79 stocks rose while 239 fell, with 139 declining by more than 1%. The real estate sector remained the epicenter of the correction, with many stocks experiencing sharp declines such as DXG, NVL, DIG, CEO, and TCH. DXG, in particular, closed at its floor price with high trading volume.

This indicates that the new bargain-hunting capital flow is mainly concentrated in large-cap stocks and those with strong fundamentals, rather than spreading broadly across the board.

In the banking sector, selling pressure persisted in large-cap stocks like MBB, BID, and CTG, significantly impacting the overall index. However, some stocks such as LPB, TPB, and VCB recovered positively towards the end of the session thanks to buying demand at lower prices.

Foreign investors also contributed to supporting market sentiment by ending their previous net selling streak and returning to net buying of over 136 billion VND. Buying pressure was concentrated on VCB, VIC, MSR, and BSR. Conversely, MBB andACB continued to face selling pressure from foreign investors.

According to the analysis team at Vietcombank Securities Company, money in the market is currently flowing very rapidly between industry groups, causing a significant increase in volatility. Short-term risks are considered to be higher than in the previous period.

Source: https://thoibaonganhang.vn/vn-index-dao-chieu-ngoan-muc-truc-dao-han-phai-sinh-182295.html