VN-Index plummets, market in the red.

At closing, the VN-Index stood at 1,846 points, down 34.23 points. Red dominated the trading board with 244 declining stocks, while only 106 stocks maintained gains and 33 stocks hit their upper limit. Trading volume surged to over 47,000 billion VND, equivalent to over 1.5 billion shares changing hands.

Meanwhile, the HNX-Index fell 3.82 points (-1.45%) to 259 points and the UPCoM index declined 0.46% to 128.71 points.

The VN30 basket experienced a sharp decline at the end of the session, putting significant pressure on the overall index. Notably, VHM hit its lower limit, and VIC lost 2.8%, these two stocks alone dragging the VN-Index down by approximately 14 points. Many other large-cap stocks also plummeted, such as BID (-5.6%), TCB (-4.4%), TPB (-3.3%), VCB (-3.1%), etc. Conversely, GVR, PLX, GAS, STB, and DGC maintained their positive performance despite widespread downward pressure.

VN-Index plummets, market in the red. (Illustrative image).

The market recorded declines in 18 out of 26 sectors, including banking (-3.1%), securities (-2.2%), real estate (-3.6%), consumer services (-4%), telecommunications (-4.5%), and industrial goods (-1.3%).

Conversely, oil and gas stocks were the focus of the market, rising to their maximum allowed limit, with dozens of stocks hitting the ceiling price and no longer experiencing selling pressure. Among them, GAS, BSR , PLX, and PVD were among the top 10 stocks with the most positive impact on the index.

Several other stocks also surged to balance the market, including GVR of the Vietnam Rubber Group, POW of PV Power, STB of Sacombank , and REE and PGV of EVNGenco3.

The fertilizer sector also had a soaring trading session, with DCM of Ca Mau Fertilizer and DPM of Phu My Fertilizer both reaching their upper limit. The port sector saw HAH of Hai An and VOS also increase to their maximum allowed limits.

Foreign investors unexpectedly increased their net buying in the afternoon session, raising the total net buying value for the entire session to 783 billion VND. Buying was concentrated in HPG (383 billion VND), SSI (211 billion VND), and MWG (204 billion VND), while selling was seen in VCB, POW, and CTG.

The market opened Monday, February 3rd, with negative sentiment stemming from the conflict in the Middle East as the US and Israel attacked Iran. Vietnamese stocks were no exception, plummeting right from the start of the trading session.

Regarding the market outlook, SHS Securities believes that the current market trend still leans towards rotation, seeking short-term opportunities, but remains under selling pressure at high prices around the previous peak. They argue that this is not an attractive valuation level for the market. Investors should consider taking short positions at high prices, restructuring their short-term portfolios with stocks that have met expectations, and maintaining a reasonable portfolio weighting.

Ngoc Vy

Source: https://vtcnews.vn/vn-index-lao-doc-thi-truong-do-lua-ar1005438.html