VN-Index turns down sharply after touching 1,700 points

On the morning of September 5, after the ATO session, the index representing the HoSE floor jumped nearly 1,707 points. The stock market was covered in green with more than 200 stocks increasing, double the number of stocks decreasing. The VN30 basket also had 20 stocks increasing and approaching the 1,900 point zone.

After surpassing the important psychological mark, the index switched to a tug-of-war state. The VN-Index increased by 15 points to a record of over 1,711 points, then narrowed the range to an increase of 9 points and lasted until lunchtime.

The 1,700-point mark continued to be maintained in the early afternoon, but the market began to show signs of shaking. Stocks lost an important price zone after only 50 minutes, then gradually adjusted below the reference. Red spread across the board, the strongest being stocks, steel and banking - the group that had had a strong increase before.

VN-Index closed the session at nearly 1,667 points, down more than 29 points compared to September 4. This level is equal to the 10-day moving average (MA10).

230 codes had to adjust their market prices, accounting for more than 62% of the total stocks on the HoSE. Of which, the group that had the most negative impact on the general index was VCB, VPB, BID, VHM and HPG. On the contrary, 100 codes on the floor still increased, including 7 small and medium-sized stocks reaching purple.

Securities are the group of stocks that put the most burden on the market. AGR is the only stock that hit the floor today. Meanwhile, VND was traded at 25,000 VND per unit, down 6.7% and close to the session's lowest level. At the end of the session, VNDirect shares only had buy orders at the floor price but were not matched, with almost no orders at other prices.

This sector also recorded a series of stocks such as SSI, VIX, VCI, HCM decreasing by over 4%; CTS decreased by 6.5%. Codes on the HNX floor such as SHS, MBS also adjusted strongly by 7.2% and 4.5% respectively.

The banking and steel groups also negatively impacted the VN-Index. Shares ofSHB , MBB, VPB, TPB and MSB fell from 3% to over 4% in today's session. In the steel group, after two breakout sessions, HSG and HPG fell 3.3-3.5%.

Liquidity increased sharply in the session when the index went down. The total transaction value on the HoSE floor reached over 49,000 billion VND, about 9,200 billion VND higher than yesterday.

The market was also under pressure from foreign investors when they net sold about 1,351 billion VND, up 80% compared to the previous session. This is the 6th consecutive session that foreign investors prioritized selling. The stocks with net sales of over 100 billion VND were VPB, VHM, MBB, HDB and TCB. In contrast, DIG was the only code with strong net buying.

Thus, in the trading week after the holiday, VN-Index closed down more than 15 points, the first time recorded after 4 consecutive weeks of increase. In today's session, the index set a new record of over 1,711 points but had difficulty maintaining it when profit-taking pressure appeared massively in the second half of the afternoon.

In its pre-market commentary this morning, VPBank Securities (VPBankS) said the market needs to decisively surpass 1,700 points if it wants to reach other high targets. The short-term support point is still the 1,667-1,675 point area. According to this analysis group, the appropriate strategy at the moment is to wait for intra-session corrections to buy strong stocks.

PV (synthesis)

Source: https://baohaiphong.vn/vn-index-quay-dau-giam-sau-sau-khi-cham-1-700-diem-520013.html