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| Cash flow weakens, VN-Index stays green thanks to the pull from large stocks |
Liquidity continues to be a concern. The order matching value of the two exchanges in the afternoon session decreased by 9% compared to the morning session, bringing the total liquidity of the whole day down to nearly 18,500 billion VND, 13% lower than yesterday. The weakening cash flow was evident when investors were cautious before the strong resistance level of 1,690-1,700 points.
Market breadth showed that red dominated. The entire HoSE recorded 171 stocks decreasing in price, overwhelming 137 stocks increasing and 58 stocks remaining unchanged. Many sectors were flooded with red, especially real estate, securities, basic materials and retail. The price level decreased widely: up to 77 stocks lost more than 1% of their value.
Meanwhile, the efforts to support the market mainly came from the VPL and VIC duo, contributing nearly 4 points to the VN-Index. Some other large-cap stocks such as MSN, VPB or energy stocks also supported keeping the index above the reference. However, the VN30 basket still leaned towards correction with 16 stocks decreasing, causing the VN30 index to decrease slightly by 0.12%.
Profit-taking pressure increased sharply as the VN-Index approached its old peak, causing many industry groups to simultaneously decrease in price. Liquidity in the weakest stocks was not too sudden, but the real estate and securities groups recorded a clear decline: SSI decreased by 2.35% with more than VND 674 billion in matched orders, NVL lost 4.19%, VCI decreased by 1.6%, DIG and DXG both decreased by more than 2%.
On the other hand, stocks with a foundation or own story still attract cash flow. Some stock codes such as VIX, TCX or banking groups such as MBB, MSB, VIB maintain green. Notably, MSB shares hit the ceiling after VNPT registered to auction more than 188.7 million shares with a starting price of VND18,239/share, nearly 1.5 times higher than the current trading price. The auction is scheduled to be held on December 26 at HNX.
Foreign investors had mixed performances between the morning and afternoon sessions. If the morning was a net seller, the buying power returned strongly in the afternoon, bringing the net buying value on HoSE to VND305 billion. POW was the focus when it was net bought more than VND330 billion during the day. TCX, MBB,FPT and VPB were also in the group that received strong foreign capital. On the other hand, VJC was net sold more than VND302 billion, continuing to be the stock under the greatest selling pressure.
Despite returning to net buying in the afternoon session, foreign investors still sold a slight net of about VND11 billion for the whole day. This shows that the cautious sentiment has not been completely removed.
According to Vietcombank Securities (VCBS), the market is facing profit-taking pressure when entering the resistance zone of 1,690-1,700 points. The liquidity is lower than the average of the last 20 sessions, showing that the possibility of short-term fluctuations still exists. VCBS recommends that investors maintain their account proportion at a safe level of below 60%, continue to hold stocks with a stable upward trend or accumulation, and review the portfolio and restructure stocks weaker than the market.
Today’s rally was largely technical and depended on a few pillar stocks. In the context of negative breadth and weak cash flow, the market is likely to need more time to accumulate before challenging the 1,700-point mark again with significantly improved liquidity.
Source: https://thoibaonganhang.vn/vn-index-tang-nhe-nho-tru-thi-truong-xanh-vo-do-long-174302.html
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