Vietnamese stocks reversed course and surged after a record drop.
On the morning of March 10th, the Vietnamese stock market reversed its downward trend and rose, with the VN-Index increasing by more than 3.46%, equivalent to a drop of nearly 58 points, to 1,709 points.
From the start of the session, buying pressure increased sharply after margin call selling pressure subsided. By the end of the opening auction (ATO) at 9:15 AM, the VN-Index had risen nearly 58 points to almost 1,700 points.
Observations show that the recovery was mainly concentrated in large-cap stocks, especially banking, securities, and steel. Many banking stocks rose quite strongly, such as BID (+5.43%), MBB (6.64%), VCB (5.93%), TCB (5.13%), and VIB (+3.38%).
The securities sector also recovered positively with VIX (+0.61%), SHS (+1.81%), HCM (+1.15%), MBS (+2.47%), and SSI (+1.71%).
Notably, HPG shares rose 5.72%, becoming one of the stocks contributing most positively to the recovery.
Contrary to the overall market recovery, the oil and gas sector continued to face selling pressure. By around 10:30 AM, many stocks in the sector were still in the red, with declines ranging from 3% to 5%.
Market liquidity was moderate, with approximately 6,917 billion VND worth of transactions, equivalent to 273.8 million shares changing hands. Across the market, 437 stocks increased in price and 23 hit the ceiling price, while only 99 stocks decreased and 11 hit the floor price.
Earlier, on March 9th, the VN-Index experienced a rare sharp decline, plummeting nearly 114 points. A massive sell-off ensued as many investors opted to sell at any price, causing the red to spread rapidly across the market.
In international markets, US stock indices reversed course and rose sharply on March 9th. The Dow Jones index rose 239.25 points (+0.5%), to 47,740.80 points. The S&P 500 index rose 55.97 points (+0.83%), to 6,795.99 points. The Nasdaq Composite index rose 308.27 points (+1.38%), to 22,695.94 points.
European stocks hit their lowest level in more than two months before narrowing losses later in the day, with the focus of attention being on the sharp rise in oil prices, which exacerbated concerns about a return of inflation.
At closing, the pan-European STOXX 600 index fell 0.63% to 594.92 points. Following a series of declines, the index has dropped nearly 6% from its record high set on February 27.
Following President Donald Trump's statement that ending the war with Iran is imminent, although he did not provide a specific roadmap, oil prices reversed course and fell sharply. Specifically, WTI crude oil prices plummeted to around $88 per barrel.
Similarly, Brent crude oil prices also retreated to just over $92 per barrel. Entering the trading session with a relaxed sentiment, investors did not hesitate to place buy orders at green prices. As a result, the HoSE trading board turned green from the very first minutes.
