PNJ shares continue to hit the floor, VN-Index loses the 1,770 point mark.
The market continued to trade in negative territory as selling pressure remained widespread, pushing the VN-Index below the MA100 line.
Opening the trading session on the morning of July 16th, selling pressure continued to dominate the market, causing widespread declines and quickly pushing the VN-Index below the MA100 line, falling back to below 1,770 points.
Bottom-fishing demand then increased at times, helping many large and medium-cap stocks narrow their losses, even briefly pushing the VN-Index into positive territory. However, profit-taking pressure remained, causing the index to quickly reverse and return to a declining trend.
After more than an hour of trading, the number of declining stocks still outnumbered the rising ones, causing the VN-Index to lose more than 20 points.
While most sectors faced downward pressure, ACB emerged as a rare bright spot in the banking group, rising by over 1.3%. The stock also led the market in liquidity with a trading volume of 19.2 million units.
Conversely, PNJ continued to face strong selling pressure and recorded another session of hitting the floor price. The stock is currently down to 40,600 VND/share, while the volume of sell orders at the floor price continues to increase.
The banking sector saw declines of VPB (-2.52%), SHB (-0.4%), TCB (-1.43%), CTG (-1.09%), and HDB (-0.57%). The financial services sector also saw declines of SSI (-3.44%), VIX (-2.87%), VCI (-4.91%), MBS (-4.39%), and VCK (-2.34%).
In the real estate sector, NVL (-2.11%), VIC (-0.14%), VPI (-1.78%), KDH (-4.62%) and CEO (-3.62%) were downgraded. In the oil and gas sector, BSR (-2.85%), PVS (-2.89%), PVD (-3.56%), PLX (-1.26%) and OIL (-3.47%) were downgraded.
At the close of this morning's trading session, the VN-Index fell 16.15 points to 1,765.97 points (-0.91%) compared to the previous session. Similarly, the HNX-Index decreased by 283.23 points (-2.69%), equivalent to 7.84 points. Meanwhile, the UPCoM-Index increased by 127.04 points (+0.44%), equivalent to 0.56 points.
Market liquidity reached VND 8,075.61 billion, with 334,000 shares traded. Across the sector, 45 stocks rose, 260 fell, and 42 dropped to their reference price.
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According to Kirin Securities Joint Stock Company, widespread selling pressure across many sectors, including large-cap stocks, caused the overall market to experience a significant decline, erasing all the gains from the previous session.
The allocation of funds is heavily skewed towards declining stocks, 7.8 times greater than towards rising stocks, indicating that selling pressure remains very strong. The possibility of the correction not yet over and continuing in the coming sessions remains.
The expected support level of 1,690 - 1,700 points will help the VN-Index stabilize and prevent the current decline.
At the same time, maintain a cautious stance, limit opening new buying positions, avoid bottom-fishing, and patiently wait for the VN-Index to test the support level above.
According to experts at AIS Securities Company, the VN-Index continued its sharp decline and retreated close to the important 200-day moving average (MA200). The downward pressure is widespread, most evident in the energy, securities, and real estate sectors.
Meanwhile, low liquidity, coupled with continuous net selling pressure from foreign investors, is adding further pressure to investor sentiment and posing a major obstacle to the market's recovery in the short term.
The nearest support zone is around the 200-day moving average (MA200) (1,760 - 1,770 points). If this zone holds, the VN-Index may experience rebounds and technical recovery. Otherwise, this short-term downtrend is unlikely to end.
