Losing momentum from blue-chip stocks, the VN-Index reversed course and corrected.
In the morning trading session on June 19th, the upward momentum of blue-chip stocks weakened, causing the market to lose upward impetus, resulting in the VN-Index fluctuating and slightly declining.
At the opening of the trading session, the market quickly lost its initial positive momentum as Vingroup's stocks cooled down. After maintaining a slight gain in the first few minutes, the VN-Index began to fluctuate and correct due to selling pressure on VIC and VRE, while VHM also significantly narrowed its gains and only edged slightly above the reference price.
After more than an hour of trading, the VN-Index retreated by about 4 points, and market breadth leaned heavily towards the negative side, with the number of declining stocks being double the number of rising stocks. Notably, most sectors traded sluggishly and fluctuated below the reference mark.
In terms of cash flow, market liquidity remained low, with only CII recording a trading volume exceeding 13.3 million units, while the remaining stocks mostly traded around 5 million units.
At the close of this morning's trading session, the VN-Index fell 3.06 points to 1,827.41 points (-0.17%) compared to the previous session. Similarly, the UPCo M-Index decreased by 128.05 points (-0.14%), equivalent to 0.18 points, and the HNX-Index decreased by 326.09 points (-3%), equivalent to 10.07 points.
Market liquidity reached VND 7,914.49 billion, with 243,000 shares traded. Across the sector, 90 stocks increased, 184 decreased, and 63 fell to their reference price.
According to experts from Asean Securities Company, technically, VN-Index is giving a neutral signal when closing at 1,830 points, between MA10 and MA20 lines, with RSI(14) anchored at 50, reflecting the state of tug-of-war and balance between supply and demand.
Although the green spinning top candlestick with a closing price near the day's high suggests buyers have a slight advantage, the weakening money flow (MFI at 33) is causing the market to lack clear breakout momentum. A narrow trading range is expected to continue at the beginning of the next session before awaiting confirmation signals from the resistance zone of 1,8500 - 1,860 points or the support zone of 1,830 - 1,840 points.
In this context, short-term investors should maintain an average portfolio allocation, avoid chasing prices, and focus on trading within specific zones, while paying attention to stock groups with unique stories such as state divestment, market upgrades, economic development resolutions, or the offshore oil and gas cycle.
Simultaneously, medium- and long-term investors can take advantage of corrections to support levels to gradually disburse funds into sectors with strong fundamentals and high liquidity such as banking, securities, retail, public investment, and oil and gas.
According to experts at AIS Securities Company, after a prolonged period of sideways trading, the VN-Index staged an impressive comeback to approach the short-term 20-day moving average (MA20).
However, the market remained in a "green on the outside, red on the inside" state, with the upward momentum during the session mainly coming from the Vingroup group (VIC, VHM). Meanwhile, downward pressure was present in most sectors.
The market's next target will be to retest the resistance zone of 1,840-1,845 points (corresponding to the 50-day moving average).
For the recovery to be truly sustainable, the market desperately needs widespread consensus and a stronger impetus from large capital inflows.
