The VN-Index continues to lose momentum after reaching the 1,800-point mark.
After a slight increase at the beginning of the session to return to the 1,800-point mark, the VN-Index quickly reversed course and declined as selling pressure spread across the electronic board.
Opening the trading session on the morning of June 9th, the market performed positively, helping the VN-Index inch up and regain the 1,800-point mark, but selling pressure quickly emerged across the board. Although the selling pressure wasn't too strong, it was enough to cause the index to reverse and fall below the reference level.
A cautious sentiment still prevails in the market as liquidity continues to remain low, while there are no signs of bargain-hunting buying entering the market.
Disbursement activity was mainly concentrated in a few small-cap stocks with short-term profit expectations (T+), such as VNE, HSL, C32, and LDG. These stocks all quickly hit their upper limit, even though the trading volume only ranged from over 0.1 to over 0.3 million units.
Red dominated the real estate sector with VHM (-0.61%), VIC (-0.51%), VRE (-1.52%), NVL (-1.08%), PDR (-0.67%), and VPI (-1.02%). Similarly, the oil and gas sector saw declines with BSR (-1.05%), OLX (-2.04%), PVS (-0.26%), OIL (-2.04%), and PVD (-0.16%).
Meanwhile, the banking sector showed positive signs with ACB (+2.77%), TCB (+0.32%), VPB (+1.37%), STB (+1%), VCB (+0.16%), MBB (+0.2%), and CTG (+0.45%). Similarly, the financial services sector saw gains with VIX (+0.89%), VND (+0.3%), VCI (+0.21%), SSI (+0.57%), and VCK (+0.15%).
At the close of this morning's trading session, the VN-Index rose 2.07 points to 1,792.6 points (+0.12%) compared to the previous session. Similarly, the UPCo M-Index increased by 124.93 points (+0.16%), equivalent to 0.2 points, and the HNX-Index increased by 305.64 points (+2.44%), equivalent to 7.28 points.
Market liquidity reached VND 6,376.4 billion, with 248,000 shares traded. Across the sector, 120 stocks increased, 159 decreased, and 65 fell to their reference price.
According to experts at AIS Securities Company, the VN-Index has broken through the important psychological support level of 1,800 points and also lost the 50-day moving average (MA50) trend line.
Selling pressure spread across the market, weighing heavily on most key sectors, especially banking, securities, and real estate. Increased liquidity was mainly driven by sellers, while buying power remained extremely weak, indicating cautious sentiment as the market is still in a period of information scarcity.
In the upcoming trading sessions, the 1,740 - 1,750 point range (MA200) will continue to be an extremely important support level that needs to be closely monitored.
If this area holds, the VN-Index may experience technical rebounds. Otherwise, this short-term downtrend is not yet over.
Investors should take advantage of any intraday technical rebounds (if any) to reduce margin positions and decisively restructure stocks that have broken through support levels. For investors holding cash, continue to patiently observe the index's reaction at the 200-day moving average.
According to experts at Asean Securities Company, in this context, short-term investors should prioritize risk management by reducing their holdings during technical rallies, absolutely avoiding leverage, and only considering investing when there are clear signs of a bottoming out accompanied by a recovery in liquidity. They should focus on sectors with unique stories such as state divestment, market upgrades, economic development resolutions, or the offshore cycle.
Simultaneously, medium- and long-term investors can take advantage of corrections to medium-term support levels to gradually invest in fundamentally sound stocks, while avoiding sectors with high volatility and low liquidity to preserve their portfolios.
