VN-Index falls below 1,900 points, Blue-chip stocks weaken.
Blue-chip stocks and those in the Vingroup conglomerate weakened, causing the VN-Index to fluctuate amidst cautious liquidity.
Opening the trading session on the morning of May 13th, the market received a lot of negative news as US-Iran negotiations stalled, causing oil prices to rise again and putting pressure on inflation.
According to the U.S. Bureau of Labor Statistics (BLS), the consumer price index (CPI) rose 0.6% in May, in line with market forecasts. On an annual basis, inflation reached 3.8%, 0.1 percentage point higher than Dow Jones' forecast and the highest level since May 2023, up 0.5 percentage points from the previous month.
This impact caused the VN-Index to fluctuate with sluggish liquidity. Some blue-chip stocks that supported the market yesterday maintained their upward momentum, but it was no longer as strong. For example, LPB saw a surge in trading at the ceiling price of 58,300 VND, but quickly cooled down, only managing a gain of just over 2%.
At the close of this morning's trading session, the banking sector saw gains in STB (-2.86%), ACB (-0.88%), MBB (-0.19%), VCB (-0.67%), HDB (+1.1%), MSB (+1.12%), and BID (-1.08%). The financial services sector saw gains with SSI (+0.18%), EVF (+4.14%), VCI (+0.3%), SHS (+0.56%), VND (+0.61%), HCM (+1.81%), and VIX (-0.52%).
The real estate sector was in the red with VHM (-1.62%), VPI (-0.97%), VIC (-1.44%), VRE (-1.41%), KDH (-1.27%) and KBC (-2.11%). Similarly, the construction and materials sector saw declines with CII (-0.77%), GEL (-2.7%), VCG (-0.46%), PC1 (-0.26%), HHV (-0.4%) and VGC (-0.7%).
The oil and gas sector saw gains with BSR (+3.95%), PLX (+3.84%), PVS (+1.5%), PVD (+2.67%), OIL (+2.8%), and PVC (+3.45%). Similarly, the chemical sector saw gains with GVR (+2.2%), DPM (+0.94%), PHR (+3.55%), DRI (+3.5%), and DGC (+1.98%).
The VN-Index fell 8.35 points to 1,892.75 points (-0.44%) compared to the previous session. Similarly, the UPCoM-Index decreased by 126.58 points (-0.02%), equivalent to 0.02 points. Meanwhile, the HNX-Index increased by 255.67 points (+0.94%), equivalent to 2.39 points.
Market liquidity reached VND 10,325.38 billion, with 332,000 shares traded. Across the sector, 120 stocks rose (including 3 hitting the ceiling price), 168 stocks fell, and 64 stocks dropped to the reference price.
According to experts at Kien Thiet Vietnam Securities Company, yesterday's rally lacked the momentum to break through and did not completely eliminate the selling pressure from the previous day's decline. The rebound could potentially push the VN-Index up to the strong resistance level of 1,945 points in the coming sessions.
However, this is a strong resistance level, and coupled with low liquidity, there is a high probability that the VN-Index will quickly return to a correction phase.
Therefore, investors should maintain a cautious stance, limit opening new buying positions, and prioritize selling during rallies to reduce their stock holdings.
According to experts at Vietcombank Securities Company, the market experienced significant volatility during the session, along with a clear divergence among large-cap stocks.
Therefore, investors are advised to look for stocks showing signs of attracting capital after successfully testing support/resistance levels, and consider increasing their holdings/opening new buy positions in these stocks when the market shows signs of stabilizing in the following sessions. Some sectors to watch include banking, logistics, and oil/gas/fertilizer.
