Profit-taking pressure increases, VN-Index "flew" 1,060 points

Illustrative photo. VNA

At the end of the session, VN-Index decreased by 4.36 points to 1,056.35 points. HNX-Index increased by 0.4 points to 212 points. UPCOM-Index decreased by 0.17 points to 77.99 points.

In terms of total market trading volume, it was nearly 18 trillion VND, of which nearly 15 trillion VND was on HOSE alone. Foreign investors net sold 310 billion VND on HOSE; notably selling HPG, STB, KDH...

The market witnessed a decline in the VN30 group when 20 stocks decreased, 5 stocks remained unchanged, and only 5 stocks increased. Notably, the Top 10 stocks affecting the market index today also recorded many stocks in this group; including VHM, VIC, VCB, BID, HPG...

In terms of industry groups, large-capitalization industries such as banking, real estate, construction and building materials all decreased, causing the market to lose its support.

On the contrary, today's market recorded a simultaneous breakout of retail stocks after information about the proposal to reduce value-added tax.

Accordingly, green was recorded in all these stocks, MWG, FRT, PNJ all increased well, even DGW or PET increased to the ceiling, with no sell side since the morning session.

Previously, in Resolution 50/NQ-CP of the Government conference with localities and the regular Government meeting in March 2023, the Government requested the Ministry of Finance to preside over and coordinate with agencies and localities to submit to competent authorities before April 15, 2023 to consider and implement solutions on exemption, reduction, extension, postponement, and extension of taxes, fees, charges, land rents, and land use fees applicable for 2023; including studying and proposing a reduction in value-added tax.

The Ministry of Finance has proposed two options to reduce VAT by 2% in 2023. Option 1: Reduce VAT rate by 2% for goods and services subject to a 10% tax rate (to 8%).

Option 2: Reduce 2% of VAT rate for groups of goods and services currently applying 10% VAT rate, except for some groups of goods and services as applied in 2022 according to Resolution 43 of the National Assembly on fiscal and monetary policies to support the socio-economic recovery and development program.

Regarding implementation time, the Ministry of Finance proposes that from the time the policy is issued, it is expected to be from July 1 to December 31, 2023.

Although the market has positive supporting information, businesses are still cautious about business results in the coming time.

Recently, at the Shareholders' Meeting of Mobile World Investment Corporation (MWG), the representative of this company assessed that the retail industry of mobile phones and electronics this year faces many challenges. For example, under normal conditions, consumers can change their phones once a year or change to a larger TV. This year, with difficult economic conditions, consumers may only change their phones or change to a smaller TV every 2 years.

Based on this, the representative of this enterprise forecasts that in the third and fourth quarters, the consumer market will recover and consumer demand will increase again. According to this scenario, the enterprise also only sets a single-digit business result target for 2023.

According to VNA