Stocks plummet, no signs of bottoming out yet

Domestic investors and foreign investors net sell

Although the September 14 session opened in the green, in a short time, the market was immediately overwhelmed by selling pressure, the main stock indexes continuously fluctuated and quickly fell below the reference level. The entire market gradually turned red and lost points.

Active selling liquidity increased sharply in many large-cap stocks. The performance of VIC (Vingroup) became the center of attention when it fell by 6.25% to VND55,500/share, causing the market capitalization of this stock to "evaporate" more than VND14,100 billion.

VIC is the code that leads the top 10 stocks that negatively affect the Ho Chi Minh City Stock Exchange, followed by another stock in the "Vin family" - VHM (-5.95%). The market capitalization of the real estate giant Vinhomes fell by more than VND13,490 billion during the session. Only the code VRE (Vincom Retail) decreased insignificantly.

A series of other stock codes also plummeted such as HPG (Hoa Phat), FPT, NVL (Novaland), MSN (Masan), SSB, BID (BIDV), GVR (Vietnam Rubber Industry), GEX (Gelex)...

According to statistics, real estate and securities stocks were under the most pressure to decrease, down more than 3% and more than 1.8%, respectively. Stock indices of many other sectors also fell into negative territory, including: finance, chemicals, resources, technology, telecommunications, oil and gas, retail services, construction - building materials, tourism - entertainment, etc.

With the negativity spreading widely, the entire market had 743 stocks falling in price, three times more than the number of stocks increasing in price and four times more than the number of stocks remaining unchanged.

Caution was not only shown by domestic investors, foreign investors also sold net with liquidity of approximately 220 billion VND.

After a tug-of-war, the VN-Index officially fell 14.58 points (-1.18%) to 1,223.81 points. The HNX Index and UPCoM also closed down 4.25 points (-1.66%) to 251.86 points and 0.53 points (-0.56%) to 93.65 points.

The total value of stock buying and selling in the session reached approximately VND 30,770 billion, among the sessions with high liquidity, but still 9% lower than the previous session.

"No bottom signal yet"

Following the trading developments, the analysis team of Vietcombank Securities (VCBS) commented that the VN-Index closed at the lowest level of the session, showing that the market is still somewhat out of breath when approaching the old peak.

The indicator on the hourly chart continues to trend downwards and has not yet given a bottoming signal, so the probability is that in the coming trading sessions, the market will still fluctuate, adjust and need more time to find balance.

With the current developments, the market's nearest support area will be around 1,210 - 1,215 points.

According to VCBS, short-term investors should consider proactively realizing partial profits, and should only maintain a stock ratio of 30-40% of the account to be able to manage risks to the maximum. Prioritize restructuring, reducing the portfolio, and selling off stocks that have a tendency to peak and fall below the support zone.

Saigon - Hanoi Securities (SHS) said that short-term investors should continue to monitor market developments and only disburse if the VN-Index surpasses 1,250 points with strong momentum.

Medium and long-term investors can gradually disburse during corrections, targeting leading stocks, stocks that are accumulating and not deeply adjusted, with expectations of continued business growth this year.