Stocks plummeted at the end of the session

Before today's trading session, many analysis groups commented that VN-Index would face strong pressure after 7 consecutive sessions of holding firmly above the psychological mark of 1,300 points. This development is considered inevitable for the market to create a new price level and liquidity base before extending the medium-term uptrend.

The index representing the Ho Chi Minh City Stock Exchange increased by nearly 10 points at one point, reaching nearly 1,320 points thanks to strong cash flow into large-cap stocks. However, half an hour before closing time, profit-taking pressure appeared and quickly spread widely, causing the market to sink into red. The index closed at 1,304.7 points, down more than 7 points from the reference. This was the sharpest decline in nearly a month.

The stock holders aggressively dumped stocks, causing the number of stocks decreasing to reach 343, nearly 3 times the number of stocks increasing. Dozens of stocks in the VN30 basket also changed from increasing to decreasing with a common amplitude of 0.5-1.5%.

CTG led the list of stocks that weighed down the market the most, losing 1% to VND41,200. GVR, HPG, VNM, GAS, and TCB took the next positions. By industry, construction, oil and gas, and steel were under the strongest selling pressure, causing all stocks to fall.

On the contrary, two stocks in the Vingroup group, VHM and VIC, both went against the trend, becoming pillars for the market when they increased by 1.5% and 0.7% respectively.

Market liquidity declined, but remained relatively good thanks to strong cash flow in the morning session. The matched volume on the Ho Chi Minh City Stock Exchange today reached 979 million shares, down about 80 million shares compared to yesterday. The transaction value reached VND22,216 billion, down about VND1,000 billion. HPG ranked first in terms of transaction value with more than VND840 billion, followed by SSI, MBB and VIX.

Foreign investors extended their selling streak to the 10th consecutive session. This group disbursed more than VND4,379 billion and sold more than VND4,370 billion, equivalent to a net withdrawal value of about VND350 billion. Selling pressure focused on HPG, TPB and NLG.

Foreign investors today traded dramatically at VIB when up to 130 million shares were sold, equivalent to 4% of the bank's capital.

According to many securities companies, the VN-Index has decreased but has not lost the 1,300-point mark, so the market's upward trend has not changed. The cautious sentiment may continue for the next few sessions. In case of a strong correction due to unfavorable news, the 1,302-point area is considered a strong support level.

"The sure test of the 1,300-point mark will help cash flow regain confidence. Profit-taking cash flow will not leave the market but continue to rotate between stock groups," VPBankS analysis team wrote.