Stocks break the 1,200 point mark

Selling pressure spiked at the beginning of the afternoon session. The HoSE index lost more than 40 points at the opening, with a series of stocks being forced to fall another 2-3%.

Demand was weak, while sellers used market orders (MP - sell at all costs) causing many stocks to fall sharply. The market recovered slightly and then continued to sink. In the VN30 basket, HDB, VRE, SSB extended their decline to more than 5%, while GVR, CTG, TCB, VHM lost more than 4%. In the mid-cap group, real estate and securities stocks led the decline, with many stocks hitting their floor prices.

At the end of the session, VN-Index lost more than 48 points (3.92%) to 1,188 points. The decrease in today's session was the highest in more than 3 months, after a decrease of nearly 60 points on April 15. VN30-Index decreased nearly 49 points (3.82%) to 1,232.11 points.

On the Hanoi Stock Exchange, the HNX-Index and UPCOM-Index both fell sharply. At the end of the session, the HoSE had more than 400 stocks falling, compared to 24 stocks remaining green. In the VN30 group, all 30 bluechip stocks closed below the reference. Red covered the board with 3 large-cap stocks losing over 6%, 5 stocks down 5%. In the mid-cap group, the "empty buy side" situation spread widely, especially in the real estate group.

Earlier, the stock market opened the week in red this morning. VN-Index lost nearly 20 points after ATO, maintaining a low price range for the next 30 minutes. Strong selling pressure forced most stocks to fall further, while cautious bottom-fishing demand only stopped at low prices. The market had a slight recovery in the middle of the morning session, but then turned down again immediately afterwards. In the morning, the HoSE index lost more than 24 points (1.97%), down to 1,212 points.

The downward pressure on the Vietnamese market this morning is in line with the international market. Global finance is fluctuating strongly due to a wave of fierce stock sell-offs, as investors worry about the possibility of an economic recession in the US.

In Asia, Japan's Topix and Nikkei indexes fell nearly 6% at the start of the session. South Korea's Kosdaq and Kospi indexes also fluctuated similarly. In the US, futures contracts for major indices were also in the red.

With signs of a slowing US economy, traders are betting heavily on the possibility of the Federal Reserve cutting interest rates soon. Economists at leading financial institutions such as Citigroup and JPMorgan Chase are even predicting that the Fed could cut rates by as much as half a percentage point at its September and November meetings.