318 stocks on HoSE decreased in price

VN-Index opened slightly shaking but then soon returned to green. In the morning, this index sometimes increased more than 5 points mainly thanks to the banking group, except for ACB which decreased slightly. Nearing lunch break, the market showed signs of losing steam, but still maintained its green color.

Nearly an hour early in the afternoon, the HoSE representative index continued to move above reference. But near 2pm, stocks were dyed red under massive selling pressure, many codes were forced to change hands at low prices.

Closing the session, VN-Index decreased more than 8 points, reaching 1,246 points. The second consecutive adjustment session pushed the price range to its lowest level in the past month. The two exchanges HNX and UPCoM also dropped.

The entire HoSE floor had 318 stocks losing value, accounting for nearly 68% of the Ho Chi Minh City market. Among them, 12 codes fell to the floor, notably YEG, CSM, PAC, GIL, NHA. As for Yeah1 stock, it returned to its old price after only one session, reaching a purple color.

Banking and technology are two groups that did not record a backward sector index. For the rest, red covered the entire electrical panel, especially the chemical and securities groups.

For the securities group, all codes with liquidity of hundreds of billions of dong decreased in price. SSI, HCM and VCI decreased by more than 1%, with HCM alone adjusting to 3.2%. This is a group of stocks that are considered to have very high sensitivity to the market.

Liquidity decreased slightly to nearly 13,700 billion VND. The low trading value shows that investors are not ready to trade as actively as in the beginning of last year.

While VN-Index corrected, foreign investors returned to gathering goods. Foreign investors net bought about 116 billion VND, with the focus being on STB.

In recent sessions, the strengthening of the USD has caused negative pressure on market psychology. Some securities companies recommend that investors should not or be very careful in disbursing new funds when supply has not shown signs of decline.

Market movements show that stocks have not absorbed positive information. Last weekend, the State Bank switched to providing forward contracts (with cancellation options) at an exchange rate of 25,450 VND instead of selling USD spot at the same exchange rate as before. Experts say that the management agency sells USD in the form of futures contracts, which means it is confident in keeping the exchange rate stable.

In addition, the General Statistics Office announced that GDP in 2024 will increase by 7.09% – exceeding the set target of 6.5%. This level is only lower than the growth rate of 2018, 2019 and 2022 in the past 15 years, showing a clear economic recovery.