Though foreigners again net buyers, losses on all VN-Index, HNX-Index and Upcom-Index.
Caution was the overriding sentiment on October 15 after a week of major adjustments. Cash flow was quite limited, while selling pressure remained and was focused on bluechips, taking the market downwards.
In the morning the VN-Index was struggling at around 960 points. After one hour, only BMP and STB in the VN30-Index had moved above the benchmark, albeit only slightly, while SAB and DHG stayed at their reference price and the remainder lost ground.
Selling pressure continued throughout the day. The VN-Index lost 18.44 points (1.9 per cent) to 951.64 points and the HNX-Index 2.05 points (1.86 per cent) to 107.71 points.
Market liquidity did not improve, with a matching order value of VND2.5 trillion ($107.2 million). One bright spot was foreign investors, who net bought for the second consecutive day, by VND67 billion ($2.8 million).
Selling pressure increased significantly at the beginning of the afternoon session. By 1.20pm, the VN-Index was down 15.34 points (1.58 per cent) to 954.51 points, the HNX-Index 1.42 points (1.29 per cent) to 108.34 points, and the UPCoM-Index 0.33 points (0.62 per cent) to 52.42 points.
The number of losers across the market was 310, against 178 risers.
Securities companies have made forecasts for the stock market in the fourth quarter. “The outlook for Vietnam’s stock market in Q4 is still positive thanks to support from the continuation of the recovery cycle in the economy, creating momentum for business activities,” a representative from KB Securities Vietnam told the “What are the opportunities in a fluctuating market?” conference on October 11.
The representative noted that a correction in the market in the fourth quarter will be an opportunity for investors to increase their holdings, focusing on large caps with financial strength, and to benefit from the economic growth cycle with advantages in scale, dominant market shares, and supply chains in sectors such as information technology, logistics and consumer goods.
Reporting by My Van, read full article on VNE