Ho Chi Minh City, June 18 – Vietnam’s benchmark VN-Index slipped into negative territory on Tuesday, snapping a strong two-day rally as investors locked in gains from banking and real estate stocks.
After climbing near a three-year high in the previous sessions, the VN-Index struggled to stay in the green throughout the day, oscillating around the reference level. The index ultimately closed just shy of 1,347 points, down by less than one point.
Analysts noted that the session reflected emerging short-term correction risks but emphasized that the overall upward trend remains intact. Market breadth, however, leaned bearish with 184 declining stocks far outnumbering 108 gainers.
Banking stocks led the market’s retreat, with six out of the ten stocks exerting the most negative pressure on the index belonging to the financial sector. Key decliners included VCB, VPB, BID, LPB, CTG, and EIB, each shedding between 1% and 1.7%. In contrast, STB and TCB offered some support, rising 2.6% and 1.2% respectively.
The real estate sector also saw widespread pullbacks, particularly among small-cap stocks such as SCR, KHG, QCG, and HDG—all down more than 1%. However, several mid- and large-cap stocks like VHH, NVL, and KDH managed to hold onto their gains.
The oil and gas sector showed signs of divergence after last week’s volatility. While PLX, POW, and PVT ended below their reference prices, GAS, OIL, PVD, and BSR stayed in the green despite growing selling pressure.
Notably, five stocks on the Ho Chi Minh Stock Exchange hit their daily upper limit without any sell orders by market close, including BCG and TCD—two stocks linked to Bamboo Capital Group.
Total market liquidity reached VND 20 trillion, about VND 700 billion lower than the previous session. No stock surpassed the VND 1 trillion trading mark. Steel giant HPG led trading activity with VND 850 billion in matched orders, followed by banking stocks MBB, SHB, STB, and TCB.
Foreign investors turned net sellers, offloading VND 272 billion after four consecutive sessions of net buying. They bought VND 2.068 trillion and sold VND 2.339 trillion, with selling pressure concentrated on STB, FPT, and HHS.
Market observers suggest that for the VN-Index to confirm a medium-term uptrend, it must convincingly break through the 1,350-point threshold with a surge in trading volume. While a new bullish wave may take time to materialize, the ongoing rotation of capital among key sectors—banking, real estate, and energy—is creating tactical opportunities for risk-tolerant investors.
Experts from Saigon – Hanoi Securities (SHS) advise investors to focus on valuations and second-quarter earnings results to guide investment decisions in the current environment.
Reported by Vietnam Insider News Desk
Related
Discover more from Vietnam Insider
Subscribe to get the latest posts sent to your email.
Source: Vietnam Insider