Profit-taking pressure increases, VN-Index drops nearly 6 points

VN-Index chart on March 26

The trading session on March 26, 2025 started with a positive signal when VN-Index increased by 1 point right after the ATO order matching session, even jumping more than 5 points in the first hour, according to BOS Securities Joint Stock Company. This increase was led by the consensus of most industry groups, especially large stocks in the VN30 basket.

Vietcombank Securities Company Limited (VCBS) added that strong demand at the beginning of the session, along with the contribution of banking stocks such as TCB, VCB, STB, pushed the index closer to the 1,340 point mark, equivalent to an increase of 7 points compared to the reference.

However, the joy was short-lived. By mid-session, net selling pressure from foreign investors began to increase, focusing heavily on technology groups (typically FPT) and banks (like TPB), causing the index to gradually slide.

BOS pointed out that the massive depreciation of these two pillar industries had pulled the VN-Index below the reference level before the lunch break. In the afternoon session, although the banking group showed signs of a slight recovery, this effort was quickly extinguished by a strong selling wave in the last 30 minutes of the session. As a result, the VN-Index closed at 1,326.09 points, down 5.83 points (equivalent to 0.44%), as confirmed by VCBS.

A notable point in this trading session is that market liquidity has dropped significantly. BOS recorded a trading value on the HOSE floor of just over VND17 trillion, lower than the recent average.

VCBS further explained that liquidity lower than the average of the last 20 sessions shows that selling pressure has not spread strongly, but cash flow is diversifying, looking for opportunities in individual stocks. This reflects the cautious psychology of investors in the context of sudden market fluctuations.

Foreign investors continued to be a pressure factor when they net sold more than VND535 billion on all three exchanges (according to data from BOS). This capital withdrawal not only directly affected large stocks but also increased concerns about the ability to maintain the growth momentum of VN-Index in the short term.

However, when put in the regional context, BOS noted that Asia-Pacific stocks still recorded green thanks to the cooling of expectations about US President Donald Trump's tax policy. This contrast further highlighted the internal factors that are dominating the Vietnamese market.

From a technical perspective, both BOS and VCBS agree that the VN-Index is in a sideways phase with alternating increases and decreases. BOS believes that the index is still above the MA20 moving average, maintaining the accumulation zone of 1,320-1,330 points, and is expected to continue to fluctuate within this range in the next session. This is a positive signal, showing that the market has not yet entered a strong downtrend, although the decreasing volume partly reflects a lack of consensus.

Going deeper into the technical indicators, VCBS believes that on the daily chart, RSI is forming small peaks/bottoms and heading down, while MACD is showing signs of forming a peak, warning of the possibility of fluctuations in the +/- 10 point amplitude in the short term. The +DI line, although still anchored above the 25 mark, is weakening, while -DI is trending up, reinforcing the view of the tug-of-war.

In the time frame, VN-Index adjusted to MA20, CMF indicator fell below 0 and MACD cut Signal from top to bottom, showing that investor sentiment is leaning towards caution. These signals all indicate that the market needs more time to test momentum before determining a clear trend.

The lack of consensus among blue-chip stocks was one of the main reasons why the VN-Index could not maintain its upward momentum. VCBS pointed out that although HPG, TCB, and GAS tried to pull the index back to green in the afternoon session, this upward momentum was quickly extinguished by general correction pressure. BOS added that the banking and technology groups - two pillars of the market - continuously faced strong selling pressure, especially at the end of the session, increasing the index's decline.

The phenomenon of continuous reversal between green and red of the blue-chip group not only affects the general index but also affects the trading psychology of other stock groups. VCBS believes that this is a characteristic of the period when the market is testing its momentum, when leading stocks have not yet found stability. This poses a challenge for investors in identifying opportunities amid fluctuations.

Source: https://thoibaonganhang.vn/ap-luc-chot-loi-gia-tang-vn-index-giam-gan-6-diem-161889.html