VN-Index "revives" at the last minute
Stocks on June 26 encountered difficulties right from the opening hour. With strong selling pressure, red quickly covered the entire electronic trading board. However, due to the large demand, the VN-Index did not fall too sharply.
Every time the bottom-fishing cash flow appears, the selling pressure becomes greater, so for most of the stock market session on June 26, red dominated. However, at the last minute, VN-Index suddenly “revived” when the already strong cash flow became even stronger.
At the close of the stock market session on June 26, VN-Index increased by 2.65 points, equivalent to 0.23% to 1,132.03 points; VN30-Index increased by 4.47 points, equivalent to 0.4% to 1,131.23 points. The stock market session on June 26 was mixed as the number of stocks decreasing in price (258 stocks) exceeded the number of stocks increasing in price (165 stocks).
Stocks fluctuated strongly on June 26 with huge selling pressure. However, when interest rates dropped sharply, signaling the arrival of cheap money, nearly a billion dollars flowed into the market, causing the VN-Index to escape the red price. Illustrative photo
Most blue-chips recovered at the end of the session, "rescuing" the stock market session on June 26. The VN30 group had 18 stocks increasing in price, 4 stocks remaining unchanged and only 8 stocks decreasing in price. Retail stocks had the most impressive growth among large-cap stocks.
Closing the stock market session on June 26, MWG increased by VND 1,450/share, equivalent to 3.4% to VND 44,350/share, VNM increased by VND 1,500/share, equivalent to 2.2% to VND 70,600/share, MSN increased by VND 400/share, equivalent to 0.5% to VND 77,700/share,...
In recent sessions, retail stocks have been supported by news of VAT cuts.
Specifically, recently, the National Assembly approved a reduction in value-added tax (VAT) from 10% to 8% from July 1. The tax reduction will take effect until the end of 2023, and end on January 1, 2024.
In addition, some blue-chips in the banking and real estate industry also contributed significantly to the "revival" of the stock market session on June 26. NVL increased by VND 400/share, equivalent to 2.8% to VND 14,900/share, TCB increased by VND 400/share, equivalent to 1.2% to VND 33,300/share,...
On the Hanoi Stock Exchange, the indices were less fortunate when they ended the June 26 stock session in red.
Closing the stock market session on June 26, HNX-Index decreased by 0.53 points, equivalent to 0.23% to 231.01 points; HNX30-Index decreased by 0.14 points, equivalent to 0.03% to 438.97 points.
On the entire Hanoi Stock Exchange, there were only 59 stocks increasing in price, 60 stocks remaining unchanged and 119 stocks decreasing in price.
Cheap money is coming, nearly a billion dollars flow into the market
One of the notable highlights of the stock market session on June 26 was the influx of money into the market.
On the Ho Chi Minh City Stock Exchange, trading volume has regained the billion-share mark when 1.04 billion shares, equivalent to VND20,376 billion, were successfully transferred. Liquidity of the blue-chip group also improved when the VN30 group recorded 271 million shares, equivalent to VND7,374 billion, traded.
On the Hanoi Stock Exchange, liquidity also improved significantly, although the HNX-Index closed the June 26 stock market session in the red. Up to 122 million shares, equivalent to VND2,072 billion, were traded.
Thus, on both exchanges, the stock market session on June 26 recorded 23,170 billion VND (nearly 1 billion USD) flowing into the market.
More and more money is flowing into the stock market as the State Bank continuously adjusts its operating interest rates downward. Accordingly, the banking system simultaneously reduces deposit interest rates to have a basis to reduce lending interest rates.
While the 9% deposit interest rate was still quite common at the beginning of the year, many banks are now even listing 12-month interest rates below 7% per year. The dong is getting cheaper, so investors predict that money will soon flow into stocks and real estate.
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