Stock market on June 8 is in red
The stock market session on June 8 started as investors had predicted. Right from the opening hour, the VN-Index fluctuated and struggled within a narrow range around the 1,110 point mark with slight correction pressure in some sectors such as securities, banking, and retail.
According to VCBS Securities Company, the increase in active selling liquidity of large-cap stocks in the VN30 such as BID, VIC, FPT also created negative pressure on the general index. Until the first half of the afternoon session, the total active buying and selling liquidity was almost equal, showing short-term profit-taking and investor hesitation after the strong market rally.
The continuous increase in selling pressure near the end of the session caused the market to lose steam and reverse sharply. In addition, foreign investors continued to maintain net selling momentum throughout the session with liquidity of 335 billion, focusing on selling VNM, GEX, FUEVFVND.
Stock market on June 8 witnessed VN-Index correcting after many days of hot increase. Most notably, the flood of selling activities pushed liquidity to the highest level in 2023. Illustrative photo
At the end of the stock market session on June 8, VN-Index decreased by 8.22 points, equivalent to 0.74% to 1,101.32 points; VN30-Index decreased by 13.22 points, equivalent to 1.2% to 1,092.46 points. VN30 decreased significantly compared to the whole market, showing that the pressure from blue-chips is extremely large.
The entire floor recorded 139 stocks increasing in price (20 stocks increasing in price), 38 stocks remaining unchanged and 269 stocks decreasing in price. The VN30 group only had 6 stocks increasing in price, 1 stock remaining unchanged and 23 stocks decreasing in price.
On the Hanoi Stock Exchange, the indexes suffered greater losses. At the close of the June 8 stock market session, the HNX-Index fell 3.55 points, or 1.54%, to 226.78 points; the HNX30-Index fell 8.97 points, or 2.1%, to 418.42 points.
VCBS commented that the stock market is gradually showing signs of forming the first peak, indicating the market is losing steam after a series of increasing sessions.
“We still maintain our view that the VN-Index's correction is understandable and necessary for the market to continue moving towards the 1120-1125 zone. We recommend that investors wait patiently during the correction sessions and take advantage of strong fluctuations during the session to seek disbursement opportunities at discounted prices for securities, banking, and real estate stocks,” VCBS advised investors.
Flood of sales, highest liquidity in 2023
VN-Index has adjusted quite deeply, but the focus of the stock market session on June 8 was not the VN-Index falling to the floor but rather the selling activities of investors.
At the beginning of the June 8 stock market session, the dumping activity was quite light and only occurred in some industry groups. However, in the afternoon session, investors dumped their stocks widely, causing the liquidity of the June 8 stock market session to reach its highest level in 2023.
Specifically, on the Ho Chi Minh City Stock Exchange, more than 1.3 billion shares, equivalent to VND23,689 billion, were successfully traded. The VN30 group recorded 336 million shares, equivalent to VND8,665 billion, transferred.
On the Hanoi Stock Exchange, although liquidity did not increase as dramatically as on the Ho Chi Minh City Stock Exchange, it still reached the "peak" level of 2023. Up to 155 million shares, equivalent to VND 2,650 billion, were traded.
One of the most notable stocks in the June 8 session was VND of Vndirect Securities Company. The selling pressure on VND was huge as 66.3 million shares were transferred in just the June 8 session, much higher than the 35.3 million shares of the average trading volume of the last 10 sessions.
The selling pressure was so great that at the end of the stock market session on June 8, VND decreased by 1,150 VND/share, equivalent to 6% to 18,100 VND/share. Previously, at the beginning of the session, VND had increased to 19,500 VND/share.
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