Cautious bargain-hunting leaves stocks struggling to rebound

Vietnam’s VN-Index closed down 1.13% (19.87 points), slightly worse than the morning session’s roughly 1% decline (about 17.62 points). Market breadth improved in the afternoon, with HoSE recording 124 advancers and 191 decliners, compared with 88 advancers and 216 decliners in the morning.

While the number of stocks down more than 1% was similar to the morning session (112 vs 119), their liquidity weight on HoSE eased to 33.8% of total matched value, from 44.7% in the morning. This pointed to some improvement in bottom-fishing activity, particularly in higher-liquidity names.

VN30 weakens as large caps drag

The VN30 basket finished with 7 gainers and 22 decliners, weaker than the morning (5 gainers, 25 decliners). Only two stocks turned green, though 16 names fell from the morning close. Several large-cap stocks contributed to the VN-Index’s softness.

VIC rebounded strongly near 2:15 pm before reversing. In the last 20 minutes, the stock fell 1.89%. VIC closed down 2.74% versus the reference price, equivalent to -1.65% versus the morning close. Other pillar stocks also pulled back, including VCB (-1.33%), BID (-2.05%), GAS (-1.88%), and CTG (-1.41%), which weighed on the index.

Afternoon trading highlights HPG and SHB

In the afternoon, 11 VN30 stocks improved, though most changes were modest. HPG stood out: it traded 1,070.8 billion dong in the afternoon, lifting its price by +1.8% from the morning close and closing +0.89% above the reference for the day. Total matched value for HPG reached 1,453.2 billion dong, the highest in the market.

SHB also showed strong liquidity momentum, at about 2.3 times the morning session. The stock rose +2.65% and closed +1.31% above the morning level. SHB’s total daily trading value reached 1,305.4 billion dong, ranking third in the market.

Bottom-fishing lifts liquidity, but gains remain modest

The bottom-fishing effect supported many top-liquidity names, though most gains were limited. At the close, HoSE had 62 stocks up more than 1%, with 10 of them trading above 100 billion dong.

Only SHB gained more than 1% in this group (+1.31%). Other notable movers included mid-caps such as NVL (+6.03% with 1,363.8 billion dong), VCG (+3.15% with 641.9 billion), GEX (+3.32% with 633.2 billion), DXG (+2.36% with 611.4 billion), HHV (+5.31% with 340.7 billion), KBC (+1.35% with 159.3 billion), HDC (+1.59% with 130.1 billion), PNJ (+2.8% with 126.9 billion), and NKG (+1.77% with 107.8 billion).

Improved mid-cap trading helped raise their liquidity share to 48.1% of HoSE’s total matched value, compared with 46.7% for VN30.

Decliners dominate; liquidity concentrated among losers

Despite the bottom-fishing bid, stocks falling sharply remained the majority. HoSE ended the day with 112 stocks down more than 1% of their value, with VN30 accounting for 19 of them. Twenty-four of these losers recorded liquidity above 100 billion dong, far more than the number of gainers.

Blue chips such as SSI, FPT, and VIC recorded the highest liquidity. Other notable decliners included VCI (-3.45%), EIB (-1.95%), BSR (-2.72%), VCK (-1.58%), VND (-1.75%), and GEL (-1.65%).

Impact: liquidity improves, but caution persists

Bottom-fishing lifted HoSE’s liquidity by 4.4% versus the morning. However, the broader price-down effect remained widespread, suggesting buyers stayed cautious.

For the full day, combined value traded on the two exchanges fell 23.3% from yesterday to 24,811 billion dong, excluding negotiated deals.