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Entering the morning session on April 23, the market opened with relatively positive sentiment around 1,868.31 points and quickly moved higher. The rally pushed the VN-Index to a daily high of 1,888.99 points, but profit-taking at elevated levels later weighed on the index and drove it back down.
The most dramatic move came when the VN-Index slipped below the reference level, reaching a session low of 1,855.09 points. In the red zone, bottom-fishing demand emerged, absorbing selling pressure and lifting the index back toward the close.
At the end of trading, the VN-Index rose 13.06 points (+0.7%) to 1,870.36. The HNX-Index fell 2.13 points (-0.83%) to 253.23, while the UPCoM-Index declined 0.55 points to 128.31.
Liquidity remained fairly high, with total value traded on HoSE exceeding VND 28.36 trillion. However, market breadth leaned toward decliners, with 208 stocks falling, 104 advancing, and 60 remaining unchanged.
The banking group was the standout performer. It surged from the morning session and became a key support for the VN-Index. VCB rose near the ceiling at times before cooling in the afternoon, and closed up 5.7%. Other banking-related stocks also contributed positively, including BID (+3.4%) and CTG (+1.7%).
In contrast, the electric power group saw a sharp sell-off in the afternoon. Many stocks declined steeply, with PC1 falling to the floor, down 6.9% to 24,100. By the close, there were about 14.6 million floor-price sell orders remaining for PC1. Other power stocks also dropped, including REE (-4%), NT2 (-3%), and GEG (-2.7%).
The securities sector also faced pressure as it corrected alongside the broader market. Bottom-fishing demand toward the end of the session helped the sector recover slightly and narrow losses. Notable decliners included EVF (-4.8%), HCM (-1.7%), VIX (-1.2%), and SSI (-0.7%).
Another bright spot in the afternoon was the construction/investment sector. Despite volatility, capital continued to flow into the group, helping several stocks rise, including VCG (+4.8%), HHV (+2.8%), and LCG (+1.7%).
Foreign investors remained a pressure factor. They net sold VND 1,652.76 billion on HoSE, with buys of VND 2,442.82 billion and sells of VND 4,095.58 billion.
Observers said the day’s roller-coaster volatility reflected a tug-of-war between buyers and sellers. While bottom-fishing demand at lower prices is a positive sign, the rapid rotation of capital and the “green on the outside, red on the inside” pattern suggest investors should remain cautious and avoid chasing during rallies.
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