Stocks reversed and skyrocketed

Session down 68 points yesterday bringing the VN-Index, the index representing the Ho Chi Minh Stock Exchange, to an eight-month low, making investors and many analysts more pessimistic about the possibility of a recovery. Some securities companies forecast that the index would continue to fall to 1,280 points, or another 30 points, because of the pressure of selling mortgages in “shark” accounts.

In fact, this morning’s session fell even deeper when VN-Index lost more than 45 points after only one hour of opening, down to 1,264 points – the lowest price range in a year. However, not stopping there, the market movements from 10am onwards are far beyond all scenarios outlined by the analysis teams, but in the opposite direction.

Money flowed massively to buy low-cap stocks, then spread to VN30 group, helping VN-Index narrow its dropping range quickly. About half an hour later, the index returned to reference and struggled around here until mid afternoon.

Before the order matching session to determine the closing price (ATC), instead of as happened in the last 10 sessions, when selling pressure increased, investors disbursed more strongly. The buyers drastically pushed many stocks up, from the floor price in the morning session reversed to the ceiling. VN-Index also climbed vertically to 1,341 points, closing with an increase of more than 30 points. In relative value (%), this is the strongest increase since the beginning of the year.

Market breadth turned rapidly when the morning was in red, there were more than 400 stocks below reference, but at the close, green dominated again with 338 gainers, of which 53 hit the ceiling.

Basket VN30 led the gaining session today with 27 gainers, of which VRE was the only ticker that increased all its range to 31,050 dong. VJC and VCB are two large cap stocks upstream of the market when they lost 1.5% and 1.6% respectively compared to the reference.

Not only the large-cap group, money also poured into the collection of highly speculative stocks that have discounted more than half the price in this drop. The group of stocks related to Mr. Trinh Van Quyet simultaneously increased in full range and had no sellers. Real estate codes such as ITA, HQC, LDG, TDH, DIG, CEO also changed from floor price to purple at the close.

Market liquidity reached 21,000 billion dong, of which VN30 basket accounted for 9,100 billion dong. HPG leads in liquidity with nearly 950 billion dong, followed by VPB, DIG, FPT and VND.

Foreign investors extended their net buying streak to the 8th session in a row. Today, this group disbursed nearly 2,850 billion dong, while selling only 1,800 billion dong. BCM, VNM and MSN are the three most bought stocks by foreign investors.

Eastern