The stock market in Vietnam faced significant pressure on December 12, as not only Vingroup but also numerous blue-chip stocks and shares within the real estate and construction sectors experienced a sharp sell-off. This led to the VN-Index plunging through critical support levels, closing with a loss exceeding 50 points.
Following three consecutive sessions of decline, in which the VN-Index shed more than 55 points and breached the pivotal 1,700-point threshold, market liquidity remained sluggish. This reflects investors’ cautious sentiment in light of the volatility surrounding leading stocks, particularly those associated with Vingroup.
Many analysts predict that the VN-Index could see a technical rebound as it tests the support range between 1,680 and 1,690 points. However, there are also concerns that if this level fails to hold, the index could descend further to approximately 1,650 points.
Despite the early session’s promising signs of recovery, which saw the index momentarily reclaim the 1,700-point mark, this gain proved short-lived. Increasing selling pressure, particularly towards the session’s end, drove the VN-Index down to test the lower support levels.
As the afternoon progressed, selling pressures intensified, especially towards the close of the trading day, with many stocks hitting their limits. Notably, real estate and construction stocks were heavily affected, possibly due to margin calls linked to unsuccessful bottom-fishing activities.
Even some strong blue-chip stocks fell significantly. The pair VHM and VRE, for instance, reached their lowest allowable prices, pushing the VN-Index down over 60 points, ultimately closing at 1,646.89 points, a decline of 52.01 points or 3.06%. Total trading volume exceeded 906.2 million units, with a value of 24.7 trillion VND, marking increases of 53% in volume and 52% in value compared to the previous session. Block trades contributed significantly with nearly 86 million units and a value of 2.573 trillion VND.
In the course of the past week, the VN-Index has tumbled 94.43 points or 5.42%, dropping to its lowest level since mid-November. VHM and VRE both closed at their floor prices of 94,100 VND and 27,450 VND, respectively, while VIC, despite a slight decline, managed not to hit the floor. The overall bearish trend significantly influenced many other blue-chip stocks, such as VPB dropping by 5.7%, GVR by 5.1%, and others like SSI, MSN, MBB, and STB also seeing considerable declines.
On the Hanoi Stock Exchange (HNX), the HNX-Index followed suit with a sharp drop, closing at 250.09 points, down 5.78 points or 2.26%, with a total trading volume of over 97.9 million units worth nearly 2 trillion VND. Similarly, on the UpCoM market, the UpCoM-Index decreased to 119.26 points, falling by 0.73 points or 0.61%.
The trading environment today has highlighted the market’s volatility, but there remains hope that the VN-Index may find some support and recover. Investors are keeping a close watch on upcoming trends, hoping for a stabilization phase that could lead to a more favorable market outlook in the near future.