Major investors worry as stock market weakens
In the September 28 morning trading session, the selling pressure continued to increase, while the bottom-fishing demand was low. The liquidity in the market dropped sharply to below VND4.5 trillion from the VND6-8 trillion per morning trading session last week and VND10-15 trillion in the bustling periods of 2021 and H1/2022.
Closing the session, the VN-Index dropped by nearly 15 points, coming closer to the 1,150-point threshold.
In the early afternoon, the VN-Index decreased less thanks to a bottom-fishing campaign. However, the index by the end of September 28 fell sharply by 22.92 points, breaking through the 1,150 points to 1,143.62 points.
Meanwhile, the HNX Index decreased by 1.24 percent, UpCom Index 1.13 percent. The liquidity of all three bourses was VND13.4 trillion, including VND11.8 trillion on the HCM City Stock Exchange (HOSE).
“The market is bad. No one knows where the share prices will go. Even major stocks in the markets are seeing prices decreasing unceasingly. We would not have ever imagined that Vingroup shares (VIC) would fall to below VND60,000 per share and march towards the VND50,000 per share threshold,” Tan Thanh, an investor from Hanoi, said.
According to Thanh, the situation has turned bad because of serious fluctuations worldwide, while cash flow in Vietnam is getting weaker.
Stock prices have fallen dramatically and they continue to decrease, which dampens investors’ confidence.
Another investor from Hanoi - Nguyen Tung - complained that cash flow is not going to the market and cautiousness is prevailing everywhere.
It is expected that the US will raise interest rates once more in November, which will affect the world’s financial market. Many investors have sold to stop losses.
The VN-Index has lost 40 points so far this year. The downward trend beginning in early September has erased all the achievements of recovery gained two months before.
The market is moving in a slow-increasing and fast-decreasing mode, which is the sign of a bear market, according to Elliott Wave theory.
According to CSI Securities, the Vietnamese market is in line with the downward trend in the world. By 11.40 am (Vietnam time), the Nikkei 225 had fallen by 9.3 percent over the last month.
However, it believes that negative recommendations by some institutions would be temporary only in Vietnam. Vietnam’s market depends on cash flow in the country, plus the domestic macroeconomic situation.
As of September 27 afternoon, foreign investors’ net sales had reached VND480 billion.