VN-Index slips below 1,800-point mark, FPT hits 31-month low

Widespread selling pressure caused VN-Index, which tracks the Ho Chi Minh Stock Exchange's (HoSE) performance, to drop by over 24 points and fall below the 1,800-point mark on Monday.

"Bottom-fishing" capital remained cautious, while foreign investors continued to offload shares heavily.

Following a slight recovery in the previous session last Friday, the stock market reversed course and fell sharply. VN-Index officially lost the 1,800-point level, closing the Monday session at 1,782.12 points - a decline of 24.51 points from the previous session.

The HoSE was awash in red, with 240 stocks declining and 70 advancing. However, the market did not descend into a sell-off, as only 11 stocks hit the floor price.

Notably, after hitting the ceiling price in the previous session, PNJ shares faced heavy selling pressure on Monday, closing at the floor price of VND43,650 ($1.66) per share. Trading volume reached nearly 8.2 million shares, with a sell order backlog of nearly 2 million shares at the floor price.

The Vingroup cohort continued to weigh on the market. VIC of Vingroup fell 0.91% to VND217,000 ($8.26) per share, VHM of Vinhomes dropped 3.41% to VND136,000 ($5.18) per share, and VRE of Vincom Retail declined 3.13% to VND24,800 (nearly $1) per share, while VPL (Vinpearl) closed at its reference price.

In the oil and gas sector, despite escalating tensions between the U.S. and Iran pushing oil prices above the $85-per-barrel mark, a host of stocks - including GAS, BSR, PLX, OIL, PVD, and PVS - declined following a prior series of recovery sessions.

Conversely, bright spots were limited to a few banking and financial stocks such as TCB, ACB, VBB, MBS, and BVH. However, these isolated gains were insufficient to spark a market rally.

Total market liquidity reached only VND15.47 trillion ($589.16 million), indicating that bargain-hunting demand remains cautious. Thus, despite significant price corrections in many stocks, there is still insufficient momentum to trigger a return of capital flows.

Meanwhile, foreign investors extended their net selling streak across all three exchanges, offloading shares worth VND980 billion ($37.33 million). FPT saw the heaviest net selling, totaling VND346 billion ($13.18 million); its share price fell to VND66,800 ($2.54 million), marking its lowest level since December 2023.

As the second-quarter earnings season approaches, analysts expect positive business results to serve as a support for the stock market during the second half of July.

SSI Research anticipates that profit growth momentum for the second quarter will continue to be driven by the banking, retail, construction materials, rubber, and food and beverage (F&B) sectors. Meanwhile, commodity sectors such as fertilizers and midstream oil and gas may face pressure from the need to make inventory provisions following the sharp drop in oil prices.