Stock market news on February 19: The market corrected slightly after 3 consecutive gaining sessions

01:04 | 22/02/2021

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The session on February 19 ended with the VN Index dropping slightly, technically the market needed a slight decline, as a break to gain momentum after 3 consecutive strong gains.
The stock market was steady before the 3rd Covid wave The stock market was steady before the 3rd Covid wave
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Progress of the session

Entering the morning session at the end of February 19, the selling pressure increased strongly after 3 strong rallied sessions, so VN Index quickly turned down after opening. At one point, the index lost nearly 20 points and dropped to 1.160 points. However, at this price range, the "greedy" cash flow appeared quickly absorbing "cheap" sell orders, helping VN Index to quickly recover to near the reference level after about 60 minutes of trading. However, the market had many differentiation, especially large stocks were not traded positively, causing the market to lack support, so the recovery momentum was not sustainable. There were 24 stocks in the VN 30 with a drop including FPT, GAS, TCH, VNM, VPB, HPG, KDH, and VRE ... on the upside, banking group was still the focus of the market with MBB, ACB and STB trading. positive with large liquidity, of which ACB has turned purple at times.

Stock market news on February 19: The market corrected slightly after 3 consecutive gaining sessions
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HNX also saw similar situation on HOSE with the index dropping strongly in the first 60 minutes, then gradually recovered around the reference level and maintained this situation until the end of the morning session.

Oil and gas stocks on the HNX also reversed with PVS - 2.8%, PVB - 3.6%, PVC - 1.1% ... in the afternoon, a number of large stocks still traded positively, helping to slow down. The index's drop like VGT + 5%, LTG + 6.7%, MSR + 4.4%, VGI + 1.5% ...

Pausing the morning session on February 19, the VN Index dropped 4.44 points to 1,169.33 points, the HNX Index decreased slightly by 0.18 points to 230.78 points. Liquidity on 2 exchanges reached approximately 12,000 billion VND.

The afternoon session on February 19 was quite slow and relatively tedious, VN Index mainly moved sideways below the reference level and closed with a slight drop thanks to the positive support from banking codes. Many large bank stocks still kept the green color such as HDB, BID, MBB, STB ... most notably ACB continued to trade actively and attracted cash flow with over 31.18 million shares transferred. On the other side, many large codes continued to trade in red including VHM, VIC, VNM, VRE, HPG, BVH… putting great pressure on the index. Besides, oil and gas stocks continued to decline from the morning session with PVD - 3.2%, GAS - 1.3%, PVT - 2.8% ... Two stocks with sudden trading were LGC. from floor price to ceiling price and TDP upstream turned purple with an increase of 6.7%.

Transactions on HNX were also quite tedious in the afternoon session, the index mainly traded below reference level. However, thanks to the support of the cash flow, a number of large stocks recovered in time to help HNX Index escape the dropping session. Some large stocks positively supported the market such as CEO + 4.7%, NTP + 1.4%, CDN + 3.1%, SHB + 0.2% ...

Closing the session on February 19, the VN Index fell slightly by 0.88 points to 1,173.5 points. HNX Index increased 0.22 points to 231.18 points. The liquidity on both exchanges continued to remain at a rather high level of over 16,500 billion dong.

Comments on February 22nd session

After 3 previous strong gaining sessions, technically the market needs 1-2 correction sessions as a break to accumulate energy for the next rally. However, now that the VN Index is approaching a very sensitive psychological zone - the resistance level of 1,200 points, a struggle between buyers and sellers might continue in the next few sessions. In our opinion, the current market still prioritizes short positions to realize profits in the pre-Tet period and investors should only re-open their long positions during market corrections. in the session on February 22.

Hoai Nam

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