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The market received unexpected bad news last night and immediately reacted negatively. This news is like a drop of water, when the market is too strong and cash flow is too tight.
The fact that the United States places Vietnam on the list of countries that manipulate currencies has been reported by the international media since last night. However, the media in the country later, it was not until 10 in the morning this morning to appear. Not all investors follow international news at its source. In online communities, investors were constantly wondering why the market suddenly crashed earlier in the day, even though it had just risen yesterday.
VN-Index in the first 7 minutes of the continuous match order phase fell by more than 1.1%, to 1,055.45 points. For quite some time in the first half of the morning session, investors may continue to believe that the market is just a normal shake like the previous sessions and that the demand to catch the bottom is very great. Today is a derivatives expiration session, so strong volatility in the market is normal.
However, the market got worse and worse, the selling pressure increased, especially from 11 a.m. M. Until 10 minutes at the beginning of the afternoon session. The VN-Index fell to 1,051.42 points, 1.46% less than the benchmark.
In the other two-thirds of the afternoon session, the market had quite good bottom fishing demand that pushed many stocks to recover, but from 2am they continued to decline. VN-Index closed near the lowest low, losing 15.22 points or 1.43%.
The rather surprising move at the end of today was the ATC trade on the extremely low HSX. The whole floor only registered 91 billion dong. This is an unusually low level because in recent sessions, the transaction is around 500 to 600 billion dong at this stage. Even the VN30 basket announced the ATC match at just over 46 billion dong.
The HSX price list showed abnormally small match volume in the ATC phase. Many highly liquid stocks also drip traded at this stage.
According to the information of many investors, the buy and sell orders could not enter the system, but there were still investors who could operate. Therefore, an order backlog phenomenon from the public limited company or the problem network is very likely to occur.
This factor made the closing levels of indices such as VN-Index and VN30-Index almost unchanged compared to the end of the continuous matching order phase.
Although the final data of the transaction may not be accurate, today the market still registers an unprecedented high level of trading, surpassing the session of January 25, 2018. The total value matched on both exchanges reached 14.873 billion dong, 25.5% more than yesterday. The total value of the transactions, including the deal, reached 15.760 trillion dong. If the ATC market is normal, the transaction will surely be even bigger.
The jam command has almost certainly occurred. However, unlike previous “crashes”, the market still has corresponding orders today. There are still successful deals, but the volume is absurdly small. For example, MSN with ATC transaction with 260 shares, VIC with 3,000 shares, VNM with 9,480 shares, VJC with 110 shares, SSI with 7,900 shares … But some shares still trade quite well like HPG. equaled 536,350 shares, TCB corresponded 154,120 shares …
Because the ATC’s liquidity was too small, the closing price of the share and the VN-Index at the end of the day did not accurately reflect supply and demand.
Today is the derivatives expiration session, so the fact that the VN30-Index at the end of the day is almost unchanged, affects open positions. With prices falling sharply during the session, it is quite possible that at the end of the day, the market will experience a stronger sell-off. However, since the system is still trading, with very little volume, there are still indicators. Therefore, the settlement price of the futures contract today is still 1,016.95 VN30-Index points.
Although it is not clear if ATC is normally supply and demand, the price will be. The last price registered in the trading system showed that most of them fell deeply: CTG decreased by 2.29% (technical price adjustment), GAS decreased by 1.98%, VCB decreased by 3.9%, HPG decreased by 2.96% , VIC fell 2.15%, VHM fell 1.74%, VNM fell 1.08%, BID fell 2.11% …
Foreign investors also do not know how many transactions in the ATC, but the total net sale recorded in the HSX is almost 777 billion. The VN30 basket was sold net for 632 billion. HPG, MBB, POW, SSI, CTG, PVT, DXG, KDH, VHC, LCG, VRE were sold millions of net shares.
