Market ends March with third straight loss

Market ends March with third straight loss

Following a volatile session on Thursday, the market opened in positive territory but quickly slipped as weak buying momentum failed to hold up gains.

A Vietcombank transaction office in Hà Nội City. The bank's VCB shares led the decliners on the last trading day of March. — Photo courtesy of Vietcombank

Weighed down by sell-offs in blue-chip stocks, particularly in the technology and steel sectors, Việt Nam’s stock market ended the final trading session of March in the red, marking the third consecutive day of decline for the VN-Index.

Following a volatile session on Thursday, the market opened in positive territory but quickly slipped as weak buying momentum failed to hold up gains. While morning trading remained relatively stable, a wave of selling pressure in the afternoon dragged the VN-Index to its lowest point of the day.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index lost 6.35 points, or 0.48 per cent, to close at 1,317.46 points.

Market breadth stayed negative, with 192 decliners, 104 gainers, and 69 unchanged. Trading value improved slightly to VNĐ17 trillion (approximately US$665.2 million), up 6.2 per cent from the previous session.

The VN30-Index, tracking the 30 largest listed firms by market capitalisation, also slipped by 6.33 points, or 0.46 per cent, to 1,373.93 points. Within the basket, 18 stocks declined, six advanced, and six remained flat.

Losses were led by large-cap banking and technology stocks. Vietcombank (VCB) recorded the steepest drop, falling 1.07 per cent, which erased over 1.3 points from the VN-Index. FPT Corporation (FPT) declined 1.74 per cent, and Hòa Phát Group (HPG) fell 1.27 per cent.

On the other hand, a few heavyweight stocks helped mitigate the index's overall decline. Vingroup (VIC) led the rebound with a gain of 1.58 per cent, contributing nearly 0.9 points to the VN-Index. LPBank (LPB) rose 1.36 per cent, while BIDV Securities (BSI) advanced 4.8 per cent.

According to analysts at Saigon – Hanoi Securities (SHS): “The VN-Index is concluding a strong eight-week rally and is now entering a short-term correction and consolidation phase. The nearest support level stands at 1,315 points, with stronger support at 1,300 points. If the index fails to hold above 1,315 points, it may retest the psychological level of 1,300.”

“As the market wraps up the first quarter of 2025, investors will shift focus to updated corporate earnings and macroeconomic indicators. Additionally, attention is turning to upcoming policy announcements, particularly around potential tariff impositions in April.”

SHS also highlighted that the Ministry of Finance had recently proposed reducing the Most Favoured Nation (MFN) import tax rates on several key items — including cars, liquefied natural gas (LNG), frozen chicken legs, fresh apples, ethanol, and raisins — as part of efforts to promote fair trade and balance Việt Nam’s trade with strategic partners such as the United States.

“Investors are advised to maintain a balanced portfolio allocation, with a focus on fundamentally strong, industry-leading stocks aligned with national strategic growth priorities,” SHS concluded.

On the Hà Nội Stock Exchange (HNX), the HNX-Index also declined, dropping 0.56 per cent to 238.20 points. Trading value on the northern bourse exceeded VNĐ986 trillion, with over 61 million shares exchanged.

Foreign investors extended their net-selling streak, offloading over VNĐ406 billion worth of shares on HoSE. 

Bizhub