Liquidity tightens as investor groups trade cautiously

Liquidity continues to tighten as the funding environment remains high, while external geopolitical tensions have not shown clear signs of cooling, keeping market sentiment defensive. The VN-Index opened the week in red, followed by a technical rebound, but cash flow did not improve.

At the close, the index fell 9 points to 1,674. Market breadth was negative, with 76 stocks rising versus 238 declining, reflecting persistent selling pressure. The session suggests the market remains in a “lack of demand” state, where rallies have been largely technical and fade quickly due to weak follow-through buying.

Market breadth and sector performance

Several large names provided limited support to the index, including VCB, BID, VIC, LPB, VNM, SAB, HPG, VJC and GEE. However, breadth remained weak, leaving most of the market under downward pressure.

Even the securities sector—initially expected to benefit from an upgrade theme—could not sustain momentum, giving back all of last week’s gains. Several stocks fell sharply, including VIX and TCX. Banking also continued to weaken, particularly among large private banks such as TCB, MBB, VPB and ACB, indicating that capital has not yet returned to leading blue-chip names.

Real estate was similarly pressured: VHM fell 1.85% and VRE dropped 2.83%, dragging down other stocks including BCM, KDH, TCH and PDR. The oil and gas group also faced selling pressure, with BSR, GAS, PLX, PVD declining as profit-taking emerged after a strong prior rally.

Other areas—including retail, consumer, telecom, information technology and logistics—lacked supportive buying, contributing to broad-based selling.

Trading value, foreign flows and domestic activity

The value of on-exchange matching trades across three exchanges totaled 19,300 billion dong, significantly lower than the previous week.

Foreign investors sold net 93.7 billion dong, with on-exchange net selling of 143.3 billion dong. Their main on-exchange net buying was concentrated in the Industrial Goods & Services and Chemicals sector. Top on-exchange net buys included VIC, GEX, VNM, MSN, NLG, DPM, DCM, GEE, SSI and LPB.

On the selling side, foreigners’ top on-exchange net sells were in Banks. The largest on-exchange net sells included TCB, MBB, HDB, MWG, FPT, VCB, VPB, KDH and VPL.

Domestic individual investors were net buyers, purchasing 509.6 billion dong, but on-exchange they recorded net selling of 111.1 billion dong. Individuals’ on-exchange buying was mainly in Banking, and top net buys included NVL, HCM, FPT, VPB, TCB, VJC, BID, VPL, BAF and MBB. Their on-exchange net selling spanned 13 of 18 sectors, mainly Industrial Goods & Services and Chemicals, with top net sells including HPG, HDB, VIC, VNM, VIX, GEX, PVT, DPM, HDG and DPM.

Proprietary trading houses net sold 415.0 billion dong, while on-exchange they posted net buys of 285.8 billion dong. Their strongest on-exchange net purchases were in Banking and Retail. Top on-exchange net buys included MSN, MWG, TCB, STB, VIC, FPT, GMD, KBC, SHB and VHM. Top net sells were in Construction and Materials, with major sells including NVL, HHV, GEE, NLG, TCH, VCG, CII, HCM, BAF and FUEVFVND.

Domestic institutions net bought 21.5 billion dong, but on-exchange they recorded net selling of 31.4 billion dong. On-exchange, institutions sold across 9 of 18 sectors, with the largest value in Food & Beverages. Top net sells included MSN, HCM, VJC, STB, VCI, LPB, VPB, VIC, DGW and NVL. Their largest net buys were in Banking, led by HDB, MBB, MWG, VIX, VCB, EIB, ACB, KDH, HPG and VCG.

Negotiated deals and notable transactions

The value of negotiated deals reached 3,507.9 billion dong, up 31.9% and accounting for 18.1% of total trading value.

Notable negotiated trades included STB, with nearly 9.6 million shares (571.7 billion dong) sold by domestic institutions to domestic individuals, and 6.5 million shares (397.2 billion dong) exchanged between domestic institutions. STB and HPG also saw 15.3 million shares (418.5 billion dong) traded among domestic institutions.

Money flow distribution

The money flow distribution increased in Banking, Food & Beverages, Retail, Electrical Equipment, Oil & Gas, Building Materials, while it decreased in Real Estate, Securities, Construction, Steel, Chemicals, Information Technology and Warehousing.

On a standalone basis, money flow allocation increased in mid-cap VNMID and small-cap VNSML, while it decreased in large-cap VN30.