Stocks fall the most in over two weeks as selling pressure from Vingroup and blue chips weighs on the VN-Index

Selling pressure in heavyweight groups led by Vingroup and other blue chips caused the VN-Index to retrace, with the composite index down about 20 points—the largest one-day decline in more than two weeks.

After a record rally on upgrade confirmation news, the VN-Index continued to rise as opening orders were executed. Shortly after, however, stocks retreated back toward the reference level. In the morning, the index briefly approached 1,740 points while more than half of listed stocks traded in the red. With support from VHM of Vingroup, the VN-Index recovered slightly.

Trading range narrows; market weakens after mid-afternoon

In the afternoon, the 1,740–1,750 point band remained the trading range for the HoSE index. After 14:10, market conditions deteriorated, with some periods trading below the reference by nearly 23 points as earlier morning support faded.

After a modest improvement in the ATC session, the VN-Index closed near 1,737, down about 20 points from the previous day. This was the strongest correction in more than two weeks. The large-cap basket moved in the same direction, with the VN30-Index falling 16 points to 1,915.

Market breadth and liquidity

Across HoSE, 191 stocks declined while more than 124 rose. Selling pressure was not described as overwhelming, suggesting funds still looked for potential names. Among stocks with liquidity above 1 trillion dong, three out of four remained in the green.

HoSE liquidity fell by more than 6 billion dong to around 28.9 billion dong, making the session more subdued compared with the previous day.

Key contributors: Vingroup-related pressure and VHM reversal

VIC was the biggest negative contributor, dragging nearly 7 points from the overall index. Vingroup shares fell 2.7% to 149,200 dong per share, with liquidity near 400 billion dong. VPL of Vinpearl followed as another drag, contributing nearly 2 points lower.

The market also faced pressure from banks including VCB, BID, VPB, and CTG.

In addition, a reversal in VHM in a single session influenced the market. In the morning, the stock traded near the reference level, supporting the index. In the afternoon, selling pressure increased, and VHM closed down 0.8% at 122,000 dong, contributing nearly 1 point to the VN-Index decline.

Support on the upside

On the positive side, the market was supported by NVL, HPG, LPB, TCB, and GEX. Novaland briefly hit the ceiling in the afternoon, with about half of the traded volume coming from buyers. NVL closed up 6% at 16,700 dong per share, with liquidity near 1.364 trillion dong, ranking second on the market.

Foreign flows and notable net trades

Foreign investors remained net sellers at about 2.213 billion dong for the fifth consecutive session. This figure was heavily affected by off-exchange trades in VPL. Only VHM stood out as a stock with net selling above 100 billion dong. In contrast, foreign investors bought a net 482 billion dong of HPG.

Analyst view: avoid FOMO, deploy capital selectively

From the end of the previous session, many analysts had urged investors to avoid FOMO (fear of missing out). Chứng khoán Beta (BSI) said this bias could become a risk that leads to hasty decisions.

BSI’s recommended approach is to stay calm and selectively seize opportunities rather than chase the rally. Investors are advised to deploy capital in installments, focusing on stocks with clear supporting narratives or those attracting strong cash flow, and to avoid buying into rallies.

— Tat Dat