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VN-Index has recovered for the fifth straight week, marking the longest rally since the end of last year. Gains were mainly concentrated in blue-chip stocks, with the VN30 index rising 1.2% over the week, while midcap and small-cap segments continued to decline.
In a new report, MB Securities (MBS) said the VN-Index has risen for five consecutive weeks, completing a rebound of more than 200 points since the outbreak of the conflict and moving closer to the historical high near 1,900 points. The weekly high was around 1,880.
Despite the index’s improvement, MBS highlighted clear divergence in the domestic market. Money flow has been focused mainly on a few large-cap groups, while most sector groups have not yet recovered in proportion.
Since late February 2026, the Vingroup group rose 24.2% and residential real estate gained 8.4%, helping drive the market. The public investment group has also regained all previous losses. By contrast, oil and gas, technology, telecommunications, and securities groups have not yet “returned to shore.”
Liquidity has been a key point of divergence from the index’s gains. Market-wide turnover last week fell to the lowest level since the start of the year. The five-week average turnover reached about 26,500 billion dong per session, which is lower than the bottom phase.
MBS said this suggests large funds remain cautious, particularly because the trading week was shortened, requiring more time to establish a clear trend for May.
Even so, MBS noted that funds still tend to move toward groups with their own narratives during the earnings season and the shareholder meeting season. It cited several areas that may attract capital in the near term, including banking, residential real estate, seafood, logistics, public investment, and natural rubber.
Technically, the VN-Index is approaching strong resistance around 1,900 points after a prolonged uptrend. MBS pointed out that liquidity has declined and market breadth has narrowed, indicating the uptrend lacks broad participation. It also said traditional leadership groups such as banking, securities, or steel have not participated clearly.
MB Securities believes the market may show volatility or technical corrections in the short term. The firm described this as a necessary pause to rebalance funds and accumulate for a potential break of the previous high in the medium-to-long term, rather than a signal of a trend reversal.
For the coming short trading week, MBS advised investors to take a watchful stance. It recommended focusing on stocks with solid fundamentals instead of betting on the overall index, to help preserve gains in a “green on the outside, red on the inside” phase. MBS added that the 1,900-point region still requires additional confirmation signals before expecting a clearer uptrend in May.
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