The fear of missing out (FOMO) makes cash flow still participate in the market quite strongly, helping the VN-Index easily surpass the 1,500 point mark right at the opening of trading. However, it was also at this time that supply appeared massively, causing the VN-Index to lose its upward momentum, even turning around and decreasing sharply at the end of the session on July 21.
VN Index decreased by 12.23 points, equivalent to 0.82%, to 1,485 points. Red dominated the electricity billboard with more than 200 codes down, while the number of codes up only reached 118. The VN30 basket electricity board is also in a similar situation with 17 codes down compared to 12 codes up.
Notably, the strongest selling force affecting the index is the pair of Vingroup stocks, VIC and VHM. It is estimated that these two codes alone have caused the VN Index to "evaporate" by nearly 10 points.
Liquidity in today's session continues to remain above VND30,000 billion. There are 1.46 billion shares matched on HoSE, equivalent to a trading value of more than VND34,600 billion.
Despite the adjustment, the market still showed positive signs, which was that foreign investors switched to net buying after the previous 2 "room selling" sessions. Statistics, today foreign investors net bought 175 billion VND on the HoSE
Experts say that after a series of almost non-stop increases over the past month, the pressure to take profits accumulated and the possibility of strong fluctuations when the VN-Index approached the psychological threshold of 1,500 points at a high level, with the adjustment range could reach 5 - 15% based on past statistics.
According to statistics, by the end of the second quarter of 2025, outstanding loans at securities companies are estimated at about VND300,000 billion (about USD11.5 billion), an increase of VND20,000 billion compared to the end of the first quarter of 2025 and is a record high ever.
Short "resorts" often take place near, in important resistance areas, specifically the 1,500 - 1,520 point mark this week and this is also the old peak area of 3 years since the first quarter of 2022.
Especially in the context that this week will be the peak period for releasing financial reports for the second quarter of 2025 - the time when strong selling pressure often occurs according to published information.
In addition, strong macro support factors seem to have been largely reflected in prices, making the room for strong increases in the short term limited. Differentiation is expected to occur deeper between industry groups, as cash flow tends to rotate from hot-growing stocks to stocks that have not increased or benefit from positive business results.
In that context, investors can still maintain a positive view, but should be more cautious in new disbursement decisions. Purchasing at high prices is not recommended; instead, we should wait for technical adjustments to disburse explorately into basic stocks with good liquidity and attracting cash flow.
For the portfolio held, it is advisable to continue holding leading stocks in the VN30 basket and consider taking partial profits for stocks that have increased strongly to preserve profits. In the short term, 1,475 points will be the support level of the VN-Index.
