The market entered today's trading session, December 16, with caution, causing the VN-Index to have at one point fallen to support nearly 1,630 points, and liquidity in the whole market was still gloomy. However, entering the afternoon session, the market suddenly "changed direction", many groups of stocks increased dramatically when buying pressure to catch the bottom was huge.
At the end of the session, VN-Index increased by more than 33 points, approaching the 1,680 point mark, becoming the strongest market in Asia. Liquidity also improved sharply compared to the previous session with the matched value on HoSE reaching nearly VND 20,600 billion. Regarding foreign transactions, the group of foreign investors turned around to net sell about VND 75 billion on all 3 exchanges.
This increase also puts the Vietnamese stock market in reverse the general trend of the Asian region, becoming the strongest market in the region. The strong increase relieves pressure after an uncomfortable adjustment period.
VN30 group with two bright spots SSI and HDB. In particular, HDB maintained the price ceiling at VND 32,100, as the closing date for the list of shareholders receiving dividends and issuing stocks increased in capital approached. SSI shares cool down slightly, but still increase sharply by 6.5% to 30,250 VND, matching more than 32 million units.
Notable stocks in the securities or real estate and construction companies also increased from nearly 3% to nearly 6%. VCK rookies had a fairly sharp decrease in the first session, losing more than 15% to VND 50,800/share, matching more than 14.83 million units.
Despite the increase in points and improved liquidity, experts believe that investors still need to pay attention to the possibility that this is just a technical hoi and most recently a derivatives expiration session on next Thursday. Some comments still show that the overall trend of the VN-Index is unclear and somewhat leaning towards the risk trend, because the chart is likely to form a two-peak model with early warnings from dynamic indicators.
Regarding the liquidity of the market, Dr. Nguyen Duy Phuong, Investment Director of DG Capital, said that the stock market is facing greater competitive pressure from other investment channels to attract strong cash flow again. For savings channels, banks have increased deposit interest rates since the beginning of November, with the common one-year term at 4.7% in the Big Four group.
In addition, the bond channel has "heated up" again with large issuances from large corporations. Investor sentiment also became less vibrant when the portfolio did not record an increase corresponding to the market, due to the recent increase mainly coming from large-cap stocks, especially the Vingroup group.
Currently, the VN-Index is trading around 11.7 times the projected P/E in 2026, which is considered quite attractive compared to the prospect of corporate profit growth. This valuation is still an attraction for medium and long-term investors.
According to Dr. Phuong, the stock market at the current stage is in need of a strong enough catalyst for valuation to form a new sustainable increase. The growth of the whole market's profit is expected to remain double-digit in 2026, in which industry groups that have discounted deeply from the peak but have not recorded a strong recovery such as banking, securities, real estate, construction... will likely play a leading role.
