In the first session of yesterday's week, VN-Index had a very volatile session and demand almost "hid", causing the index to close at near the lowest level of the session. Selling pressure completely dominated, causing VN-Index to break the 1,750 point mark and face the risk of falling into a deeper correction phase.
Securities companies have also noted that the pressure to sell and reduce the margin balance ratio will increase sharply in the context that information on margin balance at the end of Q2/2026 of securities companies still increased sharply compared to Q1/2026 and when short-term investor sentiment becomes more pessimistic.
And in today's trading session (July 21), although supply pressure has decreased in the group of large-cap stocks, pressure has increased in many medium and small-cap stocks, causing the market to have another declining session. At the end of the trading session, VN-Index decreased by 12.95 points (-0.74%), to 1,730.56 points. Total trading volume reached more than 789 million units, worth 23,092.4 billion VND, down more than 8% in volume but up nearly 18% in value compared to yesterday's session.
The bluechip group with a trio of oil and gas industry stocks under the greatest pressure with GAS falling to the floor 7% to 68,000 VND, BSR falling 6.5% to 23,050 VND and PLX falling 4.8% to 32,650 VND. Followed by FPT with a decrease of more than 3% to 64,800 VND and GVR falling 2% to 27,350 VND.
Especially after a recovery session last weekend, Phu Nhuan Jewelry (stock code: PNJ) shares continued to be heavily sold. This stock just lost another 11% of its market price when it fell sharply in both first sessions of this week. In today's session, PNJ also fell to the floor "white buyers", with a floor selling surplus of nearly 10 million units.
This situation shows that selling pressure is still very high even though this stock has fallen deeply from its peak. Compared to the historical peak set at the end of January, PNJ's market price has "evaporated" 55% to 38,150 VND/share. This is the lowest level in more than 5 years for this stock, since the end of March 2021. The corresponding market capitalization is about 19,500 billion VND.
Commenting on the stock market in recent developments, the consulting block of Mirae Asset Securities Company (CTCK) believes that the market is sending warning signs of caution. It is very difficult to immediately confirm whether the market is entering a downtrend or just a strong correction, because the trend state is usually only clearly identified when it has passed. VN-Index is still in the 1,700 point zone, but the pressure is not much different from the period when the index was in the 1,500 point zone.
According to expert Mirae Asset, positive stories such as corporate profit growth or expectations for a new development cycle are being overshadowed by the current difficulties of the capital market. Specifically, the difficult supply of credit and soaring interest rates are factors of weight for the stock market. These factors have a more direct and immediate impact than revenue and profit growth figures or low P/E valuation compared to history.
Currently, there are not enough arguments or clear grounds to expect the above difficulties to end soon. In the context that selling pressure still prevails and demand has not improved significantly, Mr. Cuong believes that investors should not expect the market to recover soon, the important thing is to prepare for worse scenarios. Recommends that investors should maintain cash and minimize leverage in unfavorable market periods.
