Vietnam's stock market fluctuated strongly right in the first trading session of February 2026. VN-Index at one point "performed" the 1,780 point mark when selling pressure increased widely, especially the great pressure from the pair VIC, VHM. The strong selling of this stock group caused the holders to also sell strongly on the remaining stocks.
At the beginning of the afternoon session, VN-Index recorded a decrease of more than 50 points and retreated to near the 1,780 point threshold. However, the index retreating to this support level stimulated bottom-fishing cash flow back. Thanks to this cash flow, VN-Index closed the session down 22.5 points, equivalent to 1.23%, to 1,806.5 points.
HoSE's trading table recorded 210 declining codes, compared to 128 increasing codes. Notably, although the trading table leaned completely towards red, the number of ceiling codes was slightly higher with 12 codes, compared to 8 floor codes. Liquidity in today's session stood at a high level with nearly 974 million shares matched orders, equivalent to a trading value of VND 31,873 billion.
Regarding foreign investors' transactions, the group of foreign investors suddenly net sold 2,433 billion VND across the market. Net selling pressure focused strongly on the large-cap group when VIC was dumped the most with about 544 billion VND, followed by VHM (330 billion VND) and VCB (193 billion VND).
After each point increase exceeding the peak with large liquidity, the next developments of the market can often adjust or retester the strong support area.
Liquidity has not improved or is low in some sessions is also normal when investors' psychology is uncertain about current opportunities as well as a part of investors are still holding stocks in a "negative" state.
In particular, conservative investors continue to hold bank and real estate stocks... which are stocks that have not fluctuated in price or adjusted deeply in the past period.
The stock market traded in the first 2 weeks of February - before the Lunar New Year holiday, the possibility of increasing points returning to the old peak area is the main trend and the scenario of increasing points beyond the peak is still possible, but the probability is lower and more time is needed.
A more appropriate scenario in February 2026 is that the market continues to fluctuate and accumulate within a certain range, with alternating ups and downs to rebalance supply and demand. Only when liquidity improves significantly and consensus appears in the leading stock group, is the ability to overcome resistance to form a sustainable upward trend truly strengthened.
