The stock market had a fairly strong week of decline, but sell-off pressure generally did not appear because support from support zones still always worked when challenged. However, great pressure in the last session of the week caused VN-Index to lose the 1,800 point mark quite unfortunately.
At the end of the trading week, VN-Index decreased by 57.87 points, equivalent to -3.12% to 1,795.21 points.
Market-wide liquidity is still 13% lower than the 20-week average. Accumulated to the end of the weekend session, the average matched order volume on the HOSE floor reached 592 million shares/session, and the average trading value reached 15,341 billion VND/session.
Regarding the level of influence, VIC put the strongest pressure in the last session of the week when it took more than 7 points of VN-Index. Followed by VHM, VCB, GVR, TCB and BID all created significant pressure when each code took more than 1 point. In the opposite direction, BSR led the group of positive impacts but only contributed a meager half point to the general index.
Red color covered most industry groups, of which 9/11 industries recorded a decrease of over 1%. In large-cap groups such as finance, real estate and industry, selling pressure also spread with a series of stocks decreasing by over 2%.
Foreign investors net sold with a value of 1,650 billion VND on both exchanges last week.
Over the past time, the market has been quite positive in terms of points. VN-Index increased points under the influence of large-cap stocks. At the end of August, the total market capitalization was 424 billion USD, equivalent to 83%/GDP 2025. If the Vingroup group is separated, the remaining market capitalization is about 319 billion USD, the P/E level reaches 10.6; P/B is 1.65; P/S is 1.23. This is still a relatively reasonable valuation of the remaining part of the market when business results still grow.
Analyzing the market in September, the Research Department of SHS Securities Company (SHS Research) believes that the market will be affected by key drivers such as: Upgrade market, foreign investors net buying according to the roadmap. State capital divestment plan. Business results prospects for Q3/2026. The market continues to differentiate on the basis that liquidity has not improved. To increase market liquidity again, in addition to the above factors, more comprehensive factors are needed, including cooling inflation, reduced interest rates; the economy maintains good growth; the import and export balance has a trade surplus again...
Currently, in addition to real estate, banking, and energy groups still maintaining a growth trend, the remaining industry groups' short-term and medium-term price trends are still in the process of adjustment, accumulation for a long time, and there are not many outstanding investment opportunities. However, there are still many quality businesses with good growth with low P/E and P/B ratios compared to history, a reasonable level for considering investment.
Therefore, investors can assess and consider investment opportunities, based on the growth prospects of businesses and the economy. As well as the market expects to welcome new investment capital flows.
In terms of technical analysis, in August, VN-Index is surpassing the downward trend line connecting the highest price zones in May, June, July 2026. Opening up prospects that VN-Index may return to the historical peak around 1,900 points. However, VN-Index has had a period of good price increase from around 1,720 points to the price zone around 1,850 points.
In September, high supply pressure will increase again as VN-Index moves towards a strong resistance zone around 1,900 points. VN-Index will continuously be under adjustment pressure to retest the 1,800 point price range and may fluctuate in the range of 1,800 - 1,900 points. Investors need to be more cautious with positions increasing investment proportion, should only consider when there is adjustment.
Also according to SHS Research, currently the margin lending ratio on market capitalization is still high. The market is strongly differentiated. Good investment opportunities are concentrated in leading enterprises with good quality and outstanding business growth results.
