After a series of increasing points from the end of August to now, the market mainly relies on a few large-cap stocks, the stock market shows that the upward momentum is not really sustainable. Some forecasts also show that VN-Index is likely to continue to fluctuate, adjustment pressure is around 1,800 points.
And in fact, after many recent struggling sessions, the diễn biến of the last session of the week today (September 11) witnessed overwhelming selling pressure, the indices had a fairly strong decline and broke the psychological milestone of 1,800 points at the end of the day when many bluechips broadened their downward momentum.
At the end of today's session, VN-Index decreased by 34.02 points (-1.86%), to 1,795.21 points. On the HOSE exchange, there were 51 gainers and 284 losers. Notably, although the index decreased deeply, liquidity still could not exceed the 20,000 billion VND mark. The entire HOSE exchange had 678.9 million shares matched orders, equivalent to a trading value of about 16,445 billion VND.
After the previous net buying session, foreign investors turned to net selling strongly, along with domestic investors increasing selling pressure. According to statistics, foreign investors net sold 810 billion VND on the HOSE exchange.
The banking group is under the strongest selling pressure, in which STB was net sold VND 229 billion, MBB VND 140 billion and VPB VND 134 billion.In the opposite direction, BSR continued to be net bought by foreign investors with a value of VND 109 billion.
In the large-cap stock group, a series of pillar codes such as VIC, VHM, VCB, GVR, TCB, BID, CTG, HPG, VPB, LPB...simultaneously decreased in price.These 10 stocks alone caused VN-Index to lose nearly 18 points.
Securities and real estate companies are among the stocks that decreased the most, with VCI -5.9% down to 20,050 VND, CII -5.7% down to 13,250 VND.
In the opposite direction, BSR is one of the rare stocks that contributed positively to the index, but the contribution level is also less than 0.5 points, not enough to create support for the market.
Thus, at the end of the past trading week, VN-Index decreased by 57.87 points, equivalent to -3.12%. Liquidity still only maintained at a moderate level, with an average trading value of 18.7 trillion VND per session, significantly lower than the average of 26.9 trillion VND for the first 8 months of 2026 and 28.9 trillion VND for 2025.
This shows that the recovery is mainly driven by cooling selling pressure, not by strong enough buying demand to overwhelm selling momentum. This is the key point to note for September.
The research department of SSI Securities Company (SSI Research) sees September as a period of accumulation, not yet the beginning of a new upward cycle. Therefore, the market's upward momentum around the FTSE upgrade event is an opportunity to realize profits and reduce the proportion of stocks with high beta coefficients, but still maintain a positive outlook for the medium term.
In the early months of September, the first passive capital disbursement of the upgrade process may support component stocks in the FTSE basket. As this support gradually declines, priority is given to the group of stocks with solid profit growth, along with stocks with high net cash flow, attractive dividend yields and defensive stocks such as utilities and electricity.
Therefore, SSI Research maintains a cautious position in September, but still maintains a positive view on medium and long-term strategy when entering the end of 2026 - early 2027.The next disbursement phase of the market upgrade process and the profit cycle that is gradually recovering is the reflection of the market on the process of transforming resources into real efficiency: from quantitative growth to qualitative growth.
