The stock market entered the first trading session of the new week with a cautious mentality despite having had quite quick recovery sessions after the "shock" of sharp declines on October 20. The VN-Index quickly recovered thanks to the active support of some major currencies, especially VIC.
However, the lack of consensus among major stocks and pillar stocks has caused the general index to gradually weaken and have turned to adjust after more than 1 trading hour when selling pressure increased in the VN30 basket.
Red is spreading rapidly on the scoreboard. The closer it got to the end of the session, the stronger the selling pressure became. At the end of the trading session on October 27, the VN-Index closed at 1,652 points, losing nearly 31 points compared to the reference and extending the downward trend to the second session.
The total trading value on the HOSE floor today reached more than VND 30,700 billion, of which the VN30 capital contribution is more than VND 16,000 billion. SSI leads in matched value with over VND2,500 billion. Following are 5 other stocks that have all reached liquidity of over VND 1,000 billion, including VIX, SHB, GEX, FPT and MBB.
Foreign investors continue the net selling trend. This group sold more than 4,300 billion VND, while buying at about 3,200 billion VND.
In the banking group, many large-cap stocks such as HDB, VPB, TCB, MBB simultaneously reversed from increasing to decreasing by 3-5%.
In the context of the market trend returning to an adjustment state, the story of margin is the focus. Statistics show that, as of the end of the third quarter of 2025, the total margin outstanding debt in the whole market is estimated at about 370,000 billion VND, an increase of about 78,000 billion VND compared to the end of the second quarter.
If we look at the margin on equity ratio of the entire group of securities companies reaching 120%, it will not be deterring as the highest allowable ratio is up to 2 times. But this is the highest rate in the last 14 quarters, only behind the peak market boom period at the end of 2021 and the beginning of 2022, and in terms of absolute value, the total outstanding margin loans are currently much higher.
In the current period, margin in securities companies does not only come from the needs of individual investors but also from the "shadow banking" activities between securities companies and business owners. Therefore, many experts believe that the current situation of margin "deposit" may still have a negative impact on market developments, but the expected level will not be too large.
With market adjustments in recent sessions, the decline in many stocks, although significant, is still not large enough to trigger large-scale margin calls or clearing. This reflects the relatively stability of the market and the fact that securities companies are controlling their deposit lending activities quite tightly. However, one factor that needs special attention is that liquidity is showing signs of decline compared to a few weeks ago, showing that short-term cash flow is somewhat more cautious.
In this context, if some large-cap stocks suddenly fall sharply, local disbursement pressure may spread and lead to negative fluctuations in the general index. Therefore, investors should prioritize portfolio risk management, avoid using margin at a high level and maintain a reasonable leverage ratio. Maintaining reserve purchasing power will help reduce risks in case the market appears strongly fluctuating and ensure flexible response to new opportunities.
