The stock market in the past week has shown clearer signs of weakening. After forming the hesitant Doji candlestick last week, VN-Index continued to confirm that it is in a correction phase when many leading stock groups simultaneously weakened.
The index closed the past trading week with a decrease of 0.4%, equivalent to a loss of 8.34 points, in the context of a clear increase in profit-taking pressure in large-cap stocks. Cash flow on the stock market showed signs of being more cautious, slow rotation and lack of momentum to pull the index up.
Experts believe that the current fluctuations should be considered a process of rebalancing supply and demand around the historical peak. However, this is also a more sensitive stage for the market. After failing to maintain the 1,900 point mark, the market needs more time to absorb profit-taking supply and re-test the durability of cash flow in the high price zone.
Agribank Securities Company (Agriseco) gave an assessment that, from a technical perspective, the correction in the past week has not changed the short-term upward trend of the market. The current fluctuation is considered necessary after a period of strong increase, helping the market consolidate the price level and absorb short-term profit-taking supply.
In that context, it is expected that VN-Index will continue to move in a horizontal accumulation state in the first sessions, with a narrow fluctuation range around the support level of 1,860 points. If demand actively improves more clearly and cash flow spreads back to the leading stock group such as banks and large-cap stocks, VN-Index may return to testing the psychological resistance level of 1,900 points in the last sessions of next week.
Dr. Nguyen Duy Phuong, Investment Director of DG Capital, said that technically, the 1,840–1,850 point zone plays a role as an important support zone in the short term. If this zone is maintained by stable closing sessions, the accumulation scenario will continue to be maintained. In the opposite direction, the 1,900–1,920 point zone is still a strong resistance zone, which can only be conquered sustainably when cash flow returns with a better spread, instead of just relying on pulling a few pillar stocks.
If from the beginning of next week, the expected stock groups do not have a clear breakthrough soon, it is likely that the market will continue to need more accumulation time. In the upcoming trading week, VN-Index will hardly avoid a technical correction," Dr. Phuong assessed.
From a medium-term perspective, experts believe that messages about macroeconomic stability, institutional reform and long-term development orientation are expected to support market trends, although it takes time to penetrate profit and cash flow expectations. In the coming time, the impact of political information is likely to be moderate to slightly positive, contributing to helping the market become more stable and partly relieving investors' cautious psychology.
In the context of clear credit growth in 2026 and the valuation level of many stock groups still being at a suitable level, the main driving force determining the market trend in the coming period will be newly issued policies and the actual profits of listed companies.
For newly announced Resolutions, policies or laws, benefiting industry groups and businesses will attract cash flow. This is clearly reflected in the market in the recent period when the group of state-owned enterprises became the focus of the market thanks to Resolution 79-NQ/TW being promulgated.
Regarding profits of listed companies, it is currently the stage of announcing the Q4/2025 Financial Statements. Industry groups and businesses with positive profits and still expecting continued growth in the following quarters will be noticed by investors. Typical industry groups with positive profit prospects can be mentioned such as Banking, Retail, Construction & Materials with accompanying investment stories.
