After a trading session with a positive score with an increase of nearly 20 points yesterday (November 17), along with a slight increase in liquidity, showing that supply may have gradually exhausted, the VN-Index only needs another explosive session to confirm that it can enter a new uptrend.
However, investors' expectations for an explosive trading session could not take place on November 18 due to the cautious sentiment about the correction after a recovery of more than 70 points along with the lack of strong supporting information.
That caused the VN-Index to reverse and fall below the 1,650 point mark at the beginning of the afternoon session. However, thanks to the support of purchasing power, while supply pressure was reduced, the closing index increased to nearly 1,660 points.
At the end of the trading session on November 18, the VN-Index increased by 5.50 points (+0.33%), to 1,659.92 points. The total trading volume reached more than 768.4 million units, worth VND 22,256.7 billion.
In the real estate stocks group, Novaland shares, NVL code, impressed with the fifth consecutive session of increasing points and although not increasing the ceiling like the last two sessions. When closed, NVL increased by +5% to VND15,880, matching orders of nearly 37 million units.
The VN30 group continues to differentiate and fluctuate in price not too much, similar to the morning session. In which, VNM and GVR led the decline, when they lost 2-3% to 60,700 VND and 28,250 VND; followed by GAS, FPT, LPB, BCM, but only decreased by about 1%. On the other hand, TPB shares increased the best when they were +2.6% to VND17,600, VPB increased 2.5% to VND28,800 and VHM +2.1% to VND97,000. CTG, STB, HDB, VIC codes increased by more than 1%.
Regarding foreign transactions, although continuing the net selling momentum, the pressure to " release goods" in today's session has narrowed, to only about 84 billion VND in the whole market. After buying, Hoa Phat (HPG) shares were "gomed" by foreign investors in the whole market with a value of up to 378 billion VND. Next, FPT shares were also net bought by foreign investors for over a hundred billion VND. Bank codes such as TCB, VPB and CTG were also the focus of today's net "gom", with values ranging from 80 billion to 97 billion VND.
On the contrary, the stocks in the top net selling positions today are mostly in the financial group. Of which, foreign investors "disbursed" the most in VIX stocks at about 151 billion VND. Following that, MBB, VCI and STB stocks were also net sold by foreign investors from 110 billion to 137 billion VND, VRE was also net sold by foreign investors for 66 billion VND.
It can be seen that the upgrade ticket has opened, but the stock market has not yet had a clear breakthrough. In fact, the market is in a short-term downtrend and the scenario for the last two months of the year may be flat or continue to adjust.
Liquidity in the whole market decreased significantly, only about 60% compared to the boom period in August, showing that a large part of cash flow was temporarily out of observation. This reflects the cautious psychology of investors in the context of clearly differentiated business results in the third quarter of 2025.
At the same time, foreign investors continue to net sell more than a trillion VND per week, mainly in large-cap stocks, creating more short-term pressure on the market. The banking industry is one of the groups with the strongest decline, with an average decline of 8.52%.
When the VN-Index has adjusted above 10% from the peak, most stocks have a deeper adjustment level. The stock price level has been discounted a lot, some stocks have decreased by 10-30% compared to the previous peak. The market P/E is currently 10-12 times higher than the previous peak of 15-17 times. Compared to the average of the past 3-5 years (about 13-15 times), the current P/E is significantly lower.
The market outlook for 2026 is still maintained and market valuation begins towards the low price zone. Accordingly, November 2025 becomes an opportunity for investors to increase their position, preparing for a more positive growth cycle in late 2025 and early 2026. Investors are recommended to target stocks with good fundamentals, leading in strategic industries and having outstanding growth potential in the economy.
