Entering this morning's trading session (May 4), the stock market quickly recovered with green color filled thanks to positive financial flows.Among them, bank stocks with state-owned capital dominating are still the main driver supporting the upward momentum of VN-Index.
Closing the morning session of May 4, HOSE had 179 gainers and 119 losers, VN-Index increased by 1.56 points (+0.08%) to 1,855.66 points.Total trading volume reached 366.3 million units, value of 9,713 billion VND, slightly increasing by 6.6% in volume and slightly increasing in value compared to the morning session of May 29.
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The energy stock group still maintained its heat with BSR increasing to the ceiling and matching orders for nearly 7 million units with a ceiling buy order volume of more than 5 million units, PLX increasing by 5.8%, GAS increasing by 3.7%, PVD increasing by 2.9%...The bank stock group increased slightly mainly thanks to large codes VCB, BID and CTG all increasing by more than 1%.The securities stock group traded differentiatedly, in which VIX was the stock with the The biggest drag on the market is the Vingroup stock group, in which VIC closed the session down 1.8%, taking away nearly 6.5 points of the general index.
Many analysts believe that the stock market will enter a more distinct differentiation phase in May, with pillar stocks still playing a role in supporting the index or VN-Index will enter a sideways phase to absorb profit-taking pressure at the peak.
Mr. Nguyen Anh Khoa, Director of Securities Analysis of Agriseco, said that there is reason to worry about the risk of VN-Index fluctuations and corrections in the coming time, especially when stocks belonging to the Vingroup group, which are deciding most of the index developments in the past month, have increased relatively sharply.Furthermore, widespread decline is a scenario to consider when leading bluechip stocks may be under selling pressure.
However, this expert believes that there will still be about 10-20% of stocks increasing in price in all scenarios thanks to private expectations about the story of capital increase, capacity increase, M&A, divestment or successful restructuring that the market is not too concerned about.
Forecasting the movement of VN-Index in May 2026, Mr. Khoa said that this is the period when the domestic market enters the "information vacuum", the international geopolitical context still has many unpredictable factors, so the potential risk affecting investor sentiment is quite large.Accordingly, the short-term support zone can be placed around 1,800 - 1,830 points.
Mr. Luong Duy Phuoc - Kafi Securities Market Research Director said that the current risk of deep correction is not too high, but the short-term fluctuation pressure is unavoidable.Currently, the market is in the process of absorbing information from Q1 business results and the General Meeting of Shareholders season.This creates a paradox: the index may perform positively, but the actual portfolios of many investors may not record corresponding profits.
Regarding the "Sell in May" viewpoint, the expert believes that this should not be considered a rigid rule.The context of May is usually the period when the market passes through the "information trough" after the financial reporting season, causing supporting factors (catalysts) to gradually thin out.When there is a lack of new momentum and the index has increased thanks to pillar stocks, short-term profit-taking pressure is normal.
May will be the period to test the durability of cash flow.If liquidity is maintained well and cash flow spreads to other industry groups, the "Sell in May" risk will not be serious.Because the general level of the current market is not too high (except for some pillar stocks), this effect may hardly cause the market to fall too deeply.
