In yesterday's session, selling pressure appeared early on a large scale, causing VN-Index to fall to near the 1,800 point mark. Stepping into this morning's trading session (September 22), after a slight fluctuation at the opening, the market showed signs of recovery as green color expanded on the electronic board.
However, due to high caution, stock groups only increased slightly when they received buying power mainly from exploration, so VN-Index only recorded a modest increase as well as liquidity.
At the end of the morning session, VN-Index increased by nearly 10 points to the threshold of 1,809 points. Market liquidity reached more than 5,600 billion VND. Foreign cash flow is trading quite slowly. This block net sold more than 245 billion VND in the first half of the morning session.
The main developments of the market are still focused on some stocks. Among them, noteworthy are some individual stocks such as SSB when continuing to bear pressure to sell for profit-taking and falling to the floor price of 20,900 VND/share. Meanwhile, in the opposite direction, MSN increased by around 4%, matched orders ranked second on the exchange and VIC and VHM stocks had an increase of about 2% but mainly contributed points to the VN-Index.
With their positive developments, Vingroup and the widespread increase in many stocks, real estate became the strongest gaining group in today's session. Followed by some industry groups such as healthcare, food or raw materials.
The cautious viewpoint was maintained by Thien Viet Securities Company (TVS) after the VN-Index session retested the 1,800 point zone and then recovered at the end of yesterday. TVS recommends that investors temporarily not buy new stocks, focusing on observing two support areas: 1,800 points and further, 1,770-1,780 points. If VN-Index closes below this point range, investors should reduce the proportion of stocks to bring their portfolios back to a safe state.
Another approach was given by Vikki Digital Bank Securities Company (VikkiBankS) after VN-Index decreased in the first week of upgrades. VikkiBankS recommends investors to remain calm before the correction phase, avoid selling off according to the index's fluctuations. Fluctuations around 1,780-1,790 points can be used to increase the proportion in stock groups that are maintaining good price strength. The important condition is to choose the right stocks instead of buying scattered. Stocks that still attract demand when the market decreases, have good business foundations and have not lost the supporting price range will be more suitable for the buying strategy in the correction phase.
In the context of market liquidity maintained at a low level for a long time recently, VN-Index is unlikely to form a clear trend in the medium term and is likely to continue to move in the range between important support and resistance zones. Cash flow shows signs of returning to caution and becoming more differentiated, as demand is concentrated in some stocks with support stories.
As the story of FTSE's market upgrade has gradually subsided, investors are looking for new drivers to boost the market's next upward momentum. The market's focus will gradually shift to the Q3/2026 business results season.
Investors also need to pay attention to the fact that the market is entering the inter-cycle interest rate adjustment phase of the Fed. The Fed's interest rate increase has been partly reflected in asset prices. Fluctuating factors may occur from the end of this year to the beginning of next year. The reason is that the interest rate environment is showing signs of changing towards higher levels.
When interest rates increase, the discount factor immediately affects stock valuation, not only in Vietnam but also in global markets. Accordingly, markets or businesses with profit growth rates strong enough to compensate for the impact of inflation and high interest rates are still able to maintain the upward momentum. In the opposite direction, industries sensitive to interest rates may be under greater pressure.
