The VN-Index's score last week was almost flat, even if it were not supported by the "one" Vin and VCB stocks, the general index would have witnessed a strong week of decline.
The two groups of banking and securities stocks continue to play a leading role in investor sentiment, although they do not increase prices as much as in previous weeks.
The most obvious negative point in the market is the technology group, with the decline in FPT codes when decreasing by up to 7%, causing a series of other technology stocks to adjust such as ELC, TTN, CTR, VGI, CMG...
However, in general, the market is still maintaining a fairly stable sentiment. The VN-Index is separate from the general trend of the international market, recording an increase of nearly 5% from the beginning of 2025 to present, while many regional markets are under selling pressure and declining along with the adjustment of US stocks (Dow Jones decreased by 4%, S&P 500 decreased by 6%) such as the Thai market decreased by 17%, Malaysia decreased by 8%, the Philippines decreased by 4%, India decreased by 9%.
Liquidity continues to improve significantly, with the average daily trading value exceeding VND20,000 billion/session, up 20 - 30% compared to the average of the same period last year.
This shows that cash flow is generally remaining strong, despite concerns about the possibility of a short-term adjustment shown in technical analysis.
Regarding the market situation and cash flow in the short term, according to the assessment of strategic analyst HSC Securities Company, investor sentiment remains stable, despite global fluctuations, reflecting the positive improvements in the economic foundation that is gradually penetrating the capital market, especially securities.
Foreign investors continued to net sell, with a total value of VND1,700 billion last week. Although the trading trend is not really clear, a survey by HSC Securities Company shows that the sentiment of foreign investors towards the Vietnamese market is improving significantly.
Net selling volume is gradually narrowing, some foreign funds are starting to hunt for buying opportunities at low prices, although the scale is not large.
According to experts from HSC Securities Company, these are mainly investment funds in the region, knowledgeable about the Vietnamese market, owning a specialized portfolio for Vietnam and not subject to pressure to withdraw capital to move assets to other markets.
Meanwhile, in terms of domestic cash flow, domestic individual investors currently account for more than 90% of daily transaction liquidity, reflecting the overwhelming role of domestic cash flow in the market.
In the context of foreign investors narrowing their net selling momentum, but not returning to net buying significantly, the short-term trend of the market will depend mainly on domestic cash flow.
Strategy analysts at HSC Securities Company believe that the VN-Index has maintained a "overbuy" state for more than a week, with many industry groups recording a strong increase compared to the beginning of 2025.
Notably, sectors such as securities, public investment, civil real estate, industrial park real estate are also the groups that are of interest to domestic cash flow and have had good growth in terms of market prices. Therefore, a technical adjustment to " cool down" is necessary to create a foundation to attract new cash flow.
DSC Securities Company also made a similar assessment when it said that this week the market will start to fluctuate.
After 8 consecutive weeks of increasing points, this is the time for a correction to "soften" the "overbuy" indicators that have appeared in the past 2 weeks.
It is likely that the market will retreat to the 1,300 - 1,308 point area, attracting more demand and then continue to conquer higher levels.
Accordingly, investors can be wary of buying strong stocks in the securities, banking, and real estate industries when fluctuations occur.
