After two consecutive gaining sessions, the stock market suffered great pressure in today's trading session (July 9) due to lack of momentum. Widespread selling pressure and pressure from the bluechip stock group right from the beginning of the trading session, caused VN-Index to fluctuate quite strongly.
Closing the trading session on July 9, VN-Index closed at nearly 1,841 points, down 13 points compared to yesterday. On the scoreboard, there were 398 declining stocks, including 13 floor-price declining stocks, while only 237 gaining stocks were recorded, including 13 ceiling-price increasing stocks.
Market liquidity continued to decline when the trading value on VN-Index was only over 14,600 billion VND. This is the lowest level in more than half a month. Low liquidity shows that selling pressure is still not too large.
Regarding trading, foreign investors continued to net sell nearly 480 billion VND. Among them, TCB, VPB, GEX led in terms of net selling scale. In the opposite direction, the oil and gas group attracted foreign money, led by BSR being net bought more than 74 billion VND and GAS being more than 42 billion VND.
Amidst the red color spreading, stock groups contributing many points in the past time, typically Vingroup, also could not support the market. The red color spread in a series of stock groups of banking, securities, real estate, electrical equipment, infrastructure, construction... An stock attracting attention in recent days, PNJ, also decreased by 3.85% after being rescued from the floor price yesterday.
While the electronic board is submerged in red, the oil and gas stock group has replaced the fertilizer group to become a bright spot of the market. Two stocks BSR and GAS contributed a total of more than 2.4 points to VN-Index, helping the general index not to fall too deeply.
According to the assessment of securities companies, information supporting the market in the coming time will be the story of the Q2/2026 business results of listed companies, which are likely to continue to improve.
SSI Research believes that, according to seasonal factors, historical statistics show that VN-Index recorded an increase in July of nearly 70% of the years since 2011. However, profit-taking pressure after the business results announcement season may still cause short-term fluctuations to increase.
July 2026 is also expected to maintain a positive trend thanks to the resonance of many supporting factors, although the room for increase may no longer be too strong after the recent recovery.
The first driving force comes from the GDP growth target in the second half of the year at nearly 12%, along with the expectation that public investment disbursement will be accelerated after the slow period in the first six months of the year. The 8% increase in the base salary from July is also expected to contribute to improving purchasing power and promoting domestic consumption.
Valuation factors are also continuously assessed as attractive when the projected P/E of VN-Index in 2026 is only around 10 times (except for the Vingroup group), significantly lower than many markets in the region. This shows that the opportunity to choose stocks is still present, especially in businesses with a solid profit growth foundation.
Q2 business results are also expected to be an important support for the market. Profits are likely to grow widely in the banking, retail, construction materials, rubber and food - beverage groups. Meanwhile, some enterprises in the fertilizer and oil and gas group may be under pressure when having to make provisions for inventory after the sharp drop in oil prices.
