Liquidity of the stock market has begun to show signs of decreasing to an average of VND20,000 billion/session. This reflects the hesitant and waiting mentality after a series of continuous increases since the beginning of 2025.
This adjustment of the stock market is still considered technical after the previous strong increase, while creating a clear differentiation between stock groups.
Although liquidity showed signs of decline, showing a more cautious mentality in the short term, experts still assessed this as a healthy development with the support zone around 1,300-1,310 points.
Although the market is still affected by external factors such as US trade policy or global interest rate trends, domestic cash flow is still an important support.
In this context, the correction can be seen as an opportunity for investors to restructure their portfolios, prioritizing stocks with a solid foundation and good growth potential thanks to support policies.
Mr. Nguyen Viet Duc - Digital Business Director, VPBank Securities Joint Stock Company (VPBankS) - said that the story of the market needing a pillar to overcome the difficult period is always happening at the time of re-checking the peak area and confirming the new resistance zone.
According to VPBankS experts, investors should not expect the market to increase steadily during this period. The important thing is that the VN-Index does not lose its price increase chain. Adjusting down for 1 or 2 weeks is normal, but if the downward trend lasts for 3 weeks, investors will lose patience. Therefore, we should expect the current decline to be only in the short term to keep the market's upward momentum.
The analysis section of Kafi Securities Company expressed the view that, despite the temporary fluctuations, in the positive macro context, this adjustment is expected to not be too strong and short-term. Supporting factors such as reduced interest rates, a return of foreign investment capital and economic stability are creating an optimistic mentality for investors.
The group of banking, securities, construction and real estate stocks is currently having attractive valuations with indicators such as P/B and P/E significantly lower than the historical average.
The current P/B of the banking group fluctuates between 1.2-1.5 times, about 20-30% lower than the historical average of about 1.8-2.0 times, and significantly lower than the peak recorded in the second quarter of 2021 (2.8 times).
Similarly, the real estate and construction stocks are also trading with P/B at nearly once, which is only equal to the book value, these stocks are currently relatively cheap while 2025 is the year when the real estate market gradually removes difficulties and accelerates public investment.
This is an opportunity to attract large cash flows from investors, especially in the context of reduced interest rates and a more positive economic growth prospect.
The information technology group still maintains an impressive growth rate of double digits, showing long-term development potential and strong attraction for investment cash flow.
However, after a period of very strong price increases, the valuation of this group has become expensive, the discount is no longer as attractive as before. In that context, FPT shares stand out with a solid financial foundation and leading advantage in the technology industry.
If there is a price adjustment or discount from the market, it will be a good opportunity to accumulate this stock with the expectation of sustainable growth in the future.
