In today's trading session (May 26), the stock market continued to record fluctuations and volatility of VN-Index right from the opening, but the amplitude was almost only at a low level, due to the fact that Vingroup's large stocks did not maintain a good upward momentum. Cash flow is still a factor causing instability when it only maintains a very low level.
VN-Index recorded recovery efforts in the afternoon session and at one point surpassed the reference level right before the ATC session. At the end of the trading day on May 26, VN-Index closed in red at the threshold of 1,884.18 points, equivalent to a decrease of 1.85 points, but the pressure mainly came from a few large-cap stock groups, while green color covered many industry groups.
Regarding liquidity, the trading value on HOSE is nearly 19,800 billion VND, not large compared to the recent period. In that context, foreign investors narrowed their net selling momentum compared to the past 3 "peak" sessions, although the scale also approached 900 billion VND.
Four stocks were recorded as being net sold hundreds of billions of VND, including VHM nearly 121 billion VND, VIC nearly 130 billion VND, HPG more than 150 billion VND and especially MSB more than 488 billion VND. This development is completely opposite to the group that was net bought, when PDR led in the ceiling increase session but also only reached 64 billion VND.
Market developments show that investor sentiment is very cautious, making general cash flow quite cautious. In fact, the differentiation factor in the market causes liquidity to decline. When cash flow only focuses on some pillar stocks or a few individual industry groups, short-term profit opportunities become more difficult for the majority of investors.
This makes a part of investors worried about the risk of disbursement at the wrong time, especially in the context that the index is still anchored at a high level but many stocks have adjusted before.
The net selling pressure of foreign investors in recent times has also somewhat affected trading sentiment. When foreign investors continuously withdraw capital from some large stocks, domestic demand needs to be strong enough to absorb this supply. However, reduced liquidity shows that domestic cash flow is still not really ready to enter strongly in the current price range.
In addition, the market is also entering a period of lack of strong enough supporting information. The Q1/2026 business results announcement season and the annual general meeting of shareholders season have largely passed, while new stories are not really clear to activate strong cash flow returns. In that context, investors tend to observe more than to disburse decisively.
According to the assessment of analysts from MBS Securities Company, if excluding the impact from the Vingroup stock group, the index is currently only equivalent to the region of about 1,776 points. This shows that just referring to the diễn biến of VN-Index to make portfolio decisions is no longer very meaningful for investors in recent weeks.
When the index is supported by some individual pillar stocks, while most stocks are under selling pressure, the risk of another technical correction is inevitable.
The correction phase may help bring the valuation level back to a more balanced state. In that scenario, liquidity is likely to decrease and VN-Index may retest the psychological support zone around 1,800 points," MBS's report stated.
