The stock market has just experienced 2 consecutive recovery sessions and VN-Index has regained the 1,800 point mark. However, the general diễn biến is still not very positive as cautious investor sentiment has made market liquidity not improved and these trading sessions are still only technical recovery.
However, the cautious sentiment of investors has caused the stock market to enter today's trading session (June 11) with a state of quite small demand participation. Meanwhile, selling pressure appeared widely as soon as the market opened, causing VN-Index to easily "lose" the 1,800 point mark.
At the close of the trading session, VN-Index decreased by 5.1 points (-0.28%) to 1,798.61 points. Total trading volume reached more than 410.7 million units, worth 10,132 billion VND, down 34.3% in volume and 48.8% in value compared to yesterday's session. Block transactions contributed more than 33.9 million units, worth 827.8 billion VND.
On HoSE, foreign investors net sold 505 billion VND. On the buying side, VNM shares were net bought the strongest by foreign investors with a value of 30 billion VND. Ranked after are KBC and GVR, both net bought 13 billion VND. In addition, foreign investors also net bought SAB 10 billion VND, VCK 9 billion VND.
In the opposite direction, NVL suffered the strongest net selling pressure on HoSE with a value of 53 billion VND. VHM and VIC were also net sold by 48 billion VND and 41 billion VND respectively.
The VN30 group increased pressure on the market when closing the session down more than 13 points, with 19 codes decreasing and only 8 codes increasing. In which, GVR industrial park real estate stock "turned around" and recovered strongly, closing the session up 4.3% to 35,400 VND/share; followed by SAB up 2.2%, STB up 1%... Conversely, VJC decreased the most by 2.5%, MWG and VRE both decreased by 1.7%, VHM decreased by 1.6%, FPT decreased by 1.5%, HPG and MSN both decreased by 1.3%...
Signs of a decrease in cash flow are not unexpected developments, but this trend has occurred in the past few months. The average trading value in the past June sessions was only approximately 18,000 billion VND, significantly lower than the level of 24,000 billion VND maintained in May and April.
Explaining the decrease in liquidity in large asset markets such as stocks and real estate, SGI Capital analysts believe that it is necessary to look back at 2020-2025 with two periods of monetary easing and very low interest rates. Cheap money is supplied in surplus to stimulate growth in difficult economic conditions.
The balance of money and goods has caused the prices of assets such as real estate and securities to skyrocket to high and expensive levels.Currently, the supply-demand balance is changing as the supply of assets increases faster than the absorption capacity of cash flow and credit.
With the amount of outstanding credit, bonds and margin loans to invest in assets has increased sharply to a high level, liquidity decreased, interest rate increases are inevitable consequences and will also be the cause of reversing the supply and demand balance, activating the asset price reduction cycle.
Since the beginning of the year, major asset channels from stocks, real estate, gold to digital currency have faced difficulties as prices and liquidity both declined. We continue to maintain a cautious view that the cheap money cycle has ended and cash will become scarce and gradually rise to power and reverse the fear of holding cash that was pushed to a peak last year," SGI Capital's report emphasized.
Experts also assess that the current adjustment is not highly risky. The market has decreased but no sell-offs have appeared, showing that investor sentiment is generally still stable. Although liquidity is maintained at a low level, reflecting that demand has not been really activated, the analysis group assesses that this may be an opportunity to prepare for the second half of 2026.
This correction is not at all too risky but can be considered to bring opportunities for the second half of 2026 and the 1,750 - 1,800 point threshold is identified as a fairly important support that needs to be maintained for market momentum for the scenario that VN-Index will continue to go up after the correction ends. The signal of withdrawal at this support zone will be an important factor for the correction end.
