At the end of the trading week, the VN-Index increased by 50.33 points (+2.98%), to 1,741.32 points. Liquidity is equivalent to three weeks ago and nearly 41% lower than the 20-week average. The matched volume on HOSE reached 741 million shares/session, equivalent to a value of VND23,758 billion/session.
The large-cap group continues to be the highlight to support the index in conquering old resistance zones, especially the " themselves" group of Vingroup stocks. In addition, liquidity in sessions during the week gradually improved compared to the average of 20 sessions.
Regarding the trading value of foreign investors, this group of investors unexpectedly returned to net buying this week after a series of continuous monthly sales. Of which, 3 sessions between strong buying weeks before turning into net selling on the weekend. Accumulated after 5 sessions, foreign investors net bought VND4,490 billion in the whole market.
According to statistics according to each stock code, Vingroup's "hammer" stock Vingroup is VPL leading the group to be net bought with a sudden value of up to VND 3,394 billion. Followed by MBB (VND 1,407 billion), VNM (VND 505 billion), MWG (VND 303 billion) and VPB (VND 299 billion).
On the other hand, VCB was the stock with the strongest net selling of the week, with a value of up to VND 409 billion, far surpassing the remaining stocks. Followed by VHM with a net selling price of VND 363 billion, followed by ACB (VND 268 billion) and GEX (VND 158 billion).
Although VN-Index extended its increase streak to the 8th session, many investors still had a feeling of "index interest, account loss". Cash flow did not spread but instead clung to a few pillar stocks. VN30 decreased by 0.2%, showing that leading stocks were not in fact in agreement. Investors are currently leaning towards taking profits after a rapid increase and are cautious with macro factors such as exchange rates, interest rates and ETF restructuring activities.
According to statistics from VietstockFinance, the trading value on HOSE in November only reached VND 22.7 trillion/session, while the average of the previous 4 months was up to VND 38 trillion/session.
Market liquidity decreased mainly because selling pressure gradually depleted after many stocks fell sharply. Another important reason is the lack of cash flow into the market. Specifically, high credit growth has caused limited lending space. The recent increase in deposit interest rates by many banks also reflects a shortage of liquidity, affecting the cash flow into the stock channel.
The December macro picture continues to be supportive, with the exchange rate receiving positive news from the Fed cutting interest rates. If cash flow returns, the market is completely capable of setting a new peak. Investors still expect the market to maintain in the 1,720 - 1,760 point range.
In 2026, macro forecasts will continue to be a bright spot, with the goal of double-digit GDP growth, public investment disbursement, inflation control, credit growth, and monetary policy continuing to be loose. It is expected that the VN-Index will continue to increase, possibly reaching 1,960 in the first half of 2026.
Experts say that if investors want to "surf" in December, they should choose industry groups that have discounted quite deeply before but cannot recover in November. Stocks with good business results but discounted prices of 20 - 25% are a suitable choice.
In case of long-term investment to seek profits in the first half of 2026, priority should be given to industries with attractive P/E valuations compared to the 5-year average, including steel, oil and gas, chemicals, retail, insurance and industrial park real estate.
