The stock market has just experienced 2 consecutive positive sessions, but the fact that VN-Index has not been able to surpass the price range of 1,860 points and liquidity is quite weak shows that investors are still very cautious with their disbursement decisions.
Along with that, the impact from information surrounding US-Iran tensions quickly affected investor sentiment in this morning's trading session (July 9). Widespread selling pressure and pressure from the bluechip stock group caused VN-Index to turn down.
At the end of the morning session, VN-Index decreased by 8.95 points (-0.48%) to 1,844.75 points with 202 declining stocks, more than double the number of increasing stocks (97 stocks). Total trading volume reached 280.6 million units, value 6,818 billion VND, down 23.65% in volume and 27.5% in value compared to the morning session yesterday. Block transactions had an additional 57.4 million units, value 999.6 billion VND.
Unlike the recent period, the market this morning was not significantly dominated by a certain group of stocks, instead the level of impact was spread across many stocks. Looking at the stocks that are most influential on the index at this time, MCH took away the most points but only 1.02 points, conversely GAS brought in the most points and also only at 1.6 points.
While red color covered the market widely due to increased selling pressure, the energy stock group reversed the trend and shone when all codes in the industry flourished due to benefiting from oil price movements with BSR increasing by 4.4%, GAS increasing by 4% and PLX increasing by 3.7%; the rest only fluctuated up and down by just over 1%.
The most concerning issue of the market today is that cash flow has clearly weakened since the liquidity problem of the banking system pushed the interest rate level up. Average trading liquidity on the HOSE exchange in June 2026 decreased to 18,400 billion VND/session, the lowest in 16 months. Stock price level, if excluding the impact of a few large-cap codes dominating, in fact has also been widely adjusted.
At the same time, despite efforts to upgrade the market, foreign capital not only has not returned as expected, but on the contrary, continues to net withdraw at a record speed - nearly VND 79,000 billion on the HOSE exchange in just the first half of the year.
In that context, most securities companies expressed agreement that the market has a high risk of volatility. According to the assessment of Asean Securities Company, the market still needs to verify the reaction at the resistance zone of 1,870-1,880 points before confirming the possibility of breakthrough, so the main scenario in the next session is likely to be a narrow range of struggling before shaping a clearer trend in the next session.
With this context, short-term investors should maintain an average proportion, avoid chasing purchases in recovery phases and focus on trading in the range of 1,850-1,880 points, while prioritizing stock groups with their own stories such as state divestment, economic development resolutions, market upgrade roadmap...
Beta Securities Company expressed its view that cash flow is likely to continue to be highly differentiated and prioritizes stocks of businesses expected to have positive Q2/2026 business results in the near future. Geopolitical fluctuations in the Middle East region, besides market liquidity and trading trends of foreign investors, are important factors to monitor.
With high risk of volatility and differentiation, for short-term transactions, caution should still be maintained, limiting chasing purchases of stocks showing signs of hot increase in the short term. For medium and long-term positions, investors should consider prioritizing accumulating stocks of businesses with solid foundations, expected positive business results in the coming time and benefiting from the macroeconomic policy context.
