It was thought that the stock market would continue to be excited in the trading session on November 5, but the investor sentiment quickly returned to a cautious state, causing the VN-Index to shake with sharp liquidity decline.
The VN-Index has been moving quite struggling at times of increase and decrease, even in the afternoon session, there was a time when it lost nearly 20 points before recovering a little. At the end of the year, the VN-Index decreased by more than 12 points to 1,642.64 points. Liquidity on HoSE remained low, with a matched value of VND16,900 billion.
Foreign transactions are still a minus point when this group continues to net sell VND 1,236 billion in the whole market. MWG shares are considered by foreign investors to be the strongest "gom" in the whole market with a value of 177 billion VND. Next, VIC, VNM, VPI stocks are on the list of strong net buyers.
In contrast, foreign investors "disbursed" the strongest in a series of banking stocks such as STB, VPB and TCB with a total value of VND 350 billion. After that, HPG shares were also net sold by foreign investors for VND89 billion, GEX was also net sold by a group of domestic investors for VND71 billion.
After a rapid and strong decline in mid-October from a peak of 1,795 points, the VN-Index is showing a sideways trend and accumulating in the 1,6201,690 point (+/-10 point) range in late October and early November.
In a recent report, Vietcap Securities said that, in November 2025, the stock market is expected to be affected by a mix of supporting factors and short-term risks.
In terms of support, the profits of listed enterprises continued to maintain positive growth compared to the same period. According to data from FiinPro, as of October 31, 968/1,644 enterprises (equivalent to 91.9% of total market capitalization) have announced their business results for the third quarter of 2025, with total after-tax profit increasing by 41.1% over the same period. This development shows that the business's operating foundation is still maintained positively, creating a positive buffer zone for the market.
On the other hand, the third quarter business results announcement season has ended, causing the market to lack new supporting information in November. In that context, psychological factors and international economic developments may have a more obvious impact on stock price fluctuations.
Vietcap offers three scenarios for the Vietnamese market in November. In the base scenario, the VN-Index continues to fluctuate within the range of 1,6201,690 points in November. Liquidity is likely to remain low due to shrinking short-term speculative activities during the accumulation period. The market may see a clear differentiation between stock groups, based on information, psychology and individual cash flow factors.
In the positive scenario, after the accumulation period, the VN-Index may break out of the vicinity of over 1,6901,700 points with a significant improvement in liquidity. If this scenario occurs, cash flow can return to the leading group of stocks, especially banking and oil and gas, helping the index move towards the 1,7901,800 point range.
And with the negative scenario, Vietcap experts believe that strong selling pressure from domestic investors combined with net selling activities of foreign investors and local clearing can cause the VN-Index to violate the support level of 1,6101,620 points. In this case, the index may continue to adjust deeply, with the next strong support zone forecast to be around 1,500 points.
