The stock market is under pressure when testing the strong resistance level of 1,900 points and VN-Index has gone through 4 consecutive adjustment sessions in the past trading week. At the same time, liquidity decreased compared to the 20-session average, showing that selling pressure is not too strong but also shows investors' cautious psychology.
Entering the first trading session of the new week today (January 26), the recovery of bluechip stocks helped VN-Index open slightly higher. However, only after a short period of recovery, the market quickly switched to a state of fluctuation and correction due to increased selling pressure in large-cap stocks as well as in industry groups with good upward momentum in the past.
This development is contrary to expectations about the "wave" of Q4/2025 business results, when the market has not been able to maintain its breakthrough momentum even though many businesses have begun to announce positive profits. Instead, cash flow shows signs of being more cautious, rotating slowly and lacking momentum to pull the index up.
At the end of the trading session on January 26, VN-Index decreased by 27.07 points to 1,843.72 points. The whole market was overwhelmingly red when the selling side had 548 decreasing codes and the buying side had 188 increasing codes. Market liquidity increased compared to the previous trading session, with the matched order trading volume of VN-Index reaching more than 998 million shares, equivalent to a value of more than 29,300 billion VND.
Regarding the level of impact, VIC, VHM, MBB and VJC are the stocks that have had the most negative impact on VN-Index with a decrease of 14.9 points. In the opposite direction, GAS, BID, VCB and GVR are stocks that still maintained green and helped the index hold on for more than 10 points.
Dang chu y trong phien giao dich hom nay, co phieu Tong CTCP Xuat nhap khau va Xay dung Viet Nam (Vinaconex, ma: VCG) bat ngo giam het bien do ve moc 21.250 dong/co phieu voi luong du ban gia san gan 17 trieu don vi. Ben ban to ra kha quyet liet, thanh khoan gia tang dot bien len toi gan 25 trieu co phieu duoc “sang tay”, cao nhat tu giua thang 9 nam ngoai. Dien bien kem tich cuc nay day thi gia co phieu VCG "lui" ve vung thap nhat trong vong 7 thang qua, ke tu giua thang 6.2025, von hoa con lai 13.700 ti dong.
Experts believe that VN-Index has increased by about 200 points since the end of 2025, in the context of many stock groups such as oil and gas, state-owned stock groups, industrial parks, retail... increasing sharply thanks to cash flow. After the index surpassed the 1,800-point mark, liquidity has improved significantly and maintained around 20,000 - 35,000 billion VND/session, showing that cash flow into the market is quite good. However, this also means that the potential supply is increasing.
The market's adjustment in the current period is reasonable as it is simultaneously affected by many factors such as the expiration date of derivatives, the quarterly financial statements release season, and the Tet holiday is approaching, while supply and margin have accumulated at a high level. Therefore, VN-Index fluctuations and abandonment are necessary if we want to continue to rise sustainably.
However, this is also a more sensitive phase of the market, requiring investors to carefully observe the index's reaction at important support zones in the coming sessions to accurately assess the trend status.
The scenario with high probability is that VN-Index will continue to move in an accumulation direction, fluctuating within the range, instead of immediately forming a new breakthrough increase. After failing to maintain the 1,900 point mark, the market needs more time to absorb profit-taking supply and re-test the durability of cash flow in the high price zone.
From a medium-term perspective, messages about macroeconomic stability, institutional reform and long-term development orientation are expected to support market trends, although it takes time to penetrate profit and cash flow expectations. Therefore, in the coming time, the impact of political information is likely to be moderate to slightly positive, contributing to helping the market become more stable and partly relieving investors' cautious psychology.
