After a bright start in the morning trading session, the VN-Index only fluctuated around the reference level in the afternoon session with increasing selling pressure from large-cap stock groups.
At the end of the trading session on May 4, VN-Index decreased by 0.04 points, to 1,854.06 points; HNX-Index decreased by 0.62 points (-0.25%), to 250.04 points. The breadth of the whole market with green color is somewhat overwhelming when buyers have 399 gainers and sellers have 315 losers. Similarly, green and red colors are intertwined in the VN30 basket with 13 gainers, 15 losers and 2 reference codes.
Market liquidity increased compared to the previous trading session, with the matched order trading volume of VN-Index reaching more than 614 million shares, equivalent to a value of more than 21,186 billion VND; HNX-Index reached more than 51 million shares, equivalent to a value of more than 1,500 billion VND. Foreign investors' transactions are a minus point when net selling is about 1,247 billion VND.
Regarding the level of impact, GVR, BSR, VCB and BID are the codes that maintained green color and helped the index increase by 6.83 points. In the opposite direction, VHM, VIC, FPT and NVL are the codes that have the most negative impact on VN-Index and took away more than 7.91 points.
In which, it is noteworthy that BSR shares of Binh Son Refining and Petrochemical Joint Stock Company received a surge in demand right from the beginning of the session, pushing the market price to increase to the full range of 7% to 25,250 VND/share. High prices do not reduce buying power, the volume of surplus purchases at the ceiling price exceeds nearly 5 million units. Compared to the beginning of 2026, BSR's market price has increased by nearly 57%. At the current price, BSR's market capitalization reached 126.400 billion VND, an increase of 45.800 billion VND in just the first 4 months of the year.
The energy industry is also the industry with the strongest increase in the market today with 4.91% mainly coming from stocks such as BSR (+6.99%), PVS (+3.42%), PVD (+2.42%), OIL (+4.32%), PLX (+4.17%).
The focus of attention of the real estate group is NVL stock when it suddenly fell to the floor price of 19,100 VND/share, with the number of stocks waiting for sale reaching more than 22 million units and no buyers. Liquidity also surged to more than 35 million shares, an increase of 34% compared to the total trading volume of the previous session.
The diễn biến of the stock market in the first trading session of May shows the cautious psychology of investors with the story "Sell in May, go away". In fact, May is a period when Vietnamese stocks often fall into a trough of information when the Q1 financial reporting season and the Annual General Meeting of Shareholders pass.
Mr. Nguyen Duc Khang, Head of Pinetree Securities Analysis Department, said that investors need to be cautious with the risk of correction, especially when the previous upward momentum of VN-Index depends quite heavily on a group of leading stocks.
The fact that the index increased sharply but lacked the consensus of large-scale cash flow makes the market more sensitive to profit-taking pressure. When a large-cap stock group increases sharply in a short time, while most of the remaining stocks do not increase correspondingly, the risk of technical correction is something that needs to be considered.
A noteworthy point is that the impact of the leading stock group is not only in points. During the period when this group increased, many other stocks did not benefit significantly. However, if the leading group reversed to adjust, psychological pressure may spread throughout the market. Investors often tend to sell other stocks to protect achievements or manage risks when they see the general index fall sharply, thereby increasing the risk of a "synchronous phase decline" occurring.
The important thing is the reaction of the remaining stock groups during the index adjustment process.If many industry groups still maintain their accumulated price base, the market may only enter a technical correction phase.Conversely, if selling pressure spreads and stocks are swept away by the decline of the pillar group, this will be a real test for the resilience of cash flow as well as investor portfolios," this expert stated his opinion.
