The Vietnamese stock market last week recorded a fluctuating trend in the context of trading time being shortened to only two sessions due to the holidays.
VN-Index ended the trading week from April 28-29 at 1,854.1 points, increasing by less than 1 point compared to the end of last week, market liquidity is still low.
VN-Index increased quite positively in the first session of the week thanks to the pulling force from large-cap stocks, but also quickly reversed direction in the session on April 29 when profit-taking pressure appeared in these codes.This development shows that the dominant role of the pillar group continues to overwhelm, while the market breadth still leans towards decrease and cash flow maintains a cautious state.
Regarding the level of impact, the 10 most negatively impacting stocks took away a total of more than 26.58 points of VN-Index, especially VIC and VHM caused the index to lose more than 22 points.In the opposite direction, LPB and GAS are the two most positive contributing codes, but also only brought in a total of about 2 points for the general index.
Differentiation continues to dominate when most industry groups only fluctuate in a narrow range.Real estate "lasts" with a decrease of 3.41%, mainly affected by leading stocks such as VIC (-5.1%), VHM (-3.31%) and BCM (-0.75%).In the opposite direction, information technology and energy became the two leading groups in the market with increases of 1.32% and 1.08% respectively.
Foreign investors net sold with a value of VND 1,800 billion on both exchanges last week.Specifically, foreign investors net sold nearly VND 1,900 billion on HOSE and net bought more than VND 57 billion on HNX.
Mr. Huynh Anh Huy, Director of Industry Analysis - Kafi Securities, analyzed that regarding the cash flow status, the market is witnessing a trend of narrowing liquidity accompanied by high differentiation.Instead of spreading widespread consensus, current cash flow is tending to gradually withdraw from speculative segments to focus on pillar stocks.
It is the support from this large-cap group that is playing the role of "anchor" to keep the general index in pace, while small and medium-cap groups (Midcap and Smallcap) are facing significant adjustment pressure after a period of recovery.
Meanwhile, in terms of information, the market seems to have entered a "low zone" stage after the financial reporting season.Positive data from Q1/2026 business results has largely been absorbed by the market and reflected in the current price level.Due to the lack of new growth stories that are strong enough to trigger expectations, the motivation for strong cash flow to circulate between industry groups is no longer much.
"Summarying the above factors, I believe that the market in May will maintain a sideways accumulation state with a narrow amplitude in the high price range.The most likely scenario is that the VN-Index will still maintain stability thanks to the Blue-chips group, but the "health" of the personal portfolio may be affected if investors still focus too much on the mid- and small capitalization group - where profit-taking pressure and cash flow withdrawal are still clearly present," Mr. Huynh Anh Huy gave his opinion.
Mr. Nguyen Tien Dung, Head of Industry & Stock Research Department of MB Securities Joint Stock Company (MBS) gave his opinion that in May, the scenario to be prioritized is that the market enters a period of fluctuation or short-term correction after VN-Index approaches the old peak.
The fact that the index increased to a high level but liquidity decreased shows that demand is no longer really decisive, while the market breadth is narrowing, reflecting that cash flow does not spread but only focuses on some large-cap stocks.This is a signal to be cautious, because when the index is supported by the pillar group but most stocks do not agree, the risk of reversal often increases.
Investors can see that VN-Index still maintains the score, but the actual portfolio gradually weakens.This shows that the internal health of the market is no longer as strong as in the previous period.
