The stock market entered today's afternoon trading session (May 11) with strong profit-taking pressure, red color flooded the electronic board.If in the morning session, VN-Index was supported by Vingroup group, VIC and VHM, then in the afternoon session, these 2 codes suddenly reversed sharply to decrease.With the number of declining codes doubling the number of increasing codes, VN-Index could not hold the 1,900 point mark after today's session.
At the closing time, VN-Index decreased by nearly 19.9 points, equivalent to 1.04%, down to 1,895.5 points.The HOSE electronic board today almost accurately reflected the reality of the index when recording 213 declining codes compared to 104 increasing codes.Meanwhile, the VN30 electronic board leaned completely towards red with 27/30 declining codes.Therefore, the VN30 Index closed the session with an extremely strong decrease of 33.55 points, down to 2,040 points.
The strong decline of large stock groups has partly pulled bottom-fishing cash flow back.Thanks to this, the liquidity of the HOSE floor in Foreign investors continued the series of negative trading days when net selling more than 1,000 billion VND on the HOSE exchange.
This is the 13th consecutive net selling session of this group.VIC and VHM are the 2 codes that have had the most negative impact on the market.
Specifically, these 2 codes caused VN-Index to decrease by 7.4 points.On the contrary, oil and gas code BSR unexpectedly became a new pillar for the index.With an increase of 7%, BSR helped VN-Index retain 2 points.Also thanks to BSR, oil and gas became the industry group that contributed the most positively to the overall market.However, BSR's efforts could not help the index escape a deep decline session.This adjustment session was not outside the forecast of investors when in the past time, behind the strong recovery of the index was a highly focused upward structure, mainly from the Vingroup stock group.
As of the end of April 2026, the total market capitalization reached about 419 billion USD, equivalent to about 82% of GDP in 2025.Vingroup alone has a capitalization of about 99 billion USD, accounting for nearly This shows that the influence of this group of stocks on the index is extremely large.In fact, if we separate the influence of the Vingroup group, the capitalization scale of the remaining part of the market is almost unchanged compared to the end of March 2026, at about 320 billion USD.
Valuation indicators also become significantly more comfortable. Market P/E when removing the influence of the Vingroup group decreased to about 12.96 times, P/B at 1.8 times and P/S about 1.4 times - a region considered relatively reasonable, if considering the current profit growth prospects.
This reflects a paradox of the current market, the index is at its peak but the valuation level of most businesses is not really too hot.
Experts believe that the market may continue to experience short-term fluctuations due to increased profit-making pressure.In case of technical correction, the zone around 1,860 points is expected to play an important psychological support role.
However, the medium-term uptrend of the market is still maintained relatively positively thanks to a stable technical structure and the support zones below are still quite dense.
In this context, investors should limit chasing purchases, and prioritize taking advantage of fluctuations to restructure their portfolios into stocks with good upward trends and positive cash flow.
In addition, the current high margin balance ratio also requires many investors to maintain caution.After a strong increase lasting 5 consecutive weeks, the risk of creating a short-term peak of VN-Index is starting to be mentioned more as the index approaches the old peak zone.
