After an impressive rally in early May, the stock market entered the morning trading session today, May 11th, with selling pressure appearing right from the beginning of the session.However, familiar supports from the Vingroup group of stocks, VIC and VHM, helped the market recover quickly.The market maintained a green shell and red core state for the rest of the morning session.
At the end of the morning session on May 11th, VN-Index increased by 5.92 points (+0.31%) to 1,921.29 points.HoSE had 117 gainers and 162 losers.Total trading volume reached more than 399.6 million units, value of 11,621 billion VND, up 6.7% in volume and 5.4% in value compared to the morning session last weekend.
Regarding the level of impact, the 10 most positively impacting stocks brought a total of more than 11 increase points for VN-Index, especially VHM and VIC brought in nearly 7 points.Besides a solid support, the market still welcomed individual waves, typically the "Gelex" stock group continued to shine, in which GEL temporarily stopped the morning session at a ceiling price of 34.750 VND/share with a ceiling buy order volume of nearly 5.3 million units.
GEE shares at one point wore a purple coat and closed the session up close to the ceiling of 6.9%, while GEX increased by 4.6% to the highest price in the session of 35,050 VND/share with liquidity ranked in the top 5 markets reaching 13.2 million units.In the opposite direction, BID and VJC are the codes that put the most pressure, taking away a total of 1.35 points of the index.
The overall picture of the stock market today is that VN-Index surpassed the 1,900 point mark mainly thanks to large-cap stocks, especially the Vingroup duo including VIC, VHM and the large bank group.Meanwhile, market breadth is still low, liquidity has not improved significantly and most stocks are still in a sideways or downward state.Many investors recorded loss-making portfolios even though the general index continuously increased points.
According to analysis by MB Securities Company (MBS), although VN-Index officially surpassed the 1,900 point mark, the market still showed a clear lack of consensus.Similar to developments on Wall Street or the Korean market, the index's upward momentum mainly relied on large-cap groups, while general trading lacked vitality.
In the past week, market breadth has slightly improved, but only about 50% of stocks increased in price, meaning that for every stock that increased, there was a stock that decreased.Three weeks before that, this ratio was only around 37.5%, making widespread profit opportunities quite limited.
Liquidity is also a noteworthy point.The trading value in the week when VN-Index surpassed the peak only reached about 27,500 billion VND, significantly lower than the level of over 40,000 billion VND when the index approached the 1,900 point zone at the end of January 2026.This reflects the cautious psychology of investors, when cash flow has not spread widely but is still concentrated in some pillar stocks.
The mismatch between the index and the stock level is currently a problem closely monitored by investors.Many opinions believe that if breadth and liquidity do not improve soon, the risk of technical correction around the peak zone may increase.
According to MBS's assessment, technically, VN-Index has set a new peak, but in the context of a strong market differentiation, referring to the index is If the pillar stock group continues to rotate to support the market, VN-Index can completely move up to higher peaks.However, a more important factor is the ability of cash flow to spread to the remaining stock group, this is the signal that investors really expect.The pillar pulling effect is likely still the main scenario this week, as the domestic market is still lacking new supporting information.
Liquidity may continue to decline and the stock level mainly fluctuates in the accumulation zone for a while longer.Regarding cash flow and industry groups, MBS assesses that although VN-Index has established a new peak and is considered a "sky" of growth ahead, the number of stock groups that truly play a leading role is still quite limited.
In addition to the Vingroup group maintaining superior strength, many stock groups are still "underground", even quite far from the peak from the beginning of the year such as oil and gas down by about 38%, Viettel group down by 36%, technology down by 35%...
