In the first trading session of the new week, VN-Index suffered widespread selling pressure in industry groups. Even at times, the index plummeted uncontrollably and lost nearly 50 points. However, thanks to the appearance of bottom-fishing cash flow, the index slowed down its decline.
At the end of the trading session on July 13, VN-Index decreased by 27.8 points (-1.52%), to 1,800.54 points, marking the deepest decrease in three months. HNX-Index decreased by 11.86 points (-3.9%), to 291.9 points. The market sank into red when 546 selling stocks decreased and 171 buying stocks increased. Similarly, red dominated the VN30 basket with 27 declining stocks and 3 increasing stocks.
Market liquidity increased compared to the previous trading session, with the matched order trading volume of VN-Index reaching more than 728 million shares, equivalent to a value of more than 21,800 billion VND; HNX-Index reached more than 89 million shares, equivalent to a value of more than 1,800 billion VND.
Regarding the level of impact, VHM, VCB, VIC and CTG are the codes that have the most negative impact on VN-Index and took away more than 10.46 points. In the opposite direction, BSR, VPL, CRV and MSB are codes that maintained green color and helped the index increase by 0.87 points.
According to investors' assessment, the market's adjustment pressure shows no signs of ending. If only looking at the index in the past time, people can easily mistakenly believe that the market is stable in the high zone. But in fact, VN-Index is supported by a small group of pillar stocks, while most of the remaining stocks have not really recovered. Investors' feelings about the market are therefore much less positive than what the index shows.
The clearest evidence of this phenomenon is in liquidity.Accordingly, the average trading value on the three exchanges in the second quarter of 2026 only reached about 24,000 billion VND per session, down more than 30% compared to the level of about 35,000 billion VND in the first quarter of 2026.By June, this figure continued to fall to nearly 20,000 billion VND/session - the lowest level since February 2025.At the same time, foreign investors maintained net selling momentum.
The decline in liquidity does not necessarily reflect a runaway cash flow, but is a state of tug-of-war between expectations and risks.Investors are not leaving the market and are actively narrowing down trading, standing aside to observe and wait for new data, specifically corporate profits in the second quarter and first half of 2026.
If in the first half of 2026, cash flow was led by economic growth expectations, the upgrade process and policies to support credit and public investment, then now the focus of valuation has shifted.Investors no longer look much at macroeconomic indicators, but start revaluing each business based on actual business results.
If the business results of large-cap groups are strong enough to strengthen confidence, cash flow can spread to more industry groups, creating a foundation for a sustainable upward trend. Conversely, if profits are lower than expected, differentiation will continue to dominate.
Regarding the story of market upgrades, it is still a structural driving force, but not a "magic wand" to help all stocks increase - foreign capital when entering will prioritize large-cap enterprises with high liquidity and transparent governance.
