After VN-Index lost 37 points and broke the 1,700 point mark in this morning's session (July 22), many securities companies have forecast the possibility that the market will continue to retreat deeply to find a balance point in the coming sessions.
And reality shows that, just entering this afternoon's trading session, selling pressure to release mortgages spread widely, causing VN-Index to lose more than 62 points to 1,668.53 points, deeply breaking the psychological milestone of 1,700 points, to the lowest level since the end of March. This decrease also marked the largest drop since the historic decrease of 115 points on March 9, 2026.
Across the entire market, the red color spread to 489 stock codes, while recording 28 codes falling to the floor price. Most industry groups declined, notably large-scale names such as real estate (-6.07%), banking (-2.51%). The pair VIC and VHM both fell to the floor price, thereby taking away the most points today, 23.93 points and 7.95 points respectively.
The total market trading value jumped to 24,600 billion VND. In that context, foreign investors also traded more actively, with nearly 3,100 billion VND of buying and nearly 5,000 billion VND of selling, thereby net selling more than 1,900 billion VND.
Experts believe that liquidity and margin pressure are the main reasons leading to the current decline. First, low liquidity makes demand not enough to support the market, pulling many stocks down sharply.
Second, after many adjustment sessions, pressure from margin debt and sell-off activities increased, leading to cross-selling in many stock groups. Meanwhile, the market is lacking positive supporting information, many rumors have not been verified, investors tend to avoid risks by standing aside to observe. This makes the market lack demand to turn around and increase.
Although the main concern is that outstanding margin lending is at a record level, according to information from many securities companies, the risk of widespread underwriting is still under control. The reduction of financial leverage is taking place in an orderly manner.
Forecasting the upcoming trend, financial analyst Dr. Nguyen Duy Phuong, Director of investment analysis block of DG Capital, said that VN-Index is entering the final stage of the correction phase due to fear psychology dominating. Short-term decline may still continue. Technically, the 1,680-1,700 point zone plays an important supporting role. If this zone is lost, VN-Index may retreat to the next support levels around 1,650 points or deeper, 1,600 points.
However, the market's downward space may become increasingly limited as selling pressure gradually runs out. Notably, when the market approaches the final stage of the correction phase, some stocks or industry groups with positive foundations may form bottoms and recover earlier than the general index's developments. Accordingly, investors should continue to maintain a cautious view in the short term towards VN-Index.
Instead of expecting a simultaneous reversal of the market, investors should prioritize monitoring the possibility of forming bottom-fishing signals in each stock group, thereby preparing for a more stable phase when the index approaches reliable support zones.
