After three weeks of decline, the Vietnamese stock market still maintains its old state as selling pressure shows no signs of cooling down. Right after opening the first trading session of the week today (July 20), investors placed massive selling orders, causing dozens of codes to fall to the floor and the VN-Index easily broke through the 1,760 point mark and then continued to fall further towards the end of the session.
Closing the trading session on July 20, HOSE had 45 gainers and 296 losers (33 floor-price decliners), VN-Index decreased by 43.94 points (-2.46%), to 1,743.51 points. The lowest level in more than three months. Compared to the price range at the beginning of this month, the index has lost more than 116 points, equivalent to 6.2%.
Total matched order volume reached 862.6 million units, value of 19,576 billion VND. The VN30 index lost more than 44 points. This index broke through a series of important support levels, including the psychological milestone of 1,900 points.
On the downward side, bank stock SHB was the most negative when closing the session down 6.7% to the floor price of 11,800 VND/share with market-leading liquidity, reaching more than 73.7 million units and floor selling surplus volume reaching 1.2 million units.
Other strongly declining codes include SSI down 6.4% to the lowest price in the session of 22,700 VND/share, GVR down 6.1%, HPG down 5.7%, VRE down 5.3%... Top 5 codes that have the greatest impact on the market include VCB, VHM, BID, TCB and HPG, taking away a total of nearly 13.5 points of the general index.
By industry, securities stocks are most affected with all stocks closing below the reference price. VIX, VDS and BSI are the three codes closing the session at the floor price. Many other names such as ORS, VND, VCI, VPX also lost their amplitude at times but then narrowed their decline. The real estate group also appeared a series of floor codes.
In the current context, according to VPBank Securities Company, VN-Index is still looking for a new balance zone when liquidity is low and cash flow is differentiated. The market may continue to experience strong ups and downs to test buying and selling power.
VCBS Securities Company recommends that investors temporarily reduce the leverage ratio, limit new purchases and wait for the market to accumulate again. Disbursement opportunities will be clearer when selling pressure weakens and cash flow shows signs of returning.
In this context, investors should prioritize stocks with fundamentals that have been confirmed through actual Q2/2026 business results, instead of expectations. In the period when the market has not yet bottomed out clearly, disbursement based on published data will be much safer than betting on unconfirmed growth expectations.
In addition, investors can also prioritize stocks with discounted valuations in a reasonable range compared to the historical average, creating a sufficiently large safety margin before the market confirms the trend.Buying hot-toothed stocks with high valuations during a period of market instability will put investors at double adjustment risk - both market risk and individual valuation risk.
