The developments of the stock market last week showed strong consensus in both cash flow and psychology, with increased demand from both domestic and foreign investors, pushing the VN-Index above many technical and psychological barriers.
The removal of concerns related to tariffs, combined with expectations of market upgrading and business results for the second quarter of 2025 that are gradually being revealed, has created a strong "push" for the market.
In the context of interest rates continuing to remain low, domestic investors continue to play a leading role with net buying power when there are consecutive trading sessions matching billion-dollar orders last week.
Experts assess that margin cash flow is playing an important role in maintaining high liquidity in the market recently.
VN-Index is gradually moving into the high range in the short term - both in terms of scores and valuations - especially when many groups of stocks have increased very quickly in a short period of time. This poses a potential for technical adjustments or short-term portfolio rebalancing from investors.
The stock market may need a rest to absorb profit-taking pressure and consolidate the new price level before it can go further. From a market psychological perspective, many technical analysis departments at large securities companies have the same assessment that technical factors are positively consolidating the medium-term trend of the VN-Index.
The recent increase has been healthier as it is no longer dependent on Vingroup stocks, showing a positive spread among industry groups.
However, the VN-Index has increased by nearly 33% since the bottom of April 2025, a short-term adjustment is inevitable as the valuation level is now less attractive.
So the question is whether it is worth paying attention to the current situation of margin at the moment.
Unlike previous periods of heating up, many experts still have the view that the current margin picture is healthier and more sustainable.
The analyst section of HSC Securities Company said that a noteworthy point is that although the total outstanding debt leverage in the whole market is at a record high. However, the leverage ratio on equity of securities companies is still low because equity has been increasing steadily. Therefore, liquidity is still likely to improve further and the cash flow waiting to buy is still in place.
Dr. Nguyen Duy Phuong - Director of Strategic Investment of DG Capital - commented that margin is only a problem if securities companies lack resources. Regarding cash flow, the market no longer has the phenomenon of cash flow focusing on some speculative stocks as before, but instead spreads to stocks with good fundamentals and improved business results.
Especially in industries such as banking, securities, steel and technology. This contributes to reducing the systemic risk associated with the use of financial leverage.
"Therefore, investors should maintain a cautious stance, limit chasing at high prices, and proactively restructure their portfolios to increase the proportion of stocks with good fundamentals, high liquidity and not too high growth. Risk management and reasonable buying points will be key factors in the current "hot" market period," Dr. Phuong stated his opinion.
