Overwhelming selling pressure pushed the VN-Index back below 1,700 points.

The stock market continued its sharp correction on the morning of December 26th as selling pressure intensified across the board. The VN-Index lost more than 50 points amidst a noticeable weakening of capital flows, continued net selling by foreign investors, and sharp declines in blue-chip stocks – especially those in the Vingroup conglomerate – leading to increased investor caution.

Báo Tin Tức•26/12/2025

Selling pressure prevailed, and blue-chip stocks weakened.

In the morning trading session, the VN-Index fell 52.38 points (-3.01%) to 1,690.47 points. The decline was quite decisive, with selling pressure increasing right from the start of the session and no clear rebound. Total market liquidity reached over 17,200 billion VND, indicating strong selling activity, while bottom-buying demand remained cautious.

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The sharp drop in Vingroup 's stock has impacted investor sentiment. (Screenshot)

Market breadth leaned heavily toward the negative, with over 540 stocks declining, more than four times the number of advancing stocks. The VN30 basket was deeply in the red, with many large-cap stocks falling by 3-7%, reflecting a widespread weakness among leading stocks.

In that overall picture, the only bright spot came from the materials sector, with HPG rising more than 1.7%, along with some oil and gas stocks maintaining their gains. However, the increase in this group was not enough to offset the downward pressure from blue-chip stocks, leaving the overall market trend still leaning towards a correction.

According to financial experts, the sharp decline in the market this morning was clearly influenced by Vingroup's group of stocks. VIC, VHM, and VRE all fell sharply, eroding a significant portion of the VN-Index and VN30-Index. The simultaneous decline of these leading stocks, while the market was at a high point, made investors more cautious, especially in the large-cap real estate sector.

Notably, foreign capital inflows continued to lack a supportive role for the market. Specifically, foreign investors bought approximately 865 billion VND, while the value of sales reached 2,060 billion VND, corresponding to a net selling of nearly 1,200 billion VND. The net selling pressure was mainly concentrated on large-cap stocks such as VIC, VHM, DGC,FPT , and VPB, while net buying was more dispersed and smaller in scale, mainly in a few stocks like HPG, GAS, POW, and VJC, making demand in the market thinner amidst weakened sentiment.

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Stock prices were affected by selling pressure from investors. (Screenshot)

The fact that foreign investors have not returned to net buying during the market correction phase has weakened demand, especially as domestic capital flows are also showing caution after a prolonged rally. This explains why the VN-Index has fallen rapidly and has not shown any significant rebound, despite high liquidity. Selling pressure is concentrated on large-cap stocks.

Be cautious, wait for the equilibrium point.

Based on the developments in the morning session of December 26th, securities companies generally believe that the sharp decline in the VN-Index reflects a technical correction after a period of rapid growth, in the context of the market facing pressure from blue-chip stocks and weakening capital flows.

According to VPBank Securities (VPBankS), the current correction is necessary for the market to cool down, especially as the index has just approached a strong resistance zone. The VN-Index is likely to retreat to the 1,715 - 1,725 point range, where short-term moving averages converge, in order to create a balance zone before forming a new trend. Based on this, VPBankS recommends that investors do not rush to increase their holdings but should observe the market's reaction at this support zone.

Sharing a cautious view, Asean Securities (Aseansc) believes that short-term selling pressure remains significant, potentially causing the market to continue fluctuating in the next few sessions. The company assesses the nearest support zone at 1,705 - 1,715 points, and further support at 1,675 - 1,680 points. Given the lack of clear signs of improving cash flow, Aseansc recommends that short-term investors prioritize risk management and avoid chasing rallies during technical rebounds.

From a more positive perspective, Yuanta Securities Vietnam believes the current decline is primarily a technical correction after indicators entered the overbought zone. Yuanta believes market risk remains low and the VN-Index may soon test the 1,715-1,720 point range to resume its upward trend. Therefore, the company recommends that investors maintain a stock allocation of 30-50% of their portfolio, potentially taking advantage of corrections to accumulate shares gradually.

Meanwhile, BETA Securities notes that although short-term technical indicators have not yet shown clear reversal signals, the market remains heavily dependent on the fluctuations of blue-chip stocks, especially the Vingroup group. This means that any rebounds, if they occur, may lack sustainability. Therefore, BETA recommends that investors maintain a high cash ratio and only disburse funds when selling pressure truly subsides.

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Sectors were heavily impacted during the morning session on December 26th. (Screenshot)

In a more cautious scenario, Vietcombank Securities (VCBS) believes the market will continue to experience significant volatility due to profit-taking pressure at high points, especially as Vingroup's group of stocks reverses and falls sharply. VCBS assesses that if the VN-Index fails to hold the support zone around 1,715 points, the index could retreat to the lower support zone of 1,630 - 1,640 points. Based on this, the company recommends that investors limit the use of leverage and avoid premature bottom-fishing.

A similar view was expressed by Saigon - Hanoi Securities (SHS), which stated that the VN-Index is forming a short-term peak around 1,800 points and is under pressure to correct to the 1,700 point area. SHS recommends that investors maintain a reasonable portfolio allocation, focusing on leading stocks with strong fundamentals instead of chasing short-term rallies.

Overall, securities companies believe that the medium-term upward trend of the market has not been broken, but in the short term, the VN-Index needs more time to absorb all the selling pressure and wait for the money flow to stabilize again. The appropriate strategy remains defensive, risk management, cautious and selective investment when the market confirms a clearer equilibrium zone.

Source: https://baotintuc.vn/thi-truong-tien-te/ap-luc-ban-ap-dao-vnindex-lui-ve-duoi-1700-diem-20251226115120005.htm