Pressure on blue-chip stocks led to a sharp decline in the stock market at the end of the week.

The Vietnamese stock market closed the trading week in the red, with the VN-Index losing more than 10 points as blue-chip stocks plummeted. Net selling pressure of over 925 billion VND from foreign investors, coupled with weak liquidity, continued to cast a shadow over investor sentiment, making the risk of a short-term correction increasingly apparent.

Essential goods, industrial products, and energy led the decline.

The morning trading session on October 3rd opened negatively, with red spreading across all three exchanges. The VN-Index lost 10.39 points, falling to 1,642.32 points, a decrease of 0.63%. On the Hanoi Stock Exchange, the HNX-Index decreased by 3.31 points to 266.24 points (-1.23%). The UPCoM-Index also dropped 0.6 points to 109.19 points (-0.55%).

Pressure on blue-chip stocks to plummet led to a sharp decline in the stock market at the end of the week. (Screenshot)

Market liquidity reached approximately VND 13,489 billion, corresponding to 515.75 million shares traded. Although the trading value was average, demand was not strong enough to absorb the selling pressure, especially from foreign investors.

According to published data, foreign investors bought VND 1,056.24 billion but sold VND 1,981.82 billion, recording a net selling of over VND 925 billion in just the morning session of October 3rd. This is a strong net selling session following September, when foreign investors sold off more than VND 24,742 billion on the HOSE, bringing the total net selling from the beginning of the year to over VND 97,000 billion. This pressure continues to weigh on the VN-Index amidst little improvement in domestic liquidity.

In the large-cap group, VIC was a rare bright spot, rising 3.63% and contributing positively to preventing the VN-Index from falling further. However, most of the remaining blue-chip stocks plummeted. VPB fell 1.99%, TCB lost 1.8%, and CTG dropped 1.36%. The securities sector fared no better, with VIX losing 2.62% and SSI declining 1.06%. HPG of Hoa Phat Group, a large-cap stock in the steel industry, fell 1.42% to 27,700 VND per share.

According to statistics, all 15 major sectors on the HOSE exchange traded below their reference levels. The sharpest declines were seen in essential goods (-2.66%), industrial goods (-1.69%), and energy (-1.57%). The financial sector, which accounts for a large proportion of the VN-Index, also fell by 1.47%, creating double pressure on the overall index.

In terms of trading value, the leading stocks wereSHB (VND 1,448 billion), SSI (VND 1,116 billion), HPG (VND 1,088 billion), and FPT (VND 975 billion). Among them, FPT was a rare exception, rising 0.98% thanks to stable demand. CII also attracted attention with a 1.22% increase and a trading volume of VND 767 billion. Conversely, VHM continued to decline by 2.03% to VND 96,600/share, under selling pressure from foreign investors.

The stocks with the strongest impact across all three exchanges. (Screenshot)

Looking at the broader trading activity in September 2025, a worrying trend emerged. The VN-Index closed the month at 1,661.7 points, down 1.22% compared to August. Liquidity plummeted, averaging only 1.167 billion shares per day with a value of 34,007 billion VND per day, a decrease of over 30% compared to the previous month. Specifically, foreign investors bought 1.815 billion shares but sold 2.430 billion shares, a difference of over 615 million units, reflecting a significant selling pressure.

This development reflects the pressure from foreign capital flows, which is not only short-term but also long-term, making domestic investors more cautious, especially when the market has not yet found new momentum.

The risk of a short-term correction is becoming increasingly apparent.

Given the constant market volatility, securities companies are offering cautious assessments.

Saigon - Hanoi Securities (SHS) believes that the VN-Index is consolidating within a narrow range, having lost the short-term support level around 1,660 points (corresponding to the 20-day moving average). To break out of this state and surge to higher levels, the market needs strong momentum with significantly improved liquidity.

Foreign investor transactions on the HOSE exchange in September. Source: HOSE

According to Tien Phong Securities (TPS), the VN-Index chart has formed a Bearish Engulfing candlestick pattern, often considered a bearish reversal signal. The 1,630 point level is considered a key threshold; if breached, the index could fall further to the 1,530 point region. TPS warns investors to pay special attention to this support zone.

VikkiBankS (Vikki Digital Banking Securities) believes that the VN-Index is likely to retest the 50-day SMA, given that the MACD indicator continues to signal a sell. VikkiBankS recommends limiting margin use and holding onto buying power while waiting for clearer signals when the market stabilizes.

Meanwhile, Beta Securities noted that the previous decline caused the VN-Index to fall below the MA10 and MA20, two important moving averages, increasing the risk of a short-term correction. Technical indicators such as MACD, DI+, and DI- continue to signal negative trends, indicating the possibility of further consolidation or declines. The 1,620-1,625 point range is currently considered the nearest support for the VN-Index.

Top companies with a market capitalization exceeding $1 billion on the HOSE exchange. Source: HOSE

Meanwhile, Asean Securities (Aseansc) assesses that volatility and fluctuations will be the dominant state of the market in the short term. "Selling pressure around the historical peak, coupled with net selling by foreign investors and the anticipation of market upgrade information, will cause the VN-Index to fluctuate between 1,640 and 1,670 points," Aseansc predicts.

However, Yuanta Securities Vietnam (YSVN) maintains a more optimistic view. According to YSVN, mid- and small-cap stocks have reached oversold levels, which could stimulate demand at lower prices. This opens up the possibility of a short-term recovery for the VN-Index in the coming sessions. However, the company also acknowledges that investor pessimism still prevails, making a strong breakout unlikely.

In the current climate, experts advise investors to exercise caution. The proportion of stocks in a portfolio should be kept at a safe level, avoiding excessive use of margin. Short-term investors can take advantage of corrections to restructure their portfolios, prioritizing stocks with strong fundamentals and positive Q3 earnings. Conversely, for long-term investors, maintaining a high cash position remains a safe solution while waiting for clearer opportunities.

At the end of September 2025, the VN-Index closed at 1,661.7 points, down 1.22% compared to the previous month; VNAllshare and VN30 lost 1.47% and 0.12% respectively. Market liquidity decreased sharply, with average daily trading volume reaching 1.167 billion shares, equivalent to 34,007 billion VND, a decrease of more than 30% compared to August.

Foreign investors continued to be the focus, selling net more than VND 24,742 billion, with selling volume exceeding buying volume by over 615 million shares. Since the beginning of the year, foreign capital has withdrawn net over VND 97,000 billion. This is a significant pressure in the context of domestic capital flows not showing a clear improvement. By sector, only real estate, healthcare, and raw materials recorded gains, rising 12.33%, 4.96%, and 0.62% respectively. Conversely, information technology and finance saw the deepest declines, falling 7.91% and 5.94% respectively.

In terms of scale, the market capitalization of stocks on the HOSE reached VND 7.20 million billion, equivalent to 62.6% of GDP in 2024 and accounting for 94.6% of the total market capitalization. There are 50 companies with a market capitalization exceeding USD 1 billion, of which six have surpassed the USD 10 billion mark: VIC, VCB, VHM, BID, CTG, and TCB.

Source: https://baotintuc.vn/thi-truong-tien-te/ap-luc-co-phieu-bluechip-lao-doc-chung-khoan-cuoi-tuan-do-lua-20251003120334986.htm