Blue-chip stocks weaken, while mid-cap and small-cap stocks surge.

The stock market entered the first trading session of June with a less-than-positive performance. While the VN-Index fell nearly 19 points due to pressure from large-cap stocks, a positive point was that many mid- and small-cap stocks still rose sharply, creating a noteworthy divergence in performance.

The VN-Index fell nearly 19 points in the first trading session of June as large-cap stocks faced strong selling pressure, while investors continued to seek opportunities in mid-cap and small-cap stocks.

The Vietnamese stock market started June quietly as capital flows continued to weaken and selling pressure increased in large-cap stocks. At the close of trading on June 1st, the VN-Index fell 18.95 points, or 1.02%, to 1,844.54 points. Meanwhile, the VN30-Index decreased by 7.35 points, or 0.37%, to 1,989.71 points.

Notably, despite the relatively sharp decline in the index, market breadth remained positive. Across the entire market, 329 stocks rose, 293 fell, and 892 remained unchanged. On the HoSE exchange, the number of rising stocks also slightly exceeded the number of falling stocks, with 158 gainers and 129 losers. This indicates that capital is still seeking opportunities in certain groups of individual stocks, particularly those in the mid- and small-cap sectors.

The main reason for the sharp decline in the VN-Index stems from the weakness of key blue-chip stocks, especially in the real estate and energy sectors.

The Vingroup stocks continued to be the biggest drag on the market. VIC fell 3.03%, taking away more than 10 points from the VN-Index, while VHM dropped 2.56%, causing the index to lose approximately 3.4 points. These two stocks alone contributed nearly 14 points to the overall market decline.

In addition, the energy sector also faced strong selling pressure. GAS fell 3.66%, BSR fell 3.87%, and PLX fell 3.05%. Several bank stocks such as STB, TCB, MSB, and CTG also traded poorly, contributing to the index's decline.

The afternoon session showed a sharp increase in selling pressure among blue-chip stocks. While the VN30 index remained relatively balanced in the morning, by the end of the day, 19 stocks declined, more than double the number of gainers. Many large-cap stocks weakened simultaneously, causing the market to lose its upward momentum.

Liquidity in the VN30 group increased by more than 74% in the afternoon session compared to the morning, but the price level fell even more sharply, reflecting increased active selling pressure on leading stocks.

Amidst limited cash flow, small and medium-sized stocks have become the focus of the market.

A series of stocks such as HQC, TTF, FIT, ST8, TSC, BKG, and BFC all hit their upper limit. Many other stocks recorded increases of 3-5%, creating the impression that the market still maintains a certain level of dynamism.

However, analysts suggest caution regarding this phenomenon. Although a significant number of stocks have increased in price, most of the stocks that have risen sharply have low liquidity. Statistics show that among the 69 stocks that increased by more than 1% on the HoSE, over two-thirds had trading values ​​below 10 billion VND.

This suggests that large capital flows have not yet truly returned to the market. The improvement in market breadth mainly reflects the low liquidity advantage of small and medium-sized stocks, rather than signaling a sustainable uptrend.

On the positive side, some highly liquid stocks maintained their upward momentum, such as VIX, which rose 1.13% with a trading value of over VND 656 billion,FPT, which increased 1.82%, VND, which rose 4.15%, MWG, which rose 3.67%, GEE, which rose 2.84%, and CII, which rose 2.34%.

These stocks are seen as a clearer representation of speculative and investment capital seeking opportunities in a market lacking overall growth momentum.

One of the current concerns is that market liquidity is at an unusually low level.

The total market transaction value reached just over 16,282 billion VND, corresponding to nearly 577 million shares traded. On the HoSE alone, the transaction value was only about 15,000 billion VND, significantly lower than the beginning of the year when liquidity frequently exceeded 1 billion USD per session.

Foreign investors continued their net selling trend, with a value of nearly 646 billion VND, buying over 1,025 billion VND but selling as much as 1,671 billion VND.

According to many experts, the flow of money in the market is facing competitive pressure from bank deposits. The fact that many commercial banks are continuously raising deposit interest rates to 7-8% per year, or even higher for large deposits, is creating significant appeal for investors who prefer safety.

In addition, outstanding margin debt across the market has reached a record high of approximately 405,000 billion VND at the end of Q1/2026. Amidst declining liquidity, the high level of leverage has made investors more cautious in the face of unexpected market fluctuations.

Although short-term developments are not yet truly positive, many securities companies believe that the VN-Index is entering a phase of testing momentum around the important support level of 1,850 points.

According to Vietcombank Securities' assessment, the index is currently fluctuating in the 1,850-1,870 point range and needs more time to consolidate before forming a new trend. Meanwhile, ACB Securities believes that the 1,850 point level is acting as an important short-term support level, helping the market limit a sharp decline.

Overall, the June 1st trading session showed that the market still presents individual opportunities in the small and medium-sized stock group. However, with liquidity yet to improve and large capital flows remaining on the sidelines, the advantages of this group of stocks are mainly short-term. The general market trend in the coming period will likely depend on the recovery of blue-chip stocks and the return of large-scale capital flows.

Source: https://thoibaonganhang.vn/blue-chips-suy-yeu-co-phieu-vua-va-nho-noi-song-182864.html