Foreign investors net sold for 17 consecutive weeks
On the HOSE floor, the VN-Index recorded 3 sessions of increase and 2 sessions of decrease, ending the week at 1,654.93 points, up 19.47 points (1.19%) compared to the previous week. Liquidity improved slightly but was still below average, with a total transaction value of VND108,274 billion, up 2.37% compared to the previous week.
On the HNX, the market had 4 sessions of decline and only one session of increase on November 17. At the end of the week, the HNX-Index fell to 263.13 points, down 1.67%. Liquidity continued to decline, reaching 7,906 billion VND, 7.63% lower than the previous week.
Foreign investors maintained a strong net selling trend, except for a light buying session on HOSE on Thursday. For the whole week, foreign investors net sold VND2,213 billion; of which, foreign investors net sold VND1,904 billion on HOSE, net bought VND70 billion on HNX and net sold VND379 billion on UPCOM.
According to Saigon - Hanoi Securities Joint Stock Company (SHS), VN-Index fluctuated in a narrow range of 1,635 - 1,660 points, facing profit-taking pressure as it approached the resistance zone. However, the index still maintained support around 1,640 points thanks to the positive performance of the VN30 group, increasing 1.51% to 1,899.89 points.
SHS said the market was clearly differentiated: Viettel , oil and gas, fertilizer, chemicals and securities groups were adjusted; while small-cap technology - telecommunications stocks, real estate, seafood and livestock attracted cash flow. Increased liquidity on HOSE showed that cash flow was moving to stocks with good fundamentals and positive business results, although total liquidity was still significantly lower than in October.
Foreign investors have been net sellers for the 17th consecutive week, however, SHS believes that the pressure may decrease as the foreign ownership ratio in the market is only about 15.08%. SHS forecasts that the VN-Index will maintain its cumulative recovery trend above the 1,640-point area, with the target of reaching the 1,700-point area - the peak in August - September 2025.
Vietnam Construction Securities Joint Stock Company (CSI) assessed that the timely return of demand in the last session of the week helped VN-Index maintain the MA10 line (10-day moving average) at 1,635 points, thereby maintaining the short-term recovery trend. However, the matched liquidity was still 42.7% lower than the 20-week average, showing that the cash flow was not really strong. CSI sees this as an opportunity for investors to take advantage of the corrections to accumulate stocks with good foundations and suitable price positions.
Looking at the industry groups, cash flow is shifting to stocks with “stories”; in which, VIC reached a historical peak after shareholders approved the plan to issue nearly 3.9 billion bonus shares in the fourth quarter of 2025. Many codes in the real estate, steel, seafood and livestock industries also recorded positive developments during the week.
Overall, the market is still on a recovery trend after a period of strong correction, but low liquidity reflects investors' cautious sentiment. Securities companies recommend maintaining a reasonable proportion, prioritizing industry-leading enterprises with good fundamentals and clear growth prospects in 2026.
While the Vietnamese market is entering an accumulation phase, developments in major markets around the world are less positive, especially the technology index group in the US is under pressure to adjust.
Nasdaq Composite falls for third straight week
The Nasdaq Composite closed the week down 2.7%, marking its third consecutive weekly decline - the longest losing streak since March 2025. The Dow Jones Industrial Average also fell 1.9% and the S&P 500 fell about 2%. The correction trend mainly came from concerns about high technology valuations and expectations that the US Federal Reserve (Fed) will cut interest rates at its December meeting are showing signs of weakening.
However, in the last session of the week on November 21, the US market increased strongly thanks to the expectation that the Fed could cut interest rates sooner than expected. Nasdaq increased 195.04 points (0.88%) to 22,273.08 points, Dow Jones increased 493.3 points (1.08%) to 46,245.56 points and S&P 500 increased 0.98%.
Nvidia shares saw a big swing in the session as news emerged that the US government was considering easing restrictions on sales of H200 AI chips to China, but the stock still fell 1% and lost a total of 5.9% for the week.
The developments in previous sessions show that investor sentiment is constantly changing according to information on employment, inflation and expectations of the Fed's management. Fed officials also have different views on the priority of controlling inflation or protecting the labor market, making the monetary policy outlook in the coming time more unpredictable. According to CME's FedWatch Tool, the market currently rates the possibility of the Fed cutting interest rates in December at nearly 72%.
Source: https://baotintuc.vn/thi-truong-tien-te/chung-khoan-chuyen-sang-tich-luy-voi-thanh-khoan-thap-20251123161714255.htm
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