In the trading week from November 17 to November 21, the Vietnamese stock market recorded a cautious recovery when the VN-Index ended the week at 1,654.93 points, up 19.47 points, equivalent to 1.19% compared to the previous week. The VN30 index also increased by 1.51%, to 1,899 points, close to the psychological resistance level of 1,900 points.
Despite the improvement in scores, liquidity remains a major minus point as trading volume remains low (only reaching about 42.7% of the 20-week average), reflecting the "doubtful" sentiment of cash flow. Foreign investors continue to exert pressure by net selling nearly VND1,900 billion on HOSE.
The bright spots supporting the market came from the real estate group (especially Vingroup family: VIC, VHM) and technology, while the banking group (VCB, TCB, BID) was under pressure to adjust, causing the index to fluctuate around the support zone of 1,640 points.
Viettel , securities, fertilizer - chemical and oil and gas stock groups continued to correct; while small-cap technology - telecommunications, real estate, seafood, livestock... groups recorded an upturn thanks to the return of cash flow.
According to SHS Securities Company, the increased liquidity shows that cash flow is shifting between industry groups. Investors are looking for good fundamental stocks with positive business results, while highly speculative stocks continue to be under pressure to take profits. The big downside is that foreign investors have been net sellers for the 17th consecutive week, with a total value of more than VND1,897 billion on HOSE. However, SHS expects the net selling momentum to slow down soon as the foreign trading proportion is currently only about 15% of the total market.
VN-Index closed the second consecutive week of price increases, surpassing the 1,650 point mark
Mr. Nguyen Tan Phong, analyst at Pinetree Securities Company, commented that in the past two weeks, the VN-Index has tended to recover, but the market is still in a state of "increasing in doubt". Low liquidity shows that outside cash flow is hesitant, while stock holders are waiting for better prices to reduce losses. During the recent recovery period, cash flow mainly focused on groups that have been "forgotten" since the beginning of the year such as oil and gas, technology, and industrial park real estate.
According to Pinetree's forecast, VN-Index is still in the accumulation trend of 1,580 - 1,680 points after the correction from the peak of nearly 1,800 points. The negative performance of world stocks, concerns about the AI bubble, the risk of US inflation or the possibility of FEDI keeping interest rates unchanged may put pressure on the domestic market to continue to decline early next week, before entering a more stable growth phase.
Mr. Phong recommends that investors avoid chasing the market at this time to limit the risk of FOMO. "You need to be patient and wait for a breakout session above 1,680 points with high liquidity. At the same time, limit bottom-fishing in banking, securities, and real estate groups because the downtrend has not ended yet and these groups need more time to accumulate," he said.
SHS further noted that with the stock portfolio likely to benefit when Vietnam upgrades its market, investors still have to carefully evaluate the business foundation and operating prospects in 2026 instead of chasing short-term expectations.
Regarding the long-term outlook, Ms. Thieu Thi Nhat Le, General Director of UOBAM Vietnam Fund Management Company, said that positive macro indicators in the first 10 months of the year and the forecast for the whole year of 2025 are creating a good foundation for the market. Listed corporate profits in 2026 are projected to increase by 16-20%, opening up significant growth space for the stock market. Therefore, individual investors should prioritize medium- and long-term strategies, instead of worrying too much about short-term adjustments.
Source: https://nld.com.vn/chung-khoan-tang-trong-nghi-ngo-du-bao-moi-nhat-cho-tuan-toi-196251123160310688.htm
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