Accumulated stocks create new price base

The stock market has just continued to experience a week of accumulation trading within a narrow range.

After the first session of the week increased, on September 16, the VN-Index initially increased and retested the 1,700 point zone, then decreased. In the following sessions, the market went down.

At the end of the week of September 15-19, VN-Index decreased a total of 8.64 points (-0.52%), to 1,658.62 points.

VN-Index decreased more than 6 points on September 19. Screenshot

Market breadth is diversified, leaning towards correction and accumulation within a narrow range. Sectors under pressure to correct are securities, real estate, steel, industrial parks, banks, construction, retail... Meanwhile, the seafood, technology, port, and textile sectors performed quite positively. Liquidity decreased quite sharply last week.

Foreign investors continued to net sell during the week with a value of about VND5,700 billion on the Ho Chi Minh City Stock Exchange, marking the 9th consecutive week of net selling.

According to Saigon- Hanoi Securities Joint Stock Company (SHS), the net selling value from the beginning of the year to date has reached VND89,167 billion, nearly equal to the net selling volume in 2024. Currently, the foreign holding ratio is decreasing to about 15.7%, close to the lowest holding ratio in history in 2012. Therefore, it is expected that the net selling pressure of foreign investors will gradually decrease.

Expert Phan Tan Nhat, Head of Analysis at SHS Securities Company, said that in the short term, VN-Index is returning to the accumulation trend after a prolonged period of price increase. This is an inevitable adjustment and accumulation phase after VN-Index had a period of strong price increase, surpassing the historical peak in 2022. Currently, the market is trading with low liquidity, with the nature of accumulation to create a new price base, waiting for further assessment of fundamental factors after the end of the third quarter of 2025.

For the VN-Index to improve, new growth drivers are needed. This should be based on fundamental valuation factors and growth prospects in the final period of the year; at the same time, it is necessary to carefully assess based on the expected business results in the third quarter of 2025.

Experts from Vietnam Construction Securities Joint Stock Company believe that the main trend of the VN-Index in the last 9 consecutive sessions has been sideways with reduced liquidity, so the momentum to break out above the peak in the following week is unlikely.

“We are inclined towards a correction, but the market signal has not been confirmed yet, so we continue to maintain a cautious view. Our main view next week is to maintain a slightly higher cash ratio and patiently wait for a balanced accumulation zone before boldly disbursing for a new net buying position,” said this business expert.

Source: https://hanoimoi.vn/chung-khoan-tich-luy-tao-nen-gia-moi-716794.html