Large-cap stocks fell across the board, causing the VN-Index to lose more than 20 points, dropping below the 1,700-point mark.

On the morning of December 12th, the stock market continued its downward trend, with the VN-Index losing more than 20 points, falling to 1,678 points. Selling pressure spread across many sectors, while foreign investors maintained strong net selling, leading to cautious investor sentiment.

At the close of the morning session on December 12th, the VN-Index fell 20.63 points (-1.21%) to 1,678.27 points. The HNX-Index decreased by 0.39%, and the UPCoM-Index decreased by 0.38%. Trading volume on the HOSE reached approximately 8,145 billion VND, lower than the average of recent sessions, indicating cautious investor sentiment.

Large-cap stocks fell across the board, causing the VN-Index to lose more than 20 points, dropping below the 1,700-point mark. (Screenshot)

With red dominating most of the market, the sectors most heavily impacted were consumer services (-6.22%), transportation (-1.81%), real estate (-1.79%), and industrial goods (-1.53%). Some sectors saw slight increases, such as healthcare equipment (+0.49%) and vehicles and parts (+0.59%), but these gains were insignificant compared to the overall decline.

Within the VN30 group, many large-cap stocks experienced sharp declines, directly putting pressure on the index. Specifically, VHM fell 3.19%, MWG 2.19%, VIC 1.51%, VPL 2.45%, MBB 1.41%, and VPB 1.24%. On the upside, only a few stocks recorded slight gains, such as STB (+1.36%), CTG, and SSI. The impact map shows that VHM, VPL, and VIC were the stocks that dragged the index down the most.

During this session, foreign investors sold a net of nearly 975 billion VND, bought 683 billion VND, and sold over 1,220 billion VND. VIC was the most heavily sold stock with 125.6 billion VND, followed byACB , VCB, and GEX. Conversely, HPG, SSI, CTG, and VRE saw net buying, but the value was not enough to offset the selling pressure.

According to securities companies, the sharp decline in recent sessions stems from several reasons. Firstly, the VN-Index is weakening technically. According to analysis by BETA Securities Company, the index has been trading below the MA10 line for several sessions, while indicators such as SAR and DI+ have crossed below DI-, reflecting that "buyers have lost their advantage."

Stocks that impacted the index during the morning session on December 12th. (Screenshot)

Meanwhile, Yuanta Securities Vietnam assesses that the market is in a weak accumulation phase, and if the VN-Index falls below 1,675 points, the index could retreat to 1,647 points - a deeper support zone.

Secondly, foreign investors continued to be net sellers, creating significant psychological pressure on domestic investors. The selling pressure was concentrated on blue-chip stocks, lacking the necessary support for the market's recovery efforts.

Thirdly, international macroeconomic factors remain unfavorable. Recently, the Fed lowered interest rates for the third time in 2025 but signaled caution regarding further reductions, dampening expectations for global policy easing. This has contributed to a temporary slowdown in capital flows into emerging markets, including Vietnam.

Fourth, some large-cap stocks such as VIC, VHM, and MWG are in a prolonged correction and accumulation phase. SHS believes that VIC's correction process may continue after the share issuance, impacting market sentiment.

Given these developments, Aseansc Securities believes that the VN-Index may continue to decline to test the support zone of 1,668 - 1,685 points before a recovery in demand is considered. Meanwhile, BSC Securities emphasizes that if the index continues to lose the SMA20 mark, the VN-Index could retreat to 1,680 points, corresponding to the SMA50 zone, coinciding with the developments of the morning session on December 12th.

Sectors were heavily impacted during the morning session on December 12th. (Screenshot)

From a medium-term perspective, SSI Research maintains a positive outlook for 2026, targeting a VN-Index of 1,920 points under the base scenario and 2,120 points if corporate profit growth exceeds expectations. SSI believes the market outlook is supported by capital market reforms, stable FDI inflows, and projected GDP growth of 8% in 2025.

In the context of a volatile market, VCBS Securities recommends that investors reduce leverage and refrain from bottom-fishing until there are clear signs of a bottom formation.

In addition, other securities companies also suggest that investors should take advantage of technical rebounds to restructure their portfolios, rather than increasing new positions. Medium- and long-term investors can gradually disburse funds into banking, securities, retail, technology, and public investment sectors when the market undergoes a deep correction.

Source: https://baotintuc.vn/thi-truong-tien-te/co-phieu-lon-dong-loat-giam-vnindex-mat-hon-20-diem-roi-moc-1700-diem-20251212115453467.htm