Not all stocks can "catch the wave" of historical peaks - Photo: HA QUAN
Stocks Surpass 10-Year Valuation Range
The stock market at the end of July 2025 marked an important event when the VN-Index just set a new peak at 1,566.74 points, surpassing the previous historical record set at the beginning of 2022.
However, profit-taking pressure appeared strongly after this new high, causing the market to fall sharply and the VN-Index to lose more than 60 points in just one session.
However, what is more remarkable is the speed of the market's recovery after the correction. In just one consecutive session, a series of stocks bounced back.
The most prominent is the group of securities stocks - which are always considered a "barometer" reflecting market expectations and psychology.
Codes like MBS and VIX quickly recovered strongly, with increases of +8% and +6.9% respectively after just one session of correction from the peak.
This development further strengthens the belief that short-term demand remains strong and the market has not ended its current uptrend.
Mr. Bui Van Huy - a stock expert, commented: "With the rapid increase in the market in recent times, fluctuations are inevitable. The current valuation of VN-Index is no longer low - PE has exceeded the historical average, and PB is approaching the average level".
More than 70% of stocks are still "late" - the joy is not complete
The widespread cash flow and the index hitting new peaks helped the market record a large number of stocks reaching historical peaks.
As of the end of the session on July 30, 302 stock codes officially reached a new peak in 2025, including large-cap stocks such as SHB , VPB, VIX, MBS.
In addition, there are 134 more codes that are approaching the old peak - with a difference of less than 10%. Typically, VIC, SSI, MWG, in which VIC has increased by about 170% since the beginning of 2025, SSI increased by 30.1% to gradually approach the peak area.
What prevents the market from being able to "fully enjoy" is that the number of stocks is still quite far from the peak of the era. One typical example is Hoa Phat (HPG) - the leading stock in the steel industry, which is also a company with more than 194,000 shareholders, the highest in the entire market.
However, although VN-Index has set a new high, HPG has not yet returned to the old peak set in 2021, showing that cash flow is still selective and has not really returned to stocks that increased strongly in the previous cycle.
Not only HPG, a series of large stocks such as SHS, VND, DIG, NVL, CEO, DXG, TPB, CII, PDR, BCG, LCG... are also falling into a similar state, unable to return to the peak, despite recent acceleration movements.
These are all stocks with a large number of investors, and have dominated previous strong increases.
According to statistics of the whole market, there are nearly 1,140 stocks still having a difference of more than 10% compared to the historical peak, accounting for about 70% of the total number of traded stocks, clearly reflecting the reality that the VN-Index reaching a peak does not mean that all stocks have recovered.
What to do when the market is "green on the outside, red on the inside"?
As the market sets new records, not all investors feel the “spring”. With most stocks still far from their previous peaks, especially those with a large number of small shareholders, investors are in a state of both expectation and caution.
Mr. Bui Van Huy shared: "The market did not operate smoothly right from the beginning of the wave. There were times when the cash flow only focused on a few groups of stocks such as Vingroup or GEX, or followed short-term stories. Therefore, without careful selection, the phenomenon of "green skin, red heart" will still repeat itself."
Regarding investment strategy, Mr. Huy recommends that long-term investors should consider taking partial profits in industry groups that have increased strongly and have high valuations, while looking for opportunities in stocks that are still reasonably priced, or are "late" but have good fundamentals.
Overall, the Vietnamese stock market is in one of the most memorable stages in its 25 years of development.
VN-Index reached a historic peak, hundreds of stocks "broke out", but there are also many stocks and investors left behind.
The joy is not shared equally, but that does not mean there are no opportunities. On the contrary, the current divergence is a test for smart money to select stocks that have the potential to break out in the next wave.
Source: https://tuoitre.vn/thi-truong-chung-khoan-len-dinh-thoi-dai-rat-nhieu-co-phieu-van-con-tre-song-20250731085434065.htm
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