Stock market last week: Selling pressure spread, bottom-fishing cash flow remains cautious

The first trading week of November ended with many negative fluctuations when selling pressure increased sharply, causing the VN-Index to lose the important psychological support level of 1,600 points. This was also the fourth consecutive week of decline, reflecting widespread pessimism and cautious cash flow of investors.

Foreign investors net sold for the 16th consecutive week - negative signals have not stopped

During the week of November 3-7, the Vietnamese stock market recorded sharp declines at the beginning of the week, interspersed with two short technical recovery sessions, before falling deeply in the last session of the week. At the end of the week, VN-Index lost 40.55 points (-2.47%), closing at 1,599.1 points, officially breaking through the strong support zone of 1,600 points. Compared to the peak of 1,794.58 points set on October 14, this index has decreased by nearly 200 points in just four weeks.

The decline was not limited to HoSE. The HNX-Index also ended the week at 260.11 points, down 5.74 points (-2.16%), while the UPCoM-Index was a rare bright spot with a slight increase of 1.77%. Regionally, Vietnamese stocks were among the top 10 markets with the sharpest declines of the week, along with the Nikkei 225 (-4.07%), Kospi (-3.74%) and the Philippines' PSEi (-2.87%).

Market liquidity continued to decline, reaching VND126,380 billion, 8.15% lower than last week. Notably, the session on November 6 recorded the lowest matched value in 5 months, down 45.6% compared to the average of the last 20 sessions, showing that cash flow is gradually withdrawing from the market.

Foreign investors maintained their net selling streak for the 16th consecutive week, with a total value of VND2,613 billion. Specifically, they net sold VND2,204 billion on HoSE, VND476.54 billion on UPCoM and only net bought VND67.46 billion on HNX. Although still selling, the intensity of net selling has somewhat "cooled down" when the monthly net selling value has decreased from VND30,000 billion in August to VND23,274 billion in October.

Looking at each code, STB was the most heavily net sold with over 14.6 million shares (equivalent to VND756.8 billion), followed by HDB (VND425.9 billion) and MBB (VND283 billion). On the other hand,FPT was the most net bought by foreign investors thanks to its double-digit growth in Q3 business results and positive software export prospects. On the HNX, PVS led the net buying group with 6.35 million shares, worth over VND220 billion.

During the week, VIC stock was still a bright spot, contributing more than 8 points to the VN-Index, despite falling 3.9% in the last session of the week. Previously, this code had four consecutive sessions of increase, ending the week still up 4.55%. On the contrary, many large-cap stocks put pressure on the index: VHM caused the VN-Index to fall 6.4 points, TCB fell 3.2 points, STB fell 2.9 points, VPL fell 2.2 points and MWG fell 2 points.

On the UPCoM floor, Masan Consumer was a bright spot with an impressive increase, contributing 2.62 points to the UPCoM-Index, in the context that this enterprise is preparing to transfer its listing to HoSE in the fourth quarter of 2025 or early 2026.

A notable highlight is that the supply increased sharply in the afternoon, especially after 2 p.m. in many sessions, reflecting investors' risk-averse sentiment. Although bottom-fishing demand appeared around the 1,600-point mark midweek, the recovery momentum quickly weakened. The fact that the VN-Index broke through 1,600 points at the end of the week shows that bottom-fishing cash flow is still cautious and not strong enough to maintain the recovery.

Mr. Hoang Xuan Chien - Business Development Director of the investment consulting division of VPS Securities said that the adjustment pressure is likely to still come from pillar stocks such as banks and Vin. However, the mid-cap group is showing more positive signs, possibly creating a short-term bottom in the near future. He predicted that next week the market may still fluctuate strongly to shake off weak stocks, thereby activating new cash flow. "If demand returns, the VN-Index may experience a technical recovery; on the contrary, the index may fall back to the 1,500 - 1,520 point range," he said.

According to AIS Securities, the 1,600 - 1,610 point range is considered an important support level. Failure to maintain this range will increase the risk of a deep decline. Despite a strong recovery on November 4, the VN-Index quickly "lost strength" in the remaining sessions and ended the week below 1,600 points.

Meanwhile, VCBS recommends that investors take advantage of technical recoveries to restructure their portfolios, reduce the proportion of weak stocks and limit chasing high-priced stocks. Asean Securities also shares the view that the VN-Index will continue to fluctuate in the short term while moving below the MA5 and MA20 average lines. Investors should hold stocks with good price bases, or disburse small amounts into stocks with RSI signals entering the oversold zone.

Therefore, last week was a big test for the market when the support level of 1,600 points was broken, cash flow was weak and investor sentiment was eroded after four consecutive weeks of decline. In the short term, the possibility of recovery can only appear when the bottom-fishing demand is strong enough and foreign cash flow stops net withdrawal. Investors should maintain a cautious strategy, prioritize capital preservation and wait for clearer signals about the new equilibrium point of the market.

Source: https://thoibaonganhang.vn/thi-truong-chung-khoan-tuan-qua-ap-luc-ban-lan-rong-dong-tien-bat-day-van-de-dat-173303.html