VN-Index loses the 1,900-point mark, selling pressure spreads.

The stock market plunged into the red on the morning of May 22nd as strong profit-taking pressure intensified in large-cap stocks, dragging the VN-Index down nearly 32 points and losing the psychological 1,900-point mark. Amidst aggressive net selling by foreign investors and weak liquidity, many securities companies simultaneously warned of the risk of the market entering a short-term correction phase.

Widespread selling pressure, with blue-chip stocks dragging the market down sharply.

The morning trading session on May 22nd saw negative developments in the Vietnamese stock market, with strong selling pressure from the start and spreading across most sectors. At the close of the morning session, the VN-Index fell 31.92 points, or 1.68%, to 1,864.97 points.

This also marks the first time in weeks that the index has fallen below the 1,900-point mark, amid a clear shift in investor sentiment towards a defensive stance.

The stock market was awash in red during the morning session on May 22nd. (Screenshot)

Market breadth heavily favored sellers, with 408 stocks declining, including 18 hitting the floor limit, while only 189 stocks advanced. Total market liquidity reached over 10,195 billion VND with approximately 408 million shares changing hands, indicating continued profit-taking pressure despite a more cautious flow of capital compared to previous sessions.

Real estate stocks continued to be the main factor dragging down the market. Stocks belonging to the Vingroup ecosystem all fell sharply, putting significant pressure on the overall index. Specifically, VIC experienced a deep drop, subtracting approximately 12.45 points from the VN-Index, while VHM caused the index to lose another 6.6 points. Other stocks such as VRE, PDR, VPI, and CEO also all plunged into the red.

According to market map data, the real estate sector declined by an average of over 3.2%, becoming the biggest loser of the session. Not only real estate, but many sectors that previously played a leading role, such as telecommunications services, energy, finance, industry, and transportation, also faced significant downward pressure.

In the banking sector – a crucial pillar of the market – selling pressure also increased significantly. Large-cap stocks such as VCB, BID, CTG, TCB, VPB, MBB, and HDB all declined, weakening efforts to support the market. The securities sector also faced downward pressure, with numerous stocks like VIX, SSI, HCM, SHS, and VND falling sharply in line with the overall market trend.

Notably, foreign investors continued their strong net selling trend in many large-cap stocks. According to trading statistics, MSE was the most heavily sold stock with a value of over 669 billion VND. This was followed by VHM with approximately 210 billion VND, VIC with about 146 billion VND, and HPG with over 100 billion VND. Conversely, net buying was only seen in a few stocks such asFPT and HCM, with relatively modest values.

The strong net selling by foreign investors, as the VN-Index approaches its historical peak in early 2026, further fuels concerns about the possibility of the market entering a technical correction phase.

Despite the sharp decline in the overall market, the HNX-Index maintained its positive momentum, rising 2.09 points to 266.46 points, mainly driven by THD shares. Meanwhile, the UPCoM-Index fell slightly by 0.17%, indicating a widespread cautious trend.

Besides the overall market decline, the morning session on May 22nd also saw attention on AAN shares of A An Foodstuff Joint Stock Company on its first day of listing on the HOSE. From the reference price of 15,000 VND/share, the stock quickly rose to its maximum limit of 18,000 VND/share, bringing the company's market capitalization to nearly 1,200 billion VND. However, this single bright spot was not enough to improve the overall market sentiment.

Securities companies are issuing warnings about short-term risks.

After a strong surge lasting eight consecutive weeks, from around 1,600 points to near 1,930 points, many securities companies believe the market is entering a sensitive phase with increased risk of short-term correction.

Widespread selling pressure caused the VN-Index to fall below the 1,900-point mark. (Illustrative image)

According to Saigon - Hanoi Securities Company (SHS), the VN-Index is facing the risk of forming a short-term peak and a medium-term double-top pattern as it has yet to surpass its historical peak from early 2026. SHS believes that market quality is weakening as short-term profit opportunities are gradually decreasing, while significant correction pressure is concentrated in the Vingroup group of stocks - a group that previously played a leading role in the upward trend.

Sharing a cautious view, Thien Viet Securities (TVS) assessed that the VN-Index closing below the psychological threshold of 1,900 points and losing the 10-day moving average (MA10) signals that the short-term uptrend has weakened significantly. TVS forecasts that the index is likely to retreat to the support zone around 1,850 points if selling pressure continues. The company recommends that investors should not open new buy positions at this time.

Meanwhile, VPBank Securities (VPBankS) believes that the current correction is a crucial test of the market's previous recovery trend. According to VPBankS, the decline in liquidity below the 20-day average reflects clear hesitation in capital flows and suggests that significant volatility and divergence may continue in the coming sessions.

From a technical perspective, Phu Hung Securities (PHS) notes that indicators such as MACD and RSI are weakening, reflecting a gradual decrease in upward momentum. PHS believes that the VN-Index is likely to test the support zone of 1,850 - 1,880 points in the short term. In a more negative scenario, if the 1,845 point mark is lost, the index could fall further to the psychological 1,800 point level. The company recommends that investors take advantage of technical rebounds to restructure their portfolios and reduce their stock holdings to a safe level instead of chasing the price.

Nevertheless, the market still exhibits more neutral views. Asean Securities Company (Aseansc) believes that the VN-Index is currently showing neutral signals as it continues to fluctuate around the MA10 and MA20 levels. According to Aseansc, short-term investors should maintain an average proportion of stocks, avoid chasing prices, and prioritize groups with specific supporting narratives such as market upgrades, state divestment, or benefits from public investment policies and offshore oil and gas.

With the market entering a period of significant volatility, analysts believe that portfolio risk management will become a top priority. Current capital flows are becoming more selective rather than widespread as in previous periods, forcing investors to focus on company quality and capital management strategies instead of chasing short-term speculation.

Source: https://baotintuc.vn/thi-truong-tien-te/vnindex-mat-moc-1900-diem-ap-luc-ban-lan-rong-20260522120357509.htm