VN-Index rose, but the market remained bearish.

The first trading session of the week on May 25th saw the VN-Index rise nearly 9 points to 1,886 points, but the actual market performance showed a cautious sentiment prevailed as red dominated, liquidity plummeted to a record low, and foreign investors sold net more than 2,000 billion VND.

Cash flow weakened sharply on May 25th as market liquidity fell to its lowest level in weeks, while foreign investors continued to net sell over 2 trillion VND on the HoSE.

The stock market opened the new week in a mixed state, with the VN-Index rising 8.9 points, or 0.47%, to 1,886.03 points. However, market breadth leaned heavily towards declines, with 174 stocks falling compared to only 129 rising on the HoSE. This indicates that the index's upward momentum was mainly driven by a few large-cap stocks, while the majority of stocks remained under downward pressure.

The biggest driving force supporting the market came from the real estate sector, especially the trio of Vingroup stocks. VRE surged 3.47%, VHM increased 3.19%, and VIC gained 1.06%, contributing approximately 11 points to the VN-Index. VHM alone briefly rose nearly 4% in the afternoon session before cooling down towards the end of the day.

In addition, the financial sector, including banks and securities, also traded more actively in the latter half of the session. A series of bank stocks recorded significant gains such as ACB up 3.06%, HDB up 2.13%, SSB up 2.99%, LPB up 1.5%,SHB up 1.11%, VIB up 1.27%, and EIB up 1.42%. The recovery of blue-chip stocks helped the VN30-Index increase by 0.54%, significantly higher than the morning's gain.

However, the most notable point in the session was the sharp decline in liquidity. The total value of matched orders on the HoSE reached less than 13,900 billion VND, and if both listed exchanges are included, the trading value was only around 14,689 billion VND, a decrease of 26% compared to the previous session and the lowest level since the end of April 2025.

Weak cash flow reflects cautious investor sentiment after a period of significant market volatility. Notably, the majority of cash flow was concentrated in the VN30 group, while small and medium-sized stocks continued to weaken. The VN30 group alone accounted for over 62% of the trading value on the HoSE exchange in the afternoon session.

Conversely, selling pressure remained strong across many sectors. Oil and gas stocks became the focus of correction as weakening global oil prices triggered a wave of sell-offs. Numerous stocks experienced sharp declines, including BSR ( down 5.05%), PLX (down 5.36%), PVD (down 4.91%), PVS (down 4.76%), PVT (down 4.97%), and OIL (down 5.77%).

The materials and information technology sectors also plunged into the red. GVR fell 2.83%, DCM lost 3%, while FPT dropped 2.13%. Statistics show that the number of stocks declining by more than 1% increased to 92 by the end of the session, reflecting the continued widespread selling pressure.

Another negative aspect of the market was the aggressive net selling by foreign investors. On the HoSE, foreign investors sold net more than 2,000 billion VND, marking the third consecutive session of strong net selling. The focus of the selling continued to be MSB shares with a net selling value of over 1,500 billion VND. In addition, HPG was sold net more than 212 billion VND, ACB nearly 136 billion VND, FPT about 53 billion VND, and KDH about 44 billion VND.

On the buying side, foreign capital focused on MSN with a net buying value of approximately 145 billion VND, followed by HDB with over 112 billion VND, VIC with over 66 billion VND, VCB with nearly 63 billion VND, and VHM with about 33 billion VND. However, this buying pressure was not enough to offset the strong selling pressure at MSB.

According to Mr. Han Huu Hau, CEO of Hy Maxpro, a securities analysis specialist, current developments indicate that the market is entering a phase of strong differentiation and lacks clear breakout momentum.

“The VN-Index rose, but the number of declining stocks overwhelmingly outnumbered rising stocks, indicating that capital is consolidating into blue-chip stocks. Liquidity has dropped to very low levels, reflecting investors' defensive sentiment in the face of short-term risks. Given the continued strong net selling by foreign investors, the market may continue to fluctuate in the coming sessions,” Mr. Hau commented.

According to this expert, despite the weakening cash flow, the fact that large-cap stocks are still supporting the market is the most positive sign at the moment. However, for a sustainable upward trend to return, the market needs a significant improvement in liquidity as well as a shift of cash flow to mid-cap and small-cap stocks.

Closing the trading session on May 25th, the VN-Index rose nearly 9 points, but the overall market picture remained quite cautious. Liquidity at multi-month lows, coupled with significant net selling pressure from foreign investors, continues to be a barrier preventing investor sentiment from becoming more positive in the short term.

Source: https://thoibaonganhang.vn/vn-index-xanh-diem-thi-truong-van-do-long-182511.html