The strength of blue-chip stocks pushed the VN-Index to close today at 1819.83 points, while the peak was around 1880-1900 points. This development is reminiscent of last December's rally, when just a few large-cap stocks were enough to lift the index to new heights.
VN-Index and the 20-day and 50-day moving averages (MA20 and MA50).The VN-Index didn't gain much this afternoon, only inching up 0.07% from the morning closing level. This was due to VIC hitting its ceiling price, meaning it couldn't rise any further. VHM also remained unchanged at its 4.45% increase from the end of the morning session. Statistics show that 8 stocks in the VN30 basket edged up in the afternoon, but 20 stocks fell. The fact that the index managed to hold its ground in that situation is already quite good.
VIC and VHM alone contributed 27 points to the VN-Index, which is more than the index's overall increase of 19.18 points. During the second half of December 2025, while the VN-Index rose by over 15%, VIC increased by over 46%, VHM by 60%, and most other stocks declined.
Today was not much different; the breadth of the HoSE market was only 105 gainers/213 losers, and even the VN30 only had 11 gainers/18 losers. This means there is a high probability that investors will lose money while the VN-Index rises.
A positive aspect of the VN30 group is that the number of stocks experiencing significant declines is not large, and is even fairly balanced (in terms of quantity) with the number of gainers. Specifically, the blue-chip basket recorded 8 stocks that fell by more than 1% and 7 stocks that rose by around 1% or more. The weakest performers were only CTG (down 1.28%) and GAS (down 1.01%), both belonging to the leading group. On the gainer side, only VIC and VHM, the two largest Capital stocks in the market, were enough to ensure the index's positive performance. The remaining stocks, VPL (up 2.5%), MSN (up 1.04%), and MWG (up 1.63%), also performed quite well.
The rest of the market was different: Prices were significantly lower than in the morning, with nearly 100 stocks falling by more than 1%, compared to only 83 in the morning session. The number of high- liquidation stocks in this group almost doubled, with 18 stocks trading exceeding 100 billion VND. FPT (down 1.33%), MBB (down 1.13%), CTG (down 1.28%), and VIB (down 1.15%) all had high liquidation .
Some stocks still attracted capital and held their prices, but the gains were not significant.For midcap stocks, selling pressure was dominant in many stocks: VIX fell 2.2%, NVL fell 2.86%, EIB fell 1.54%, VCK fell 4.85%, VCG fell 1.79%, BSR fell 1.34%, VSC fell 2.06%... all with liquidation exceeding 200 billion VND each. A significant number of stocks also fell by more than 2% with lower liquidation .
However, the liquidation share of the sharply declining stocks did not increase compared to the overall market. Overall, trading in the 100 weakest-performing stocks still only accounted for 26.2% of the total trading value on the HoSE exchange, similar to the morning session. This indicates a significant increase in the number of stocks experiencing sharp declines, but trading volume was not exceptionally high. The price drops in low- liquidation were also due to weak demand, as well as the inherent low liquidation making prices volatile.
On the upside, there weren't many outstanding stocks; besides the Vin group, only MSN, MWG, POW, TCH, and KBC were significant. These stocks had risen since the morning and had fairly good liquidation , and continued to receive additional capital inflows this afternoon.
Thus, today's developments are similar to yesterday's session, with blue-chip stocks still being the reason for the VN-Index's rise, but most stocks are undergoing a correction. Liquidation has actually decreased. Specifically, the total value of matched orders on both exchanges at the end of the day recorded a 1% increase, but if VIC and VHM are excluded, it decreased by about 4%.
Foreign investors reduced their selling intensity in the afternoon session but maintained their buying volume, helping to mitigate the negative net position of -212.6 billion VND, compared to -972.9 billion VND in the morning. They Dump heavily in FPT, from -230.5 billion VND in the morning to -524 billion VND at the end of the day. VHM also saw additional selling, but not as much, with a net value of -503.2 billion VND. HCM joined the new Dump group with -118.7 billion VND. VIX -98.3 billion VND and NVL -76 billion VND showed little change. Net buyers included VIC (+465.2 billion VND), SSI (+235.2 billion VND), HPG (+75.4 billion VND), ACB (+72.6 billion VND), and TCH (+62.4 billion VND).
