Profit-taking pressure grows as market retreats

Profit-taking pressure grows as market retreats

At the close, the VN-Index had dropped 9.21 points, or 0.7 per cent, to 1,313.84 points.

Vietnam Airlines parked at Nội Bài Airport, Hà Nội. The national carrier’s HVN shares rose sharply on a bearish market day. — VNA/VNS Photo

Việt Nam’s stock market reversed course on Thursday, with the VN-Index retreating to just above 1,310 points, as profit-taking intensified. Liquidity rose slightly compared to the previous session, while foreign investors recorded a modest net buying on the Hồ Chí Minh Stock Exchange (HoSE).

The market opened positively in the morning, supported by gains from the Vingroup ecosystem and several leading stocks, with the VN-Index briefly surpassing the 1,320-point mark by late morning. However, the momentum quickly faded in the afternoon as widespread selling pressure – particularly in the VN30 group – dragged the VN-Index down near 1,310 points.

At the close, the VN-Index had dropped 9.21 points, or 0.7 per cent, to 1,313.84 points.

Market breadth leaned heavily towards decliners, with 214 stocks falling versus only 98 gaining. Liquidity increased slightly by 4.7 per cent compared to the previous session, reaching VNĐ26.4 trillion (approximately $1 billion). Meanwhile, foreign investors recorded a modest net buying of VNĐ114 billion on HoSE.

The VN30-Index, which tracks the 30 largest listed firms by market capitalisation, also declined by 9.8 points, or 0.69 per cent, to close at 1,409.56. Within the basket, 24 stocks lost ground, four gained and two remained unchanged.

Leading the losses was Vinpearl Joint Stock Company (VPL), which experienced its steepest drop since listing. VPL declined by 6.12 per cent, erasing over 2.1 points from the VN-Index.

Other notable laggards included Vingroup JSC (VIC), down 1.07 per cent, VietinBank (CTG), down 1.52 per cent and tech heavyweight FPT Corporation (FPT), which dropped 1.27 per cent.

On the upside, gains in several large-cap stocks helped cushion the market’s fall. Notably, Vietnam Airlines JSC (HVN) soared 6.04 per cent, contributing over 1.2 points to the Index. Vinhomes (VHM) rose 1.19 per cent, PetroVietnam Gas JSC (GAS) gained 1.16 per cent, and Eximbank (EIB) advanced 4.2 per cent.

Analysts from Saigon – Hanoi Securities (SHS) said: "The market is exhibiting strong divergence as the VN-Index has returned to its pre-tariff announcement levels. Part of the momentum has been driven by Vingroup stocks, particularly VIC, which has surged impressively from the VNĐ41–45 range and is now targeting the VNĐ96–110 band – its highest levels in years 2018, 2019, and 2021."

They added: "The total market capitalisation is currently around $300 billion and the VN-Index is at its March 2025 peak, representing a significant resistance level. It is unlikely to be surpassed in the short term without strong fundamental drivers. The market's future will depend heavily on enterprise growth outlooks once tariffs are officially applied post-trade negotiations. This is not an attractive zone for additional disbursements. Investors should be highly selective and growth-oriented in their allocations."

On the Hà Nội Stock Exchange (HNX), the HNX-Index also declined by 0.67 points, or 0.31 per cent, to 216.79 points. Trading value on the northern bourse reached VNĐ1.4 trillion, equivalent to more than 92 million shares traded. 

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