Vietnam Insight

▶ The index opened the session with a gap up 3.01 points, continuing the previous increase. Domestic buying pressure, although not enough to support the index's correction in the morning session, continued strong net selling by foreign investors. The index fluctuated around the reference level throughout the session. Foreign investors' net selling pressure reversed in the afternoon session with a slight net selling pressure and the index closed above the reference level. 

▶ At the end of the session, the VN-Index increased by 5.50 points (+0.33%), reaching 1,659.92 points; the HNX-Index decreased by 1.33 points (-0.50%), to 267.36 points. Market liquidity improved compared to previous sessions, but liquidity continued to be lower than the 20-session average, reaching VND 24.9 trillion, equivalent to 886 million shares traded. Foreign investors sold a slight net value of VND 46 billion, of which the largest net selling value belonged to VIX, MBB and VCI. On the contrary, HPG, FPT and TCB were the typical net buying stocks.

▶ Technical perspective: VN-Index had a slight correction with low liquidity and did not last long. At the end of the session, VN-Index increased slightly by nearly 6 points, liquidity increased slightly following the recovery trend in the last 3 sessions. The positive point appeared at the end of the trading session when foreigners from net selling of more than 800 billion reversed to strong net buying in the last 15 minutes of the session, we saw that banking stocks received positive foreign cash flow during this period. In November, foreign net selling decreased significantly after 3 consecutive months of strong selling. Up to now, the buying side has had a certain improvement in psychology with improved liquidity and good spread, while the selling force is still maintained at a modest level. With the current development, VN-Index will return to test the upper limit of the sideway border of 1,600-1,700 points. We believe that around the 1,700 area, the selling side will reappear. In the above case, if the market maintains its structure with the principle of the bottom being higher than the previous bottom, this will be a positive signal for investors who are standing outside to observe. 

In the positive case: The market is showing signs of early balance at the 1,600 point area, with liquidity declining sharply across the market and institutional cash flow starting to spread to industry groups with good growth prospects. We believe that the VN-Index will trade in a sideways trend (1600-1700) for the rest of 2025, cash flow is expected to be stronger after the Party Congress in early 2026.

In the negative case: The downtrend continues to increase with trading volume gradually increasing in a downward direction, with no bottom-fishing force appearing around the 1,550-1,580 point threshold. The market may then continue to move towards the 1,500 support zone and lower price zones for testing.

Strategy: Investors following the trading school can observe the market reaction around the 1,650-1,700 range. If the correction sessions do not cause the index to fall out of the sideway channel, this could be a good opportunity for investors following this school to disburse again. Investors following the medium and long-term investment school can start disbursing part of their investment in groups of stocks with good business results and attractive enough discounts such as banking, finance, construction materials, etc.