The HoSE benchmark index opened in the green but only slightly above its reference level during opening price order matching. However, the market quickly turned red. The VN-Index successively dropped below the 1,890, 1,880, and 1,870 point marks in just 20 minutes.

The market saw a slight recovery but continued its decline after 10h. Nearing the midday break, the general index fell to 1,856 points, a drop of nearly 41 points from its reference level.

By the end of the morning session, the VN-Index closed at 1,865 points, adjusting down by nearly 32 points compared to yesterday's close.

The index's sharp decline was driven by 217 stocks on the HoSE exchange falling, accounting for about 63%. In contrast, only 79 stocks remained in positive territory.

Among large-cap stocks, selling pressure also dominated, with 24 codes adjusting their market prices. The VN30 index also fell by more than 20 points.

Movements of the VN-Index and VN30-Index during the morning session on 22/5. Photo: VnDirect

Despite the broad market agreement, the VN-Index still faced pressure from specific stock groups. Notably, the "Vin" duo, comprising VIC and VHM, contributed nearly 20 points to the VN-Index's decline.

Vingroup shares closed the morning session at 211,000 dong, down 3.5%. Meanwhile, Vinhomes' stock decreased by 4.9% to 152,000 dong. Both recorded significant liquidity, with approximately 420 billion dong and 565 billion dong respectively, placing them among the market leaders.

According to statistics from VnDirect, Vingroup's VIC saw active sellers account for up to 74% of matched orders. This ratio for Vinhomes' VHM was 72%.

Total trading value on the HoSE exchange this morning reached nearly 9,400 billion dong, a level comparable to the same period yesterday. The lack of increased liquidity despite the sharp market correction suggests that selling pressure was not excessive, and investors maintained a cautious sentiment.

Foreign investors net sold over 1,800 billion dong during the morning session alone. This selling pressure was concentrated in MSB (over 669 billion dong), VHM (over 210 billion dong), VIC (over 146 billion dong), and HPG (over 100 billion dong), among others.

Investors observe a price board at a securities company in TP HCM, 4/2026. Photo: Quynh Tran

In its pre-market bulletin this morning, VPBank Securities (VPX) stated that the market is currently under pressure from consistent selling at high price levels, especially among stocks that saw significant gains in the previous period. Differentiation among industry groups remains evident, causing index movements to largely depend on a few large-cap stocks rather than broad market consensus.

Technically, as of yesterday's close, the VN-Index remained above the support zone of the 20-day moving average (MA20), indicating that the short-term trend has not yet been broken. However, momentum indicators continue to weaken, suggesting increasing correctional pressure. VPX predicts that if pillar stocks continue to cool down and the index loses the support zone around MA20, the potential for a correction will need to be monitored in the upcoming sessions.

Tat Dat