The VN-Index maintained positive territory for most of the first trading hour. The market saw a relatively balanced number of advancing and declining stocks, with the overall index primarily buoyed by a few key large-cap stocks, most notably VHM.

After 10:00, the stock market dipped below its reference level but not significantly, fluctuating down by around 3 to 5 points. The market then traded sideways until the at-the-close (ATC) session. From 1,825 points, the benchmark index sharply plummeted below 1,803 points, marking a decrease of approximately 28 points from its reference level.

During the 15-minute at-the-close (ATC) trading period, numerous stocks, notably VHM, VPL, and MCH, simultaneously hit their daily floor prices. However, these lowest-price sell orders primarily stemmed from the quarterly restructuring activities of exchange-traded funds (ETFs). The affected stocks remained at their floor prices for only a few minutes before quickly recovering. VPL, in particular, even surged to its ceiling price during the ATC session.

Today marked the scheduled Q2 portfolio restructuring day for major exchange-traded funds (ETFs) such as FTSE, VNM, and Fubon. This is when investment funds execute buy, sell, add, or remove orders for stocks within their portfolios to precisely mirror their benchmark indices. These transactions are typically conducted during the at-the-close (ATC) session, often leading to short-term market volatility.

The market stabilized by the end of the session. The VN-Index closed above 1,824.5 points, down nearly 6 points compared to its reference level.

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

Despite the recovery, the HoSE recorded 203 declining stocks, which was 2.5 times the number of advancing stocks. This indicated a prevailing selling pressure across the market.

Excluding the tourism-entertainment and automobiles and auto parts sectors, all other industry groups saw their indices decline. Among these, construction-materials, telecommunications, chemicals, and retail sectors demonstrated the weakest performance.

Amidst these declines, the overall index did not fall too deeply. This was because the VN-Index received support from key large-cap stocks such as VHM, LPB, STB, and TCX. Vinhomes (VHM) stock maintained its positive momentum with a slight increase of 0.6%. It also led market liquidity, reaching nearly 1,488 billion VND.

The total transaction value on the HoSE reached over 18,800 billion VND, an increase of nearly 1,400 billion VND compared to yesterday. While improved, this liquidity level remained lower than previous periods.

Foreign investors continued their net selling streak for the fourth consecutive session, offloading approximately 1,633 billion VND. Selling pressure concentrated on VHM, FPT, STB, and TCB. Conversely, foreign funds actively purchased VPL and VCK.

Overall for the week, the VN-Index increased by nearly 33 points, reversing a four-week consecutive decline. However, the upward trend remains uncertain, lacking support from significant capital inflows.

In its pre-market bulletin this morning, Beta Securities (BSI) stated that the influence of large-cap stocks, continued net selling by foreign investors, and overall market liquidity remain critical factors to monitor. Investors are advised to exercise caution in short-term transactions, avoid emotional buying and selling, and manage risks associated with using leverage.

Tat Dat