The Vietnamese stock market fell in the last session of the week due to increased profit-taking pressure at the historical peak. The VN-Index fell 10.69 points to 1,630 points, ending the consecutive increasing sessions. Liquidity remained high, reflecting the excitement in both buying and selling directions; demand at low prices still appeared, helping the index not to fall too deeply.
In the group of large-cap stocks such as banking stocks, the performance slowed down, most of them decreased: BID -2.7%, LPB -3%, MSN -2%, STB -2.7%, TCB -2.1%... On the increase side, there wereACB , HDB, MBB, VIC, VJC, VPB...
Meanwhile, in the real estate group, the downward pressure was strongest, with NBB hitting the floor, DIG -4.3%, CEO -4.7%, NLG -4.9%, TCH -5%, DXG -3.2%, NVL -4%... The securities group also recorded decreasing codes, including VDS -4.8%, BVS -3.9%, FTS -3.2%, VCI -2.8%, CTS -3.6%... On the upside, VIX, ORS, IVS, DSC hit the ceiling; PHS +13.7%, VFS +5.6%, VND +2.1%... In which, VIX continued to set a new peak, up 133% compared to the beginning of July 2025 thanks to outstanding Q2/2025 business results.
Overall for the week, VN-Index still increased by 45 points, showing that the short-term uptrend continues when the price remains above MA10 and MA20. The fluctuations at the peak are considered normal.
The developments of the past week showed that the VN-Index increased quite positively but liquidity has not improved accordingly, while the RSI indicator has entered the overbought zone. Therefore, the fluctuations that appear are understandable and are considered necessary to cool down speculative cash flow in the short term. The medium- and long-term uptrend of the market is still maintained.
The investment strategy recommended by HSC Securities is to continue holding but need to raise the stop-loss threshold to preserve the results. New disbursements need to be noted because next week there will be a derivative expiration with OI > 52,000 contracts, with the possibility of strong fluctuations. Therefore, according to experts from HSC, disbursements should be controlled, corrections prioritized, stocks with tight accumulation and supportive fundamentals should be selected, and FOMO should be avoided during hot increases.
Mr. Le Duc Huy, Head of Market Strategy Department, Agribank Securities Joint Stock Company, said that entering the new trading week (August 18-22), VN-Index will likely fluctuate in the range of 1,615 - 1,650 points to absorb profit-taking pressure. After the accumulation period, the index is expected to continue its upward trend, heading towards a new peak around 1,680 - 1,700 points.
According to data from Fiinpro, as of August 15, 2025, VN-Index is trading at a P/E of 14.78x, which is 1-2 standard deviations higher than the 3-year average and is considered a high valuation under normal conditions. However, if placed in the context of a positive market trend, the current P/E is still significantly lower than past peaks. Therefore, the valuation of 14-15x is not the ceiling that the market is willing to pay for the current medium-term uptrend.
The market has increased by 50% from the bottom in just 4 months, with the leading sectors being real estate , banking and securities. After a period of strong growth, pillar stocks, leading the wave, will usually have a break or even a correction .
Mr. Huy said that the current cash flow is still being allocated to both groups of stocks with two different investment nuances, reflecting the trade-off between profits and investors' risk tolerance.
A part of the cash flow continues to flow strongly into the leading stocks that have increased before, especially focusing on stocks that hit the ceiling price during the session, this is a group of investors who like to take risks. The risk in this group is not small when it is possible to lose right from T0, but if everything goes well, the short-term profits achieved will be quite attractive thanks to the breakthrough strength of this group of stocks.
On the contrary, other investors have proactively restructured their portfolios, reducing the proportion of stocks when the market is high or shifting to industry groups and stocks that have not increased much in the uptrend of the past 3 months. The advantage of this group is that the price has not left the base area, so if there is an adjustment, the selling pressure may not be significant. Some notable industry groups in the second half of the year that may attract the attention of cash flow include: construction, materials, oil and gas and industrial parks.
Source: https://baodautu.vn/goc-nhin-ttck-tuan-18-228-duy-tri-nam-giu-nhung-can-nang-nguong-chan-lo-d361754.html
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