After Rally, Market Slightly Adjusts, Liquidity Weakens, Fund Flows Continue to Diverge

Keywords:<\/strong> VN-Index, liquidity, large-caps, foreign capital, banking, oil & gas, construction, fund flow divergence<\/p>

Introduction<\/h2>

After three consecutive days of gains, the Vietnamese stock market turned weaker on the trading day of June 25, 2026, due to increased profit-taking pressure on large-cap stocks. The VN-Index fell back to around 1,860 points, retesting the gap formed by the previous rally. This indicates that market sentiment remains cautious, and funds have not yet spread widely, still concentrated on a few stocks.<\/p>

At close, the VN-Index stood at 1,863.07 points<\/strong>, down 14.95 points<\/strong>, a decline of 0.80%<\/strong>. Despite the index decline, the market did not turn weak across the board; many sectors and stocks still ended higher. However, the overall pattern showed clear divergence, reflecting a tug-of-war between tentative buying and profit-taking.<\/p>

Large-Cap Pressure Drags Index Lower<\/h2>

The biggest negative impact in this trading session came from stocks related to Vingroup, especially VIC, VHM, VLE, and VPL<\/strong>, which faced heavy selling pressure. In addition, many other heavyweight stocks also corrected simultaneously, with general declines between 2% to 3%<\/strong>, such as BSR<\/strong> (Oil & Gas), DGC<\/strong> (Chemicals), PNJ<\/strong> (Retail), and GMD<\/strong> (Ports).<\/p>

This shows that once the leading stocks weaken, the overall index can easily lose balance. The previous rally was mainly supported by a few pillars, so when buying in these stocks stalled, adjustment pressure quickly emerged. This is a common signal when the market is in a repair phase but lacks broad consensus.<\/p>

On the positive side, selling pressure did not spread to the entire market. Some stocks still attracted fund flows and rose against the trend, indicating that investors are not fully fleeing but shifting to more selective allocation.<\/p>

Funds Still Searching for Stocks with Stories<\/h2>

In today's trading, a few standout stocks performed strongly like "small boats" sailing against the tide. Specifically, TCB and OCB in the banking sector, POW in the power sector, and VHC and ANV in the seafood sector all rose around 3% to 5%<\/strong>.<\/p>

This shows that fund flows are still selective, preferring stocks with clear logic, reasonable valuation, or improving earnings expectations. In an environment where the broader market lacks breakout momentum, investors tend to favor companies with clearer short-term prospects rather than chasing the entire market.<\/p>

The banking sector remains a relative bright spot, continuously attracting fund attention. In addition, the power and seafood sectors also show some appeal, reflecting market expectations for short-term margin improvement and export prospects.<\/p>

Market Breadth Weak, Liquidity Clearly Declines<\/h2>

Market breadth was clearly bearish in this session, with 177 stocks declining<\/strong> versus 119 advancing<\/strong>. This gap indicates that defensive sentiment still exists, even though the market has not entered a panic sell-off phase.<\/p>

More notably, liquidity continued to contract. Trading volume on the Ho Chi Minh Stock Exchange was about 491 million shares<\/strong>, down 22.53%<\/strong>; total trading value was 1,613.6 billion VND<\/strong>, down 11.36%<\/strong>. Compared with the 20-day average, overall market liquidity fell by as much as 28.5%<\/strong>, a significant drop and one of the thinnest trading days since the beginning of the year.<\/p>

Weak liquidity is a signal that needs close monitoring, as it reflects a lack of consensus between buyers and sellers. When funds are insufficient to provide strong support, the market can easily enter a "range-bound consolidation" state, where gains and losses are mainly driven by a few large caps. This weakens the sustainability of the overall trend and makes it more vulnerable to short-term profit-taking.<\/p>

Sector Performance: Construction, Banking, and Aviation Relatively Resilient<\/h2>

Although the VN-Index fell, 11 sectors<\/strong> still ended in the green. The strongest performers were Construction (+1.46%)<\/strong>, Banking (+1.15%)<\/strong>, and Aviation (+1.14%)<\/strong>. These three sectors partly offset the index decline, reflecting that funds are flowing into areas with relatively more fundamental support.<\/p>

On the other hand, Oil & Gas (-2.56%)<\/strong>, Chemicals (-2.37%)<\/strong>, and Real Estate (-2.00%)<\/strong> faced the heaviest selling pressure. These sectors are highly sensitive to changes in fund flows and investor sentiment. When the broader market lacks momentum, cyclical sectors are often the first to be sold off.<\/p>

This divergence indicates that the market is repricing. Sectors supported by positive news or clear earnings expectations still have room to resist declines, while previously rallied sectors are more prone to profit-taking pressure.<\/p>

Foreign Investors Sell Heavily, Adding Pressure to Market Sentiment<\/h2>

At the market level, foreign investors continued to accelerate net selling, with a net sell of about 1,073 billion VND<\/strong> in a single day. This is a factor worth noting, as foreign capital typically has a strong impact on trading sentiment, especially among large-cap stocks.<\/p>

On the buying side, foreign investors allocated to some stocks, such as LPB net buy 43 billion VND<\/strong>, POW net buy 39 billion VND<\/strong>, and BMP net buy 23 billion VND<\/strong>. These choices are relatively selective, indicating that foreign investors still prefer stocks with solid fundamentals or clear sector logic.<\/p>

Conversely, the heaviest selling pressure was concentrated on VHM, with a net sell of 181 billion VND<\/strong>, followed by CTG net sell of 160 billion VND<\/strong> and FPT net sell of 137 billion VND<\/strong>. Foreign investors' reduction in leading stocks further increased pressure on the broader market, especially against the backdrop of weakening domestic liquidity.<\/p>

Investment View: Wait Patiently for Liquidity Confirmation<\/h2>

Today's pullback is not structurally very bad, but it reminds us that the market has not yet escaped a fragile foundation. The index fell mainly due to weakness in Vingroup-related large caps, indicating that pressure on the main supporting pillars is still key to the short-term direction of the VN-Index.<\/p>

More importantly, liquidity remains a variable to watch closely. When trading volume drops significantly and stays below the 20-day average, the ability to sustain upward movement becomes limited. Fund flows have not yet shown signs of spreading to multiple sectors, still concentrated on a few stocks.<\/p>

Therefore, a more suitable strategy at present is to prioritize risk management, maintain reasonable positions, and only consider adding positions after the market provides clearer confirmation in terms of liquidity, breadth, and consensus among leading sectors. Investors can continue to watch stocks with strong fundamentals, stable earnings, or clear growth prospects, but should avoid chasing short-term rebounds lacking fund support.<\/p>

Conclusion<\/h2>

The trading on June 25, 2026, showed that the Vietnamese stock market entered a short-term adjustment after three consecutive days of gains. Although the VN-Index fell, the overall picture is not entirely negative, as many individual stocks and sectors still ended in the green. However, weakening liquidity, increased selling pressure on key pillars, and significant net selling by foreign investors indicate that the recovery still needs more time to consolidate.<\/p>

In the short term, the market may continue to operate within a narrow range, with stock divergence remaining pronounced. In an environment where fund flows have not yet formed a sufficiently strong trend, caution, discipline, and patience are especially important for investors.<\/p>