HÀ NỘI — Việt Nam’s stock market experienced its sharpest correction in nearly two months on Thursday, with the VN-Index falling by more than 12 points as blue-chip stocks weakened across the board and foreign investors posted strong net selling, particularly in Vinhomes shares.

The benchmark index on the Hochiminh Stock Exchange (HoSE) remained in the red for most of the trading session. After a brief rise at the opening, mounting selling pressure soon pushed the market down. In the afternoon session, intensified sell-offs among large-cap stocks dragged the VN-Index to a loss of nearly 17 points at one stage, nearing the 1,325-point mark, before slightly recovering near the close.

At the end of the trading day, the VN-Index had shed 12.2 points, or 0.91 per cent, to close at 1,329.89 — the sharpest single-day loss since mid-April. Decliners outnumbered gainers by three to one on the HoSE, with 233 stocks ending lower, particularly in the securities, real estate, and chemicals sectors.

Within the VN30 basket, 22 stocks declined while only five posted gains. Notably, Petrolimex (PLX) was a rare bright spot, rising 3.6 per cent after announcing a cash dividend payout at a rate of 12 per cent. Some steel stocks such as Hòa Phát Group (HPG), TVN, and TLH also stayed in positive territory, with HPG gaining 1.17 per cent. HPG was also among the most actively net bought stocks by foreign investors.

On the losing side, Vinhomes (VHM) was the most heavily net sold stock by foreign investors, with a net value of approximately VNĐ1.56 trillion. VHM also exerted one of the most negative impacts on the VN-Index. Other Vingroup-related stocks, including Vingroup (VIC), Vincom Retail (VRE), and Vinpearl (VPL), either declined or moved sideways. Besides VHM, foreigners also aggressively offloaded shares of SHP, VCI, and HAH.

Market liquidity on HoSE continued to improve, reaching more than VNĐ24 trillion, up nearly 25 per cent compared to the previous session. However, the dominant selling pressure reflected heightened caution among investors.

According to analysts from Saigon – Hanoi Securities (SHS), the market is witnessing rapid sectoral rotation, offering short-term opportunities for investors who can identify the right stocks. However, SHS also warned of rising risks, citing weakening price performance in many stocks and mounting selling pressure, especially after the recent bullish streak.

"Investment positions should be carefully selected based on the specific growth prospects of each enterprise. We do not recommend increasing exposure at current price levels," SHS said in its end-of-day report. — VNS