HÀ NỘI — On the final Friday of June, Việt Nam’s stock market recorded the VN-Index extending its rally to close at the highest level in more than three years, gaining nearly six points to finish at 1,371.04 points. However, the uptrend unfolded against a backdrop of declining liquidity and persistent investor caution.

In the early session, the index performed relatively positively on news of a potential breakthrough in trade negotiations expected within the next fortnight. After a modest early gain, the VN-Index suddenly retreated as selling pressure intensified, at one point losing almost 3.6 points shortly after 10 a.m.

Notably, large-cap stocks such as Vingroup (VIC) and Vinhomes (VHM) dropped to intraday lows of 2.74 per cent and 2.63 per cent respectively. Nevertheless, a robust wave of bargain hunting quickly reversed the decline, enabling the market to recover and maintain positive territory throughout the afternoon.

Masan Group (MSN) emerged as a notable highlight, leading the VN30 basket with a sharp rise of 6.67 per cent to VNĐ76,800 per share, registering record liquidity exceeding over VNĐ1 trillion (US$38.3 million) — the highest since October 2024.

Foreign investors were net buyers of MSN, while continuing to offload FPT. Alongside MSN, other major blue-chips such as Mobile World (MWG) up 2.02 per cent, Vinamilk (VNM) up 2.48 per cent, VHM up 1.32 per cent, and VIC up 0.53 per cent contributed significantly to the index, with this group alone adding approximately 4.2 points.

During the session, market breadth remained volatile but continued to exhibit clear divergence. At the close, the HoSE recorded 163 gainers against 138 decliners, a relatively narrow gap. While leading stocks underpinned the VN-Index’s green finish, overall liquidity in the rest of the market remained cautious.

Although mid- and small-cap stocks saw more active trading, their gains were insufficient to create broad-based momentum. The number of shares rising more than 1 per cent totalled just 72, accounting for around 31.6 per cent of HoSE turnover — a proportion notably lower than during the morning.

Overall market liquidity remained subdued. Total trading value on HoSE for the session reached approximately VNĐ18.58 trillion, down 11 per cent compared to the 20-day average and significantly below the four-week average of over VNĐ21 trillion per session. This also marked the third consecutive session of declining matched orders, underscoring investors’ wariness at fresh highs.

Analysts at Vietcombank Securities (VCBS) assessed that the market continues to fluctuate within the 1,360–1,370 point range, with substantial divergence between sectors. VCBS recommended investors maintain a short-term strategy, continue to hold stocks with strong upward momentum, and cautiously consider selective buying in shares attracting inflows or enjoying supportive news, while carefully monitoring signals of a confirmed breakout above resistance.

Saigon–Hanoi Securities (SHS) likewise advised that any fresh disbursements should be based on updated assessments of companies’ fundamentals, second-quarter earnings, and prospects for the second half of the year, cautioning investors against excessive optimism at elevated price levels.

Experts from SHS remarked: “Although the market continues to set new highs, scepticism still prevails as weak liquidity and insufficiently broad-based buying limit confidence. Investors are advised to maintain a balanced portfolio and implement strict risk management, given the market’s sensitivity and potential volatility at these levels.” — VNS