Profits boom, stock investors still worry about 'undercurrents'

After a series of ups and downs, VN-Index still broke through a total of more than 285 points in nearly three months (+21%). While the profits of businesses and many investors increased, concerns about the 'undercurrent' still prevailed.

Whether or not the upgrade of Vietnam's stock market from frontier to emerging will become a reality will be announced by FTSE Russell in early October, directly impacting market developments at the end of the year - Photo: QUANG DINH

After a series of breakouts, stocks search for equilibrium

Facing increasing selling pressure, only VN-Index fluctuated and closed the last session of this week in red, down 5.39 points (-0.32%), back to 1,660.7 points. Of which, the number of stocks decreasing in price was overwhelming compared to the stocks increasing. Market liquidity decreased, foreign investors continued to net sell with a total value of nearly 2,160 billion VND.

Overall, the VN-Index fell slightly last week. However, if we consider the last three months, the index still increased by a total of more than 285 points, equivalent to about 21%.

June 30	1376.07
July 28	1557.42
August 21	1688
4-9	1696.29
September 26	1660.7

Following the situation, Mirae Asset Securities said that "the decline did not affect the technical assessment of VN-Index", the short-term market status was assessed as neutral.

Kafi Securities expressed a neutral view on VN-Index in the short term, investors should maintain a moderate stock proportion and set a clear stop loss point to manage risks. In the long term, the bullish view is still maintained.

VNDirect Securities' analysis team commented that the fact that the VN-Index just had a decreasing session but the matched liquidity remained at the same level as the two previous increasing sessions, reflects a large selling pressure in the market.

In the short term, we still maintain the view that VN-Index will continue to move sideways in the 1,600-1,700 point range to re-accumulate.

Accordingly, investors should trade cautiously, only consider buying when the index adjusts to near the 1,600 point mark with a balanced state, consider reducing the proportion when the index approaches 1,700 points but liquidity is weak or cash flow does not improve.

According to MBS Securities, during a sideways market period, investors should choose stocks with prices near the peak, or at least above MA20 (the average price of the last 20 sessions, short-term support line). Individual stocks in the following groups can be considered: public investment, seafood, construction and building materials, electricity production and distribution, technology...

Year-end: Catch the profit wave, beware of the undercurrent

Only a few days left to officially enter the last quarter of 2025. "The long-term attractiveness of the stock market remains intact," said the MBS Research analysis team.

However, the factors ensuring the growth of the VN-Index this year still lie in the following factors: a solid macroeconomic foundation, active support policies, the removal of legal bottlenecks, a low interest rate environment combined with the growth of operating profits of listed enterprises on the low base of the same period last year.

The business picture of listed companies this quarter is expected to have a significant impact on the stock market in the fourth quarter of 2025. MBS emphasized: "Profit growth is high and has spillover effects."

Corporate profits could increase by about 25% year-on-year, thanks to a low-interest rate environment, strong public investment disbursement and a series of new support policies.

Of which, the banking group is expected to record a 21.5% increase in profit. Industries with outstanding profit growth in the quarter include: construction (+1,685%), oil and gas (+125%), securities (+73%) and residential real estate (+70%).

Some sectors estimated profit growth lower than the general market such as industrial real estate, as investors are still worried about the new US tariff policy. Or technology - telecommunications, when global demand for information technology services slows down.

In the final stage of 2025, although the market recorded many positive signals, Mirae Asset still noted some potential risks that could impact businesses and the stock market. Notably, the pressure on exchange rate stability, the ability to control inflation could increase if foreign capital inflows into Vietnam do not meet expectations, and the corresponding tax policies also risk disrupting the balance of payments...

YEN NHI

Source: https://tuoitre.vn/loi-nhuan-bung-no-nha-dau-tu-chung-khoan-van-nom-nop-song-ngam-20250928111049591.htm