Energy stocks buck the market trend.

Opening the trading session on the morning of May 18th, the market was shrouded in red as selling pressure increased across the board, with the VN-Index fluctuating around the MA5 line, equivalent to the 1,910 point mark.

After more than an hour of trading, the VN-Index fell slightly by 8 points, with the number of declining stocks more than double the number of rising stocks, and the VN30 group also not performing well.

Meanwhile, energy stocks were a bright spot in the market, with GAS and PLX rising by around 3%, and BST and PVD both increasing by more than 2%.

At the close of this morning's trading session, the oil and gas sector witnessed strong gains with PLX (+5.33%), PVS (+4.39%), BSR (+3.31%), PVD (+5.79%), OIL (+5.81%), and PVC (+5.1%). Similarly, the chemical sector saw gains with DPM (+2.96%), GVR (+1.06%), DCM (+2.06%), BFC (+1.28%), and PLC (+4%).

Meanwhile, red dominated the banking sector with SHB (-1.08%), MBB (-0.58%), TCB (-0.29%), BID (-0.58%), ACB (-1.29%), and CTG (-1.4%). Similarly, red dominated the real estate sector with VHM (-0.75%), NVL (-0.58%), DXG (-2.18%), VIC (-0.66%), and VRE (-2.21%).

The financial services sector showed divergence, with VIX (-1.6%), SSI (-0.36%), VCK (-2.09%), VCI (-0.2%), VND (+1.22%), HCM (+1.39%), and TCX (+0.98%).

The VN-Index fell 0.84 points to 1,920.76 points (-0.04%) compared to the previous session. Similarly, the UPCoM-Index decreased by 125.57 points (-0.66%), equivalent to 0.83 points. Meanwhile, the HNX-Index increased by 259.96 points (+0.9%), equivalent to 2.54 points.

Market liquidity reached VND 10,915.37 billion, with 363,000 shares traded. Across the sector, 102 stocks increased, 2 hit the ceiling price, 195 decreased, and 51 fell to the reference price.

According to experts at Kien Thiet Vietnam Securities Company, based on the weekly chart, the VN-Index has seen eight consecutive weeks of gains and closed the week setting a new historical peak. However, liquidity in the past two weeks has not seen a strong surge, meaning the momentum for a breakout has not yet been confirmed.

The current trend of the VN-Index remains very positive, however, selling pressure has been increasing in recent sessions.

Expectations suggest the upward trend will gain momentum, pushing the VN-Index towards the resistance level around 1,945 points, and selling pressure will significantly increase as the index approaches this area next week. Investors should continue to maintain caution, limit new buying positions, and consider selling or reducing their holdings during upcoming upward sessions, especially when the VN-Index approaches the strong resistance zone above.

According to experts at Vietcombank Securities Company, over the past week, the VN-Index experienced alternating increases and decreases, with divergence among industry groups, and remained close to its historical peak around 1,920 points. In particular, Vingroup's stocks continued to play a crucial role in keeping the overall index above 1,900 points.

The alternating increases and decreases among different stock groups indicate that money is still flowing well and there are no signs of it withdrawing from the market, so the probability of a sharp and unexpected correction at the peak is unlikely.

Investors are advised to maintain their portfolio allocation and prioritize stocks in sectors that are attracting capital inflows or maintaining sideways trading ranges, such as retail, banking, and oil and gas.