Overview of the trading session
The trading session on April 9, 2026 closed in a correction across all three exchanges, with selling pressure spreading but unevenly across stock groups. The VNINDEX retreated to 1,736.68 points, down 1.1%; the HNXINDEX fell 0.9% to 250.98 points; while the UPCOMINDEX also dropped 0.2% to 127.50 points.
The overall picture shows that the market remains highly fragmented, with capital tending to concentrate on a few stocks with unique stories rather than spreading across the entire sector. Liquidity remains high on the HOSE, but market breadth leans towards the downside, implying that a sustainable recovery has yet to be clearly confirmed.
Key developments on HOSE
On the HOSE, the group of stocks with the strongest gains continued to record many positive movements amidst the overall market decline. Leading the way was EVG, up 7.0% to VND 7,070/share, followed by SJS, up 6.9% to VND 52,700/share, and DAH, up 6.7% to VND 3,180/share.
Conversely, profit-taking pressure emerged in some stocks that had fallen sharply, such as DGC, which lost 4.7% to 53,100 VND/share, BVH, which fell 4.4% to 79,800 VND/share, and DCL, which declined 3.4% to 45,000 VND/share. This correction shows that capital flows are becoming very selective, no longer spreading evenly across capitalization groups.
Liquidity and cash flow
Liquidity on the HOSE remained strongly concentrated in the leading stocks in terms of trading volume. SHB traded 85.7 million shares, NVL reached 81.7 million shares, VIX reached 55.5 million shares, followed by HPG with 51.6 million shares.
This trend reflects a preference for banking, real estate, and financial services, while investors remain defensive in many other sectors. A high concentration in a few large-cap stocks is often a sign of a selective market, rather than a consensus rally.
Key technical signals
Technically, some stocks maintained positive momentum despite the unfavorable overall environment. VIX had a composite score of 77.4 with an RSI of 63, a rising MACD but a falling EMA; VIC reached 74.6 with an RSI of 57, a rising MACD and a rising EMA; VSC reached 73.9 with an RSI of 48, a rising MACD and a rising EMA.
This indicates that buyers are still present in some individual stocks, but the sustainability of the uptrend needs further confirmation from liquidity and the overall market level. When the EMA remains divergent, the probability of volatility during rallies is usually quite high.
Sectoral differentiation
Banking , construction materials , and industrial metals were the three groups that maintained market momentum during the session. SHB , STB , and TCB continued to attract investment, while VCG , HHV , LCG , and HPG showed continued demand in some leading stocks.
Conversely, the financial services , technology , oil and gas , and chemical sectors faced more pronounced downward pressure. Stocks such as VIX , SSI , VCI , FPT , BSR , and DGC all showed relatively weak signals during the session, reducing the potential for a rebound to spread.
Notable developments on HNX and UPCOM
On the HNX, the group of stocks that saw strong gains included VLA , up 10.0%; NHC, up 10.0%; and MAC , up 9.9%. However, the market also witnessed downward pressure on SHS, which lost 3.2%, and CEO, which fell 1.1%, indicating that the market remains highly polarized.
On UPCOM, the volatility was even stronger, with ONW rising 38.9%, DCH 25.0%, and GER 25.0%; while PJS lost 39.9% and SPH fell 32.0%. This indicates that speculative capital is still active, but the risk of short-term volatility in small-cap stocks is very high.
Short-term outlook and risks
Technically, the nearest support zone for the VNINDEX is around 1,730 points, while the notable resistance zone is in the 1,750–1,760 point area. If the index holds this support zone along with an improvement in market breadth, the likelihood of a technical rebound will be higher.
However, risks remain stemming from strong divergence, concentrated liquidity, and a lack of consensus among industry groups. In this context, the market is likely to experience further volatility in the short term before a clearer trend forms in subsequent sessions.
Note: The above content is for market analysis and informational purposes only.