A wave of price declines swept across many markets, with the VN-Index continuing to search for a short-term equilibrium point
Blue-chip stocks weaken amid slow rotation, VN-Index drops for the third consecutive week
Global Stock Market
A wave of price declines swept across many markets last week
Along with the reversal sentiment at the end of last week with the nomination of the new Fed chair, markets continued to decline rapidly amid negative news from the US labor market. Investors shifted to risk-averse mode in technology stocks, digital assets, and even hot assets such as precious metals. The US stock market fell by an average of 2.3%, while digital currencies fell by an average of 25% (Bitcoin fell to USD 65,000, breaking through the important support level of USD 70,000).
- The U.S. stock index fell by an average of 2.3% to 6/2, EU600 -0.3%, Nikkei 225 +2.3%; CSI 300 -0.9%.
- Commodity indices fell by -4.4%, from energy products (oil -1.5%, natural gas -19.5%); metals (gold -1.4%, silver -12.5%, aluminum -6%, lead -13.3%) to agricultural products (coffee -10.1%; sugar -3%).
- The DXY index rose +0.8% to 97.8, while US Treasury yields fell -0.05% to 4.19%.
The news that Mr. Warsh was nominated as Fed chairman helped stabilize the USD and reverse the precious metals market. Several important developments this week contributed to reshaping the markets in the medium term. The US President signed a $1.2 trillion budget package on February 3, ending the partial government shutdown. EU inflation cooled to 1.7% in January thanks to the rapid decline in energy costs, prompting experts to begin forecasting the possibility of the ECB cutting interest rates in the second half of 2026. The US and India also reached a trade agreement, with Indian export tariffs reduced from 25% to 18% and US export tariffs to 0%.
CPI, PPI, M2, new loans in China; Japan's M2 money supply; UK manufacturing index, GDP; EU trade balance, GDP; US retail sales, CPI, jobless claims are key data points to watch next week.
Vietnamese stock market
Blue-chip stocks weakened amid slow rotation, with the VN-Index falling for the third consecutive week.
The VN-Index fell 4%, with liquidity increasing 9% compared to the previous week. Negative developments in international markets, net selling by foreign investors, and a slowdown in the rotation among large-cap stocks put significant pressure on the index. Strong buying at low prices in the final session of the week was also unable to help the VN-Index hold the 1,785-point support level.
- The VIC stock group contributed 27 points to the decline, down from 56 points last week, while the top 3 stocks that gained points (BSR, VH, VGC) only contributed 4 points to the index.
- 3 out of 18 sectors saw gains. The insurance and oil sectors reversed course to rise by 4-9%, while the personal goods & household sector fell by over 8%.
- Foreign investors increased their net selling for the fourth consecutive week to USD 233 million, compared to USD 57 million last week.
As of February 5, 2026, 1,074 out of 1,642 companies (66%) listed on the three exchanges have announced their Q4 and 2026 financial results, with net profit growth of 41.9% and 32.5%, respectively. 98% of companies on the HoSE announced financial results with Q4 and full-year 2025 profits increasing by 36.1% and 27.3%, respectively. The VN30 group recorded growth rates of 31.1% and 19.7%, respectively, while the banking sector maintained growth around 20%. The Q4 and full-year 2025 business results have basically been completed with quite impressive growth, with profits surging in the VEF, CTG, VPB, KSF, VHM, NVL, and VIC groups. VN30 and banking stocks underperformed the market, indicating that the recovery has spread more widely and that the profit surge was accompanied by extraordinary income in 2025.
Weak pillars pushed the index down to the important support level of 1,725 points. Investors should consider gradually increasing their holdings of fundamental stocks for investment activities at the end of the first quarter.
Technical analysis: Falling below SMA50, VN-Index continues to test its short-term equilibrium point
The market continues to break down from the accumulation zone above 1,800 points as the rotation among large-cap stocks is no longer sustained. The VN-Index also fell below the SMA50 at 1,780 points, opening up the possibility of a further decline to the next support level at 1,725 points (convergence of the SMA100, the mid-term price channel, and the 23.8% Fibonacci retracement of the mid-term cycle). Chaotic developments in global markets
, the discontinuity of cash flow ahead of the earnings season, and the holiday mood support the possibility of a further decline before rebalancing at lower price levels.
Source: BIDV Securities (BSC)