The index's moves were widely forecast by analysts from securities firms.
"The VN-Index is expected to enter a strong fluctuation period, but in a positive way, in the short-term after breaking the historic high of 1,200 points. However, the market might be influenced by portfolio restructuring activities from ETFs," Tran Xuan Bach, a stock analyst from Bao Viet Securities Co., said.
FTSE ETF and V.N.M ETF restructured their portfolios on the last trading day of the week.
"The index might face corrections in the next session to test the territory of 1,185 - 1,190 points before rebounding."
On the technical front, the VN-Index successfully broke the 1,200 point-level. However, investors need to be cautious as the market might need to test this level again and the next few sessions might see corrections to build the ground for the next rally, analysts from MB Securities Co. said.
The market's breadth was negative as 251 stocks declined, while 193 stocks increased and 61 stocks stayed unchanged.
The market's liquidity stayed high as more than 680.9 million shares were traded, worth over VND17.2 trillion.
The VN30-Index dropped 0.68 per cent to 1,203.36 points. Twenty of the 30 biggest stocks in the VN30 basket slid while seven stocks rose.
Vietcombank (VCB) posted the biggest loss on Friday with a decrease of 3.38 per cent. Followed by Vinhomes JSC (VHM), Vietnam Rubber Group - JSC (GVR) and Vietjet Aviation JSC (VJC), down 1.91 per cent, 2.28 per cent and 3.26 per cent, respectively.
The market's losses were capped by gains in Vingroup JSC (VJC), Hoa Phat Group JSC (HPG) and Vietnam Airlines JSC (HVN). These stocks climbed by 1.18 - 3.55 per cent.
Meanwhile, on the Ha Noi Stock Exchange (HNX), the HNX-Index reversed the morning course to edge higher on Friday. The index reported an increase of 0.08 per cent to 277.7 points.
Investors poured nearly VND2.6 trillion into the northern exchange, with a trading volume of over 151.4 million shares.
On the other hand, foreign investors were net sellers on both exchanges, with a net dell value of over VND1.1 trillion on HoSE and a value of VND35.22 billion on HNX. — VNS