Daily Market Watch 02/02/2026: The Index Dipped Sharply Due to Vingroup Stocks and Heavy Foreign Outflows

MARKET HIGHLIGHTS

o       Vietnam’s equity market opened the week with a sharp sell-off, driven by (1) heavy net foreign selling from the opening session in large-cap stocks, concentrated in the Vingroup stocks, and triggered a serious fall in those stocks, and (2) domestic retail investors reduce exposures to equities ahead of the Lunar New Year, which also led to a correction in mid-cap names. Broad-based declines across the market pushed the VN-Index below the 1,800 mark. By the end of the morning session, the VN-Index plunged 2.54% to close at 1,782 pts, marking the steepest single-session drop in the past seven weeks. The sharp decline was largely attributable to key heavyweights, with VIC and VHM both hitting the floor and accounted for nearly half of the total decline (around 21 points), while other large-cap stocks also weighed on the index. Within the VN30 basket, only two stocks advanced while 26 declined, dragging the blue-chip index down 2.63%. Market breadth on the HoSE was highly negative at midday, with 77 gainers versus 255 decliners, including 160 stocks down more than 1%.

o      Bottom-fishing activity from retail investors strengthened in the afternoon as the VN-Index fell below the 1,800 level, leading to a broad-based rebound across the market. In the VN30 basket, 23 stocks closed above their morning-session levels, while only four fell further. SOE-related stocks continued to attract retail inflows and posted strong gains in the afternoon session, with VCB up 1.42%, BID up 2.04%, CTG up 1.55%, PLX up 3.4%, and BSR up 6.7% on high liquidity. The rebound in these names helped the VN-Index recover part of its intraday losses.

o      Nevertheless, the VN-Index still closed down 1.2% for the day, pressured by steep declines in Vingroup stocks and other private-sector names. VIC, VHM, and VRE all ended at floor prices, alongside VPL (-6.16%). Stocks within the Gelex ecosystem also recorded sharp losses, including GEX (-4.63%), GEE (-5.48%), and VIX (-3.10%), as investors viewed these groups as having risen strongly in 2025 and therefore vulnerable to correction in 2026. Masan-related stocks also declined notably, with MSN (-0.24%), MSR (-3.72%), MCH (-3.27%), and MML (-7.23%). The sharp pullback tilted market breadth back to the negative, with 210 decliners versus 128 advancers.

o      Market liquidity remained subdued. Total trading value on the HoSE reaching USD 1.22 bn, about 7.3% below the previous month’s average. Foreign investors recorded strong net selling of USD 94.7 mn on the HoSE, concentrated mainly in VIC (-USD 20.9 mn), VHM (-USD 12.7 mn), and VCB (-USD 7.4 mn). On the buy side, net inflows were modest and focused on a few names such as BSR (+USD 3.7 mn), VNM (+USD 3.2 mn), and MSN (+USD 2.7 mn).

o      Vietnam’s manufacturing PMI stood at 52.5 in January 2026, confirming a seventh consecutive month of expansion in the sector. Notably, strong gains in output, new orders, and employment, reaching their highest levels in 19 months, point to a solid start to the new year, despite continued pressure from elevated input costs and selling prices. Although the PMI edged down slightly from 53.0 in December 2025, it remained well above the 50 threshold, signaling sustained improvement in manufacturing conditions.

Sector Performance:

o      The Energy sector rose strongly by 5.4% today despite a sharp 5% decline in oil prices, mainly supported by sizable net buying from foreign investors. PVD surged to the ceiling, while BSR climbed 6.7% and PVT gained 4.58%, with all three names recording notable foreign net inflows.

o      The Consumer Staples sector increased 1.2%, driven by expectations of stronger output prices ahead of the Lunar New Year. Leading gainers included VHC, which hit the ceiling, BAF (+4.18%), and VNM (+2.83%).

o      In contrast, the Real Estate sector plunged 5.5% as all three VinGroup stocks fell to floor prices, bringing their combined year-to-date decline to 19.2%. Foreign investors alone net sold USD 40.4 mn across the three VinGroup names today. Other real estate stocks also posted steep losses, mostly ranging from 1–4%.

o      Meanwhile, the Consumer Discretionary sector declined 1.2%, largely due to sharp losses in PNJ (floor) and VPL (-6.16%). Offsetting part of the weakness, apparel-related stocks recorded solid gains, with MSH hitting the ceiling, STK rose 3.11%, and TCM advanced 4.12%. MWG (+0.86%) and FRT (+3.30%) also traded higher on expectations of improved ICT segment revenues in the upcoming period.