Daily Market Watch 02/10/2026: Heavy Foreign Selling Pressure Weigh on Stock Prices, The Index Plunged Broadly

Today Market Movement

o    The market traded lower from the open as macro volatility and a lack of positive catalysts continued to weigh on investor sentiment. The US 10-year Treasury yield rose to 5.34% on October 1, which marked its highest level since 2002. Domestically, Vietnam’s S&P Global Manufacturing PMI fell to 51.9 in September from 53.3 in August. Selling pressure intensified broadly across all sectors and pushed the VN-Index to an intraday low of -1.2% before a late recovery in VIC helped narrow the loss to -0.7% at the close. The broader market was weak. All sectors closed lower except Real Estate which outperformed on VIC’s gain.

o    The Large Cap Index fell 0.8% with weakness spreading across 22 of its 30 constituents. Private banks and Energy names bore the brunt of foreign and domestic selling. The Mid Cap Index underperformed with a 1.6% decline while the Small Cap Index shed 0.8%. Industrials and brokerages extended their losing streaks as many continued to hold cautious views on their 3Q26 earnings. PNJ hit the floor price for a fifth consecutive session. Market breadth was firmly negative at 216 decliners versus 90 gainers.

o    Liquidity picked up as selling activity intensified. Total trading value on HOSE reached USD737mn (+25% DoD) as selling pressure intensified. Foreign investors recorded USD130mn of net outflows and extended their net selling streak to seven consecutive sessions. PNJ led foreign selling at -USD48.6mn with continuous matching activity from the opening. HDB followed with a negotiated transaction of -USD37mn while VIC recorded net foreign outflows of -USD7.2mn. Foreign purchases were modest and centered on Retail names with DGW and FRT each attracting +USD0.8mn followed by VPL at +USD0.7mn.

Major Updates and Developments

o    Financials tumbled 1.7% as broad-based selling persisted despite expectations for decent 3Q26 earnings. Investors remained cautious even with prospects for NIM improvement and new policies supporting liquidity conditions. State-owned banks weakened on sizeable foreign outflows with BID (-1.83%), VCB (-0.87%) and CTG (-1.00%) all moving lower. Private lenders saw steeper losses with LPB (-4.29%), STB (-2.70%) and MBB (-2.30%) amid heavy domestic selling. All banks ended in negative territory except HDB (+1.61%) which gained after setting October 12 as the record date for its 30% stock dividend and bonus share issuance. BVH also gained 1.74% as the elevated interest-rate environment remained supportive.

o    Brokerages faced another wave of selling from both retail and foreign investors. The entire group moved lower as investors continued to avoid initiating positions amid subdued liquidity. VPX (-4.91%), VCI (-4.36%) and VND (-2.92%) led the decline.

o    Real estate edged up 0.9% on a 1.82% gain in VIC driven by active domestic demand. The broader group moved lower as elevated interest rates continued to weigh on purchasing power and property market liquidity. Smaller developers faced the heaviest selling with DXS (-3.75%) and HDC (-2.36%) among the weakest names while industrial park developers BCM (-2.03%) and SIP (-1.32%) also retreated. Property valuations have generally been discounted to relatively low levels. However, we expect the recovery to remain selective and concentrated among developers with large land banks and strong execution capabilities.

o    Energy fell 2.1% on short-term profit-taking after its recent rally on expectations for solid 3Q26 earnings with WTI remaining elevated at around USD90–100/barrel. BSR (-2.87%), PLX (-2.32%), PVD (-1.91%) and PVT (-1.05%) all gave back ground.

o    PNJ hit the floor price for a fifth consecutive session after the company’s plan pointed to a loss of more than VND6tn and a series of insider share-sale registrations. Foreign investors successfully sold nearly 60mn PNJ shares during today’s session. The stock’s market cap has now fallen below USD500mn after losing more than 30% this week.

o    Vietnam – Manufacturing PMI falls to 51.9 in September: Vietnam’s S&P Global Manufacturing PMI fell to 51.9 in September from 53.3 in August. New orders grew at their slowest pace in five months, while new export orders declined for the second consecutive month amid weak international demand. 

o    Vietnam – Public investment disbursement reaches VND567.8tn (USD21.8bn), or 55.5% of plan: Public investment disbursement reached VND567.8tn (USD21.8bn) as of September 24, equivalent to 55.5% of the plan assigned by the Prime Minister.