Daily Market Watch 04/02/2026: Vingroup Stocks Weighed Down the Index, Small/Mid-cap Extended Rally

MARKET HIGHLIGHTS

o      The market opened sharply lower, weighed down by heavy selling pressure in Vingroup stocks. While mid- and small-cap stocks remained relatively resilient throughout the session, steep declines in large-cap names dragged the VN-Index into negative territory during the morning. VIC (-5.66%), VHM (-5.45%), VPL (-6.34%) and VCB (-1.25%) alone shaved nearly 20 points off the Index, alongside declines in VJC (-3.81%) and FPT (-1.35%). Under this pressure, the VN-Index lost the 1,800-point level for the third time, closing the morning session down 1.04% (-18.79 pts) at 1,794.61, with market breadth at 144 gainers vs. 166 decliners.

o      The bright spot of the session came from steel-related stocks, which rallied strongly on two positive market rumors: (1) tighter steel supply controls in China, and (2) speculation that Japan’s Nippon Steel may visit Hoa Phat’s facilities in March and acquire a 10% stake in HPG, valued at around JPY 150 bn. Steel stocks posted strong gains, led by HPG (+5.79%), HSG (+4.43%) and NKG (+4.01%). HPG was bought very strongly by foreign investors.

o      Brokerage stocks also rebounded following the Ministry of Finance’s issuance of Circular 08/2026/TT-BTC on February 3, 2026, aimed at supporting foreign investors and facilitating market upgrading by September 2026. Key highlights include (1) allowing foreign investors to place orders via global brokers without opening local trading accounts, (2) removing limits on marginable stocks under the NPF framework, and (3) permitting foreign fund managers to open two accounts (one proprietary and one for client management).

o      Meanwhile, the overnight (ON) interbank interest rate cooled down after surging to over 18.5% yesterday as several banks faced liquidity issues before the Lunar New Year holiday. The State Bank quickly intervened and supported liquidity. The ON rate fell to ~10% today as a result. It’s still at a rather high level though.

o      These positive developments supported continued strength in mid- and small-cap stocks during the afternoon, led by large-cap brokerage names such as SSI (+2.10%). Insurance and energy stocks also advanced, attracting strong domestic retail inflows. However, VN30 stocks faced heavier pressures as foreign investors stepped up net selling, particularly in Vingroup stocks. Despite a late-session rebound driven by bottom-fishing in large-cap banks, The VN30 Index closed down 0.5%, while the VN-Index fell 1.2%. Market breadth improved slightly, with 167 gainers vs. 155 decliners.

o      Market liquidity reached USD 1.3 bn on HoSE (+1.7% DoD). Foreign investors continued net selling for the third consecutive session, with net outflows of USD 36.8 mn, bringing total MTD net selling to USD 155.5 mn. Selling pressure focused on FPT (-USD 22.5 mn), VIC (-USD 21.8 mn) and VHM (-USD 12.7 mn), while net buying was concentrated in HPG (+USD 36.1 mn), STB (+USD 6.2 mn) and MBB (+USD 2.8 mn).

o      By sector, Real Estate (-5.1%) declined the most due to Vingroup stocks weakness, while IT ranked second-worst as FPT (-1.92%) came under heavy foreign selling. On the upside, Materials (+3.9%), Energy (+1.1%) and Financials (+0.3%) posted gains.

o      Regarding earnings, companies that have released FY2025 results now represent 98% of total HOSE market capitalization. In Q4 2025, total revenue surged 33.4% YoY, driven mainly by Real Estate, Brokerage, and Utilities. For FY2025, total revenue rose 18% YoY, with strong growth recorded in Brokerage (+51.3%), Real Estate (+54.3%), Utilities (+23.1%) and Banking (+17.5%). Q4 2025 NPAT attributable to minority interests increased 49.4% YoY, while FY2025 total earnings jumped 29.4%, exceeding initial expectations at the start of the year.