Daily Market Watch 04/05/2026: Muted Liquidity, Vingroup Correction Was Offset by Gains in Some Other Large-Cap Stocks

MARKET HIGHLIGHTS

o       The market resumed after several days off. Retail investors were eager to buy in as global markets did well during the market break. The VN Index jumped right in the first session and reached its intraday high at 1,876 pts, thanks to the broad-based gains following the long holiday. However, Vingroup stocks (VIC, VHM) quickly reversed, dragging the Index lower. VIC turned negative by the end of the morning session, down 1.82% (a ~4.5% drop from its intraday peak), while VHM also pulled back. Negative sentiment spread across the market, causing mid- and small-cap stocks to give up partially early gains. The VN30 trading below the reference level due to the correction of VIC. While the broader market traded slightly positive. Market breadth was decent with 179 gainers vs. 119 decliners. Stocks in several high beta sectors such as property, brokerage, fertilizer, oil & gas surged nicely.

o       Banking stocks also advanced well on the back of solid earnings releases (more detail in page 9) and supportive signals from the revised Circular 22. We believe that it should be viewed as a technical regulatory adjustment that may ease balance sheet constraints and marginally support credit growth, rather than a broad-based monetary easing. Leading gainers included VCB, BID, CTG, and VPB, though gains remained capped below 2%.

o       Oil & Gas and Fertilizer-related stocks also posted strong gains following the government’s Resolution 81/NQ-CP, which introduces key policy reforms to streamline procedures, enhance investment incentives, and support the development of the oil & gas value chain. BSR hit the ceiling, providing a sentiment boost for other O&G stocks. Most went up 2%–5% in the morning session. BSR released decent Q1 results with NPAT-MI increasing over 90% YoY thanks to both rubber latex business and other income.

o       Selling pressure intensified in the afternoon, pushing the VN-Index down to an intraday low of 1,840pts. The decline was driven mainly by VN30 heavyweights, particularly VIC and VHM, amid stronger foreign selling pressure after 14:00. The VN30 Index fell 0.4%, dragging the VN-Index to close near the reference level, despite VNMID and VNSML both gaining 0.2%. Market breadth turned balance with 169 decliners vs. 148 gainers.

o       Market liquidity remained subdued, with total trading value on HoSE at USD 814 mn. Foreign investors continued to be seller with a total net sell of USD 39.7 mn, focusing on ACB (-USD 12.1 mn), FPT (-USD 12.0 mn), and HPG (-USD 10.9 mn). They modestly bought VIC (+USD 3.43 mn), VHM (+USD 1.74 mn), and BSR (+USD 0.7 mn)