Daily Market Watch 05/03/2026: Selling Pressures Outweighed Early Excitements

MARKET HIGHLIGHTS

o       The equity market opened with a strong rebound, extending the recovery momentum from the previous session’s close. The sharp rally in global equities, particularly in the United States and South Korea helped improve investor sentiment after several panic days. Early gains were driven mainly by the Vingroup stocks, with VIC, VHM, and VPL rising strongly from the start of the session, at one point lifting the VN-Index to an intraday high of 1,849 points. Brokerage stocks, which led yesterday’s reversal, continued to outperform today. Among the ten most actively traded stocks in the market, five were brokerage names (SSI, VIX, VCI, VND, and HCM) all rising more than 2% during the morning session. The VN-Index closed the morning up 1.03%, with advancing stocks outnumbering decliners by 1.6 times.

o       However, an unverified rumor that state-owned banks would raise 12-month deposit rates by 0.5% quickly shifted market sentiment. Investors turned cautious as such move could directly affect both the equity and property market. Also, it can hurt local flows.

o       The market plunged during the afternoon session as the rumor spread widely. VN30 stocks declined sharply amid strong net foreign selling, led by GAS, PLX, and GVR, which all hit their floor prices, while VJC, MWG, VRE, STB, VNM, and BID dropped 2%-4%. Mid- and small-cap stocks also reversed lower, turning market breadth negative. Selling pressures were stronger toward the end of the day and put a heavy pressures to stock prices. Many names finished at their intraday low level.

o       Stocks that had rallied strongly in recent weeks faced heavy profit-taking pressure. PLX, after peaking around 1:30 PM, suddenly plunged to its floor price. Other oil and gas stocks experienced similar moves, suggesting a strong profit taking within the sector. BSR fell 5.94%, PVD declined 6.11%, PVT dropped 2.21%, and PVC slid 8.26%. Alongside oil and gas names, fertilizer, chemical, and rubber stocks also retreated sharply, with GVR hitting the floor price, PHR falling 5.92%, DPR down 5.24%, and DCM losing 4.6%.