Daily Market Watch 06/10/2026: Sharp Intraday Volatility Amid More Active Retail Flow

TODAY MARKET MOVEMENT

o    The market traded higher at the open, followed by a sharp pullback mid-day and managed to recover and close 0.3% DoD higher thanks to the jump in Vingroup stocks.Trading activity was more active in the afternoon as a number of stocks posted a nice recovery. Large caps index gained 0.2%, led by Vingroup stocks and bottom-fishing activities in high beta names after several consecutive losing sessions. Mid-caps index advanced 0.5% while small caps index declined 0.3%. Many brokerage firms and commercial banks rebounded well on stronger local flows. Market breadth was nevertheless negative with 127 gainers versus 177 losers.

o    Liquidity picked up as retail investors begin bottom-fishing in selected stocks. Total trading value on HOSE reached USD753mn, up 45% DoD. Foreign investors extended their net selling streak to ten consecutive sessions with a net outflow of USD104.9mn. HDB recorded the largest foreign net selling at USD75.3mn. VJC and PNJ followed with net selling of -USD29.6mn and -USD3.9mn, respectively. On the buying side, foreign flows were concentrated in SHB and VIC, which each attracted +USD3.0mn of net buying. GMD followed with +USD2.3mn.

MAJOR UPDATES AND DEVELOPMENTS

o    Financials gained 0.3% across both banks and financial services. State-owned and major commercial banks bounced back towards the close as these stocks fell back to attractive prices with VCB (+0.53%), CTG (+0.51%), MSB (+3.6%), MBB (+0.26%), VIB (+0.75%). LPB (+2.09%) extended its rally on strong proprietary trading net buying of VND273.46bn.  Financial services also benefited from bottom-fishing demand after several declining sessions with TCX (+2.88%), VCK (+2.38%), VCI (+4.3%), VND (+3.75%), SHS (+1.57%).

o    Real estate gained 0.1% as bottom-fishing demand for VHM (+1.02%) emerged towards the close. Higher interest rates weighed 3Q26 earnings expectations for the sector, while foreign net selling remained an additional pressure. The Finance Ministry  proposed a 0.2% tax rate on abandoned land and land that is unused or slow to be put into use, nearly seven times the 0.03% rate for residential land. Broader property names retreated further including NVL (-1.42%), KDH (-1%), NLG (-1.1%) and KHG (-1.0%).

o    Consumer Discretionary advanced 1.2%, driven largely by gains in blue-chip names. VPL (+4.25%) jumped on strong foreign buying of +USD1.2mn. In contrast, PNJ closed at the floor price with nearly 15mn shares queued for sale. Foreign investors sold another 8mn shares through order matching. Investors continued to react negatively to reports projecting a potential loss of nearly VND7tn, alongside a series of insider selling transactions.

o    MWG (+2.15%) attracted strong retail buying interest ahead of the ex-dividend date for its second 2025 cash dividend of VND1,000/share. Sentiment was further supported by strong 3Q26 results from Dien May Xanh with earnings up 29% YoY and reaching 81% of its full-year target. Growth was driven by 30% same-store sales growth and an 86% YoY increase in revenue at EraBlue.  

o    IT dropped 2.2% as FPT (-2.42%) faced selling forces from both foreign and proprietary investors.

o    Energy advanced 2.0% despite WTI crude oil prices falling below USD90/barrel. Investors were excited towards expectations for strong 3Q26 earnings in the O&G sector, particularly marine shipping-related stocks. The government's extension of fuel tax incentives for another three months also provided additional support. BSR (+2.30%), PLX (+1.98%), PVD (+4.20%) and PVS (+1.51%) all advanced.

o    GVR rose 1.22% after reporting solid 9M26 results. Consolidated revenue reached VND29.4tn (USD1.13bn), up 28.9% YoY and achieving 87% of its full-year target. Pre-tax profit increased by nearly 10% YoY to VND6.8tn (USD262mn), equivalent to nearly 99% of its 2026 target.

o    MSN (+0.98%) gained after Masan Group registered to acquire up to 73mn MCH shares through its wholly owned subsidiary. The purchase equals around 5.6% of MCH's outstanding shares and will be conducted via negotiated and order-matching transactions on HOSE. The transaction is expected to be completed within 15 days from October 9, 2026, raising Masan Group's ownership in MCH from 69.4% to approximately 74.9%. The purchase will be funded by previously disclosed sources and available cash.