Daily Market Watch 11/08/2026: Muted Liquidity Despite Supportive Policies

MARKET HIGHLIGHTS

o      The VN-Index opened positively thanks to the on-going momentum. Financials  stocks and Vingroup names led the early rally. The move was driven by news that the SBV continued to receive proposals for a special credit mechanism covering 17 projects by Vingroup, Masterise, and Thaco, with estimated funding needs of around VND955tn (USD36bn). Besides, there were expectations that interest rates may cool down thanks to recent efforts of the State Bank. VRE, VHM, and VIC initially gained 1–3%. Mid-cap and other high beta stocks also traded positively.

o       The broader market held in positive territory through most of the morning. Financial stocks remained supportive. MBB, LPB, and OCB gained more than 1% amid continued optimism over credit growth, which reached nearly VND20.3 quadrillion as of July 31, up 8.98% YTD. Brokerages also extended their August rally on (1) expectations of passive inflows following the anticipated market upgrade in September and (2) signs of easing lending rates. NCB recently cut lending rates by 0.5% per year across its loan packages for individual and corporate customers, effective August 10. HCM (+4.05%), VCI (+2.49%), and TCX (+1.63%) led the advance.

o      Investor sentiment also benefited from targeted policy supports, including (1) the VND220tn SME credit package and (2) a proposed 30% tax reduction for eligible household businesses and companies. The SBV's credit package offers lending rates at least 1 percentage point below banks' average rates for loans of similar maturities. The program targets SMEs operating in priority sectors. Meanwhile, the Ministry of Finance proposed a 30% tax reduction for household businesses and companies generating up to VND10bn in annual revenue during 2026–2027. We expect these targeted incentives to support stronger private-sector growth over the next 6–12 months. Several potential beneficiaries, including FRT and CRV, hit the daily limit, while many mid- and small-cap stocks gained more than 4%. The VN-Index closed the morning session up 0.16%, with 168 gainers versus 130 decliners.

o       The market extended gains early in the afternoon as large caps continued to support the index. However, stronger foreign selling soon weighed on the broader market.Bank blue chips weakened significantly, led by BID (-1.26%), CTG (-1.52%), and VPB (-1.35%). Weakness spread to other large caps and gradually weighed on mid- and small-cap stocks, pushing the number of decliners to 155 by the close (vs. 130 in the morning session).

o       The VN-Index eventually closed down 0.19% (-3.36 points).The market's decline was cushioned by VHM (+0.70%), while VIC held around the reference price. Market breadth stayed positive at 160 gainers, including 78 stocks gaining more than 1%. Brokerages remained a bright spot, broadly advancing 1–3%.

o       Liquidity stayed subdued, suggesting the positive policy headlines failed to bring meaningful new money into the market. Total trading value on HOSE reached only USD606mn (-11.2% DoD). Foreign investors extended their net-selling streak to four consecutive sessions, recording USD29.6mn of net outflows, mainly from TCB (-USD8.5mn), VHM (-USD7.1mn), and FPT (-USD4.0mn). Buying interest was modest, led by VNM (+USD2.3mn), FRT (+USD2.3mn), and LPB (+USD2.1mn).

Sector performance:

o       Consumer Discretionary led sector gains at 0.4%, supported by government policies aimed at stimulating private-sector growth. Retailers were seen as indirect beneficiaries, attracting renewed buying interest. FRT hit the daily limit and extended its foreign net-buying streak to 13 consecutive sessions, including USD2.3mn today and nearly USD15mn cumulatively. GIL (+5.74%), MSH (+0.32%), and MWG (+0.27%) also advanced.

o       Industrials gained 0.3%, outperforming the broader market on strong gains in Gelex-related stocks. GEE hit the daily limit while GEX (+1.15%) benefited from strong retail buying. Construction stocks also edged higher after SBV data showed construction-sector credit reached VND1,495tn, up 6.36% YTD. FCN (+0.91%) and CTD (+0.48%) led the advance.

o       Financials edged up 0.05%, led by LPB (+2.68%) on USD2.1mn of foreign net buying. MBB (+0.74%) also gained despite foreign selling on its ex-rights date. The bank will issue a 15% stock dividend and offer new shares at a 10:1 ratio at VND10,000/share. Securities stocks remained the sector's bright spot, gaining 1–3%, led by HCM (+2.12%), TCX (+2.00%), and CTS (+1.99%).

o       Other sectors closed lower amid subdued liquidity as investors rotated capital into outperforming groups. Energy (-1.3%), Utilities (-1.0%), and IT (-0.7%) posted the steepest declines, mainly due to persistent foreign selling.