Daily Market Watch 12/03/2026: The Market Corrected As Oil Prices Rebounded

MARKET HIGHLIGHTS

o       Vietnam’s stock market opened with notable losses as global oil prices rebounded sharply. Specifically, WTI crude rose around 5% to nearly USD 90/bbl, driven by escalating tensions in the Strait of Hormuz, where several oil tankers were reportedly attacked while attempting to pass through the strategic shipping route. According to Reuters and BBC, at least 14 vessels have been targeted since the conflict began. Domestically, retail fuel prices declined by 4–7% across several categories thanks to the previous adjustment of global oil prices and the use of the gasoline stabilization fund by the government. However, retail price may be increasing ahead due to the movement of oil price today. This raised concerns in Vietnam as a result.

o       Foreign investors turned to net sellers. while retail investors who bought at low prices also took profit. This weighed on sentiment, pushing the VN-Index down 1.09% in the morning. The VN30 underperformed the broader market throughout the morning. Meanwhile, dip-buying activity remained relatively active in mid-cap stocks, allowing this segment to briefly recover to the reference level. Nonetheless, negative sentiment spread broadly across the market, with decliners outnumbering advancers by 2.5 times, as 91 stocks gained versus 226 declined by the end of the morning session.

o      The market later fell to its intraday low of 1,701 points, mainly due to the steep declines in large-cap stocks. HPG led the losses following news that the U.S. Department of Commerce imposed a preliminary anti-dumping tariff of nearly 131% on Vietnamese rebar exports, with Hoa Phat Group facing a tariff of nearly 122%. As a result, HPG dropped to its intraday low. However, strong dip-buying emerged at these levels, helping mid- and small-cap stocks recover significantly. Although foreign investors turned back to net buying in the afternoon session, VN30 stocks remained weak, declining 1.6% overall, with 23 out of 30 constituents falling. The few advancing stocks within the VN30 were lower-weight names. The recovery in mid- and small-cap stocks was reflected in improving market breadth, which rose to 138 gainers versus 205 decliners in the afternoon. Nevertheless, the VN-Index still closed down 1.08%, largely unchanged from the morning decline.

o       Investor sentiment turned increasingly cautious as the market appeared fragile and sensitive to geopolitical developments. Market liquidity declined sharply, with total trading value on HoSE falling to USD 1.0 bn (-8.5% DoD). Buying interest weakened due to market uncertainties, resulting in lower overall trading activity.

o       Foreign investors recorded net selling of USD 8 mn on HoSE today. Net outflows were broadly distributed across the market, with FPT seeing the largest net selling (-USD 4.8 mn), followed by VHM (-USD 3.8 mn) and TMS (-USD 3.6 mn). On the other hand, foreign investors continued to accumulate MWG (+USD 9.4 mn), VNM (+USD 3.8 mn), and VCI (+USD 2.5 mn).