Daily Market Watch 12/08/2026: Vingroup Stocks Jumped and Pushed the Index Despite Profit Taking in Other Names/ VIB 2Q26 Update (ADD, +14.5%)/ NLG 2Q26 Update (BUY, +68.7%)/ KDH 2Q26 Update (BUY, +81.9%)/ TLG 2Q26 Update (ADD, +16.6%)

MARKET HIGHLIGHTS

o     The market opened higher as investors expected that efforts of the SBV to lower interest rates would ease liquidity concern. Sentiment improved after the SBV granted additional credit quotas to banks financing 17 large projects by Vingroup, Masterise, and Thaco, with estimated funding of VND955tn (USD36bn). VHM, VIC, and VRE all advanced 1-3%. Oil & gas stocks also hiked well thanks to several positive factors: (1) several SOEs in the sector were included in the state divestment list and (2) WTI oil prices continued to rise amid escalating tensions in the Middle East. GAS, BSR and mid-size firms including PVT, PVD, PVP rose more than 2%. Gains in large caps pushed the VN-Index to an intraday high of 1,794 points, close to the psychological resistance level at 1,800pts.

o     Several commercial banks started rolling out credit programs for SMEs and priority sectors. The SBV instructed banks to offer lending rates at least 1 percentage point per year below their average rates for the same tenor. The Big4 banks led the rollout with a total program size of VND220,000bn, followed by private banks. LPB, NAB, and BVB launched VND2,000bn, VND25,000bn, and VND2,500bn credit packages, respectively, with lending rates cut by at least 1%. The SBV also tightened credit quota discipline while continuing to prioritize quota allocation for large-scale infrastructure projects. This favors large banks with stronger capital positions and preferential credit quotas. VPB, MBB, and HDB also benefited from exemptions from real estate credit limits. Financial stocks advanced broadly, led by LPB, MBB, TCB, and VPB, which rose 1-2%. SOEs also posted modest gains on strong foreign inflows. Other blue chips also traded higher. The VN-Index finished the morning 1.09% higher, or +19.36 points. Market breadth favored gainers, with 164 stocks advancing versus 119 declining.

o       Mid-cap names struggled to attract fresh buying but stayed in positive territory through the afternoon. Construction stocks drew support after the PM’s meeting, which raised expectations for faster public investment disbursement toward year-end. Public investment disbursement reached VND425tn (USD 16bn) as of July 31, completing 41.9% of the annual plan. HHV, VCG, CII, LCG, and CTD climbed 1-3%. Securities names also benefited following expectations of lower funding costs. VIX, SSI, and VCI advanced 1-2%, supported by strong foreign buying. Elsewhere, performances were mixed following the strong run over the past sessions.

o     The VN-Index finished at 1,793.18, up 1.11% DoD. Several large-cap banks including BID, CTG, SHB, SSB, STB, VCB, and VIB, came under pressure in the afternoon. The VN30 Index nevertheless outperformed at +0.7% as VIC (+3.36%) extended its advance into the close on +USD 7.2mn of foreign buying. Mid- and small-cap stocks gave back part of their early gains. Hence, The VNMID Index and VNSML Index each ended 1% higher.

o    Market turnover contracted despite the banks' new support packages. Total HOSE trading value fell 11% DoD to USD 535mn. Foreign investors returned as net buyers after four straight sessions of selling, recording USD 12mn in net purchases. VIC (+USD 7.2mn), VIX (+USD 5.9mn), and SSI (+USD 5.4mn) attracted the bulk of inflows, while VHM (-USD 2.6mn), ACB (-USD 2.3mn), and TCB (-USD 2.0mn) saw the heaviest selling.