Daily Market Watch 13/05/2026: A Flash Drop Followed By a Notable Turnaround

MARKET HIGHLIGHTS

o       Vietnam’s equity market moved slightly negative in the morning as sentiment continued to weaken due to: (1) selling pressure on Vingroup stocks following news that VinFast plans to transfer its entire manufacturing stake valued at USD530 mn. All four Vingroup stocks declined more than 1% after the news spread out. The market seemed to be confused as they did not know how this restructure would impact the group. Selling volumes increased in all Vingoup family from both local and foreign investors; and (2) domestic investors reducing positions amid negative macro concerns. U.S. CPI data released today accelerated to 3.8% YoY in April, raising worries that the Fed may resume tightening as inflationary pressure intensifies. As a result, the VN-Index headed broadly lower throughout the morning session.

o       Meanwhile, retail flows continued rotating to several selected mid- and small-cap stock groups. This helped several sectors trade positively. Brokerage stocks inched up after HCM turned around and rose sharply, providing positive sentiment to other names in the sector. Market attention also focused on GAS and BSR following a series of supportive developments, including: (1) BSR’s inclusion in the MSCI Frontier Markets Index in the coming quarterly rebalance, and (2) unverified rumors regarding potential upcoming state divestments. Nevertheless, market breadth remained relatively weak during the morning  with 120 gainers versus 168 decliners.

o       Selling pressure intensified sharply during the afternoon session. The VN-Index plunged to an intraday low of 1,865 pts (-1.9%) as three major Vingroup stocks (VIC, VHM, and VRE, collectively accounting for nearly 27.5% of total market capitalization) hit floor prices simultaneously. Foreign investors pushed on taking profit as all 3 names had rallied intensively in the last several weeks. This drove prices of 3 names down sharply and led to a rush sell by local investors. A broad range of mid-cap stocks also touched their intraday lows during this window due to the panic across the board.

o       Strong buying, however, emerged after 2 PM, helping the market recover significantly. VIC rebounded sharply from its floor price to close almost flat (-0.45%), while VHM narrowed losses to -4.81%. Several other large-cap stocks also strengthened, including BID (+2.51%) and MSN (+1.54%) and supported a nice recovery of the Index. Mid-cap stocks similarly attracted strong inflows from retail investors. Many names rebounded 4–6% in just 30 last minutes. As a result, the VN-Index narrowed losses to only 0.14% (-2.73 pts) at close. Market breadth, however, remained negative with 144 gainers versus 168 decliners.

o       Market liquidity surged sharply, with total trading value on HoSE reaching USD1,142 mn (+40% DoD). Foreign investors continued aggressive net selling, recording net outflows of USD55 mn on HoSE. Net selling was concentrated in FPT (-USD14.7 mn), ACB (-USD10 mn), and VHM (-USD9.2 mn). Meanwhile, foreign investors recorded strong net buying in MSB (+USD22 mn), MSN (+USD5.9 mn), and BSR (+USD4 mn).