Daily Market Watch 13/08/2026: Property Tumbled As Investors Concern About High Interest Rate

MARKET HIGHLIGHTS

o      The market traded in a narrow band during the morning session as investors stayed cautious in the absence of new catalysts. Blue-chips came under pressure due to the weak performance of Vingroup names, while strength in other large caps provided some offset. All four Vingroup stocks initially slipped 1-2% amid foreign selling. The SBV, in a recent move, raised the cap on allocations to the development investment fund from 20% to 40% for all four SOE banks, effective October 1, 2026. The measurement allows these banks to retain more earnings, strengthening equity and capital adequacy while reducing reliance on government budget support. SOE banks and other large caps added around 1% following the news. Elsewhere, GVR, VNM, BSR, MSN, and MCH extended their advances by more than 1% on strong foreign inflows. The broader market remained mixed amid subdued liquidity through most of the morning. The VN-Index was up 0.13% (+2.36 points) at the midday break, with 140 advancers versus 136 decliners.

o      The Index, however, lost momentum in the afternoon as foreign selling intensified. The morning's tentative balance broke down as large caps came under broad-based pressure, including banks. All four Vingroup names extended their losses as foreign outflows accelerated. Meanwhile, the SBV recently announced that it will reduce 2027 credit growth quotas for banks that do not comply with its guidance to lower lending rates. This measure could pressure NIMs if banks cut lending rates while funding costs remain elevated. Banks subsequently reversed their early gains and slipped 1-2%. All 30 blue-chip names moved lower in the afternoon, with eight losing more than 2% from their morning close and another 14 retreating 1-2%.

o      Selling pressure also spread to mid-cap names. Property stocks came under heavy pressure as investors viewed the interest rate support measures as insufficient. Real estate credit reached VND5.14 quadrillion by end-June, up 8.3% from end-2025 and above overall system credit growth. Rapid growth in real estate credit and rising bad debt reinforced investors' concerns over tighter SBV lending controls. This could weigh on property developers reliant on bank financing. DXG, KDH, NLG, and NVL shed 1-3%, while other mid-cap names lost 2-4% at close.

o      The VN-Index retreated 1.54% (-27pts), weighed down mainly by Vingroup stocks. Market breadth turned negative with 85 gainers versus 227 decliners. The large-cap VN30 Index decreased 1.4, pulled lower by VIC (-3.53%) and VHM (-2.71%). The VNMID Index (-1.1%) and VNSML Index (-0.6%) also came under pressure as the sell-off broadened across the market.

o     Liquidity picked up, largely driven by heavier selling pressure. Total trading value on HOSE increased 32% DoD to USD 706mn. Foreign investors returned as net sellers. TCB (-USD 6.6mn) saw the heaviest foreign selling, followed by VHM (-USD 6.1mn) and VIC (-USD 4.9mn). On the buying side, GEX (+USD 4.5mn), LPB (+USD 3.8mn), and SSI (+USD 3.7mn) attracted the strongest inflows.