Daily Market Watch 13/10/2025: VN30 Stocks Pushed The Index to a New ATH, Small/Mid-Caps Lagged

MARKET HIGHLIGHTS

o       The Vietnam Equity market opened on a negative note as the U.S. announced to impose an additional 100% tariff on Chinese goods and restrict exports of certain software starting from November 01. Escalating trade tensions between the U.S. and China sent global financial markets into a sharp sell-off on October 10. Almost all key asset classesincluding equities, oil, bonds, and cryptocurrencies plunged strongly after a six-month rally. U.S. equity markets recorded their steepest drop since April 10, while Bitcoin fell over 13% from its recent peak. 

o       Market sentiment in Vietnam was affected, causing the VN-Index to trade below the reference level at the opening session. However, strong gains in blue-chip stocks, especially in the Vingroup ecosystem, helped the Index recover well. VIC, VRE, and VPL continued moving up sharply, while several banks such as TCB and CTG also surged and boosted the VN-Index to close up 7.36 points in the morning. TCB Securities is approved to list on HOSE from October 21, which is a positive news for the mother bank. The market breadth remained weak with only 93 gainers vs. 216 decliners as the majority of small/mid-cap stocks adjusted due to the overall conservative mode due to the trade tension.  

o       Rumors in the afternoon that the proposal to restrict mortgage lending for second-home buyers was not approved spurred a sharp rebound in real estate stocks. Large-cap stocks continued to lead, with VRE (+6.57%), VHM (+0.98%), and VIC hitting the ceiling price, while mid-cap property develops such as CEO, DIG, PDR, etc. also rose decently. 

o       Other notable large-cap gainers included LPB, HDB, MWG, SSB, VJC, and VNM, each rising more than 1%. Market breadth slightly improved in the afternoon, with 119 gainers vs  187 decliners. The VN-Index closed at a new all-time high of 1,765.12 points (+17.57 points, +1.01%). VIC alone contributed as much 12.61 points to the index. 

o       Market liquidity improved significantly. Total trading value reached USD 1.71 bn (+31.1% DoD), indicating a more optimistic sentiment among retail investors. Most are confident that the adjustment phase is over and the Index shall move up further.  

o       Foreign investors remained net sellers, offloading USD 47.5 mn on HOSE. Their year-to-date net selling value have reached nearly USD 4 bn. The selling pressure was concentrated in HPG (-USD 14.1 mn), VRE (-USD 13.7 mn), and VHM (-USD 13.5 mn). On the buy side, improvement was seen with inflows into VIC (+USD 10.5 mn), SHB (+USD 6.6 mn), and VNM (+USD 4.4 mn). 

o       The large-cap VN30 basket outperformed thanks to the superior performance of Vingroup and banking stocks. In contrast, mid- and small-cap stocks underperformed. The VNMID Index was up slightly by 0.2%  while the VNSML Index was down 0.2% as small cap stocks failed to attract retail flows.