Daily Market Watch 14/08/2026: Profit Taking and Vingroup Family Correction Hit The Index Badly/ PHR 2Q26 Update (Buy +24.1%)/ PNJ 2Q26 Update (Revise to No Rating)

MARKET HIGHLIGHTS

o     The market remained under pressure through most of the morning following yesterday’s sell-off. Investors were looking for clearer interest rate support from the SBV after yesterday’s meeting. Yet, most concerned that liquidity shall still be a major constrain despite the measurement of the SBV. Blue chips continued to weaken with Vingroup names seeing the steepest declines. All four stocks in the group opened 2-4% lower amid heavy foreign selling, including -USD 18mn in VIC and -USD 7mn in VHM. Banks also faced pressures as investors worried that the SBV’s instruction to bring down lending rates could squeeze NIMs while funding costs remain elevated. Most large cap bank names slipped 1-2%, including SOE banks as retail investors took short-term profits. These stocks had rallied 10-15% from their recent troughs in late July. Other blue chips, including GVR, GAS, and BSR, also reversed course and shed over 2% after a strong run following the release of the state divestment classification and ahead of expected divestment plans. Stocks in the broader market were down 1-3%.

o     Still, several mid-cap names bucked the trend. PNJ jumped 4% in the morning as foreign investors turned to be net buyers. Some property names also staged a broad recovery after yesterday’s sharp sell-off, with DXG, NLG, and TCH adding 2-3% on strong retail buying amid expectations of lower interest rates. However, the drag from blue chips remained too heavy for the broader market to absorb. The VN-Index was down 1.18%, or -20.88 points, at the midday break.

o      The panic sell intensified in the afternoon as investors stepped up their selling. Mid- and small-cap names lost further ground as profit-taking emerged after recent gains and stocks approached resistance levels. BCM bore the brunt of the selling, dropping more than 5% after a strong run over the past several sessions. High-beta names were also hit heavily. GEE, PC1, GEX, EIB, REE, and VIX slid 3-4% amid selling overhang from both foreign and retail investors. The VNMID Index ended with 50 decliners versus only 16 advancers.

o    The VN-Index tumbled 2.1% at close, of which VIC and VHM contributed half of the decline. Market breadth stood quite negatively at 67 gainers versus 257 decliners. The VN30 Index underperformed, losing -1.7%, as VIC (-3.61%) and VHM (-5.01%) went down further into the close. Profit-taking and rush selling weighed on the large cap VN30 Index leaving 28 stocks in the red, of which 12 names lost more than 2%. TCB (+0.95) was the only gainer, supported by +USD 3.5mn of foreign inflows. The VNMID Index finished 0.7% lower, while the VNSML Index eased 0.8% as selling spread further across the broader market.

o       Turnover edged up slightly as investors pushed to exit positions. Total HOSE trading value increased 5% DoD to USD 745mn. Foreign investors remained net sellers, offloading USD 34mn. The heaviest foreign selling was seen in the Vingroup family, led by VIC (-USD 18.5mn), VHM (-USD 7mn), and SHB (-USD 3.8mn). On the other side, TCB (+USD 3.5mn), GEX (+USD 2.4mn), and PNJ (+USD 1.7mn) drew the strongest foreign buying.