Daily Market Watch 14/10/2025: The Index Corrected as It Approached the 1,800-Point Threshold

MARKET HIGHLIGHTS

o       Vietnam equity market opened in positive note despite the escalation of the U.S–China trade tensions. TheVN-Index maintained posted notable gains right in the ATO session, riven by the rally of large-cap stocks, especially the Vingroup trio. Several other banks also hiked strongly, which pushed the Index to reach 1,794 pts in the morning. VIC, VHM, VPB were the key Index movers which contributed to most of the gain. However, market breadth remained narrow with only 103 gainers vs. 197 decliners. This means that the rally was more blue-chip driven than a broad market one.

o       In the afternoon session, momentum from the above large-cap stocks quickly cooled. VIC, VHM and VPB saw significant adjustment from their intraday high (those 3 names still increased well though). While other small/mid-cap stocks were sold more aggresively and plunged more strongly. We observed a certain panic level among retail investors. Most were making losses despite the fact that the Index kept moving up. Except holders of Vingroup stocks, others are seeing their stock prices falling consistently in the past few weeks. The Index adjusted at the end of the day and lost 4.06 points (-0.23%). The A/D ratio was horrible today with 76 gainers vs 256 losers at close due to the panic run away by retail investors late afternoon.  

o       The large-cap VN30 Index outperformed with 0.1% gain, mainly thanks to the favorable movements of several names such as VJC +7%, VIC (+3.16%), VPB (+2.52%), and VHM (+2.25%) while there were as many as 18 losers in the basket. Small/mid-cap slid 1.3% and 0.3% respectively. Yet, there were many significant losers today in those baskets. It does not feel like a slight reduce day for holders of small/mid-cap stocks.

o       It worth noticing many high-beta stocks and sectors corrected heavily today. Brokerage stocks inched up well in the morning thanks to several upbeat update including (1) solid Q3 2025 earnings growth, (2) TCB Securities shall be listing on October 21, (3) VP Securities shall carry out an IPO with a very high price, and (4) the IPO of VPB Securities saw decent subcription. Yet, most turned around and closed lower due to the strong offload of retail investors in the afternoon. 

o       Market liquidity rose significantly amid high volatility, with trading value reaching USD 2.02 bn (+17.7% DoD) on HOSE. Foreign investors extended their net selling streak with -USD 54 mn outflow, led by FPT (-USD 12.9 mn), SSI (-USD 10.5 mn), and VRE (-USD 8.5 mn). On the buy side, inflows concentrated in VHM (+USD 13.6 mn), VIC (+USD 8.3 mn), and VCB (+USD 4.9 mn). 

o       We saw a switch of focus to companies with strong Q3 earnings. VIX (+4.27%) posted outstanding growth with operating revenue of VND 3,222 bn (6x YoY) and net profit of VND 2,449 bn (9x YoY). VPB (+2.52%) recorded consolidated PBT of VND 9,200 bn (+77% YoY, +48% QoQ), lifting 9M2025 profit to VND 20,400 bn (+47% YoY). VPBankS posted Q3 net profit of VND 1,892 bn (7x YoY) and 9M revenue of VND 5,457 bn (+200% YoY). Meanwhile, TCBS achieved Q3 net profit of VND 1,620 bn (+85% YoY) and a 72% rise in operating revenue. SSI estimated 9M2025 PBT of VND 4,000 bn (+34% YoY), fulfilling 94% of its annual target.