Daily Market Watch 15/05/2026: Investors Turned Defensive as The Index Hovered at Its Record High Level

MARKET HIGHLIGHTS

o       Vietnam’s equity market reversed lower at the open as large-cap stocks came under strong profit-taking pressure. Vingroup-related stocks led the decline, with VIC, VHM, and VRE all falling more than 3%, while the broader VN30 basket also traded broadly in negative territory. Meanwhile, mid-cap stocks outperformed the broader market, led by commodity-linked names benefiting from rising global commodity prices, particularly rubber and fertilizer stocks. Nevertheless, the market remained under pressure due to weakness in the VN30 basket.

o       Market support mainly came from state-owned banks, with VCB, BID, and CTG all gaining nearly 1%, alongside residential real estate stocks as investors turned more constructive on banking system liquidity. The State Bank of Vietnam announced amendments to Circular 22/2019/TT-NHNN regarding prudential ratios and banking safety regulations. Specifically, the revised rule adds back 20% of State Treasury term deposits into the denominator of the regulated loan-to-deposit ratio (LDR) calculation. The regulation will take effect from May 15, 2026.

o       Selling pressure intensified during the afternoon session, dragging the broader market sharply lower as many stocks fell toward their intraday lows. The VN-Index accordingly dropped to an intraday low of 1,908 pts. However, the market later staged a notable rebound, led by fertilizer, oil & gas, and chemical stocks. Large-cap energy names rallied strongly, with GAS hitting ceiling price, PLX rising 5.90%, and BSR gaining 4.96%. Several VN30 stocks that had declined sharply in the morning also narrowed losses, although 21 large-cap stocks still closed lower by up to 3%.

o       Technical correction pressure pushed the VN-Index to close below reference at 1,921 pts (-0.2%). Market breadth remained negative with 187 decliners versus 120 gainers. VN30 underperformed the broader market with a decline of 0.9%, followed by VNMID (-0.4%) and VNSML (-0.2%).

o       Market liquidity remained relatively low, with total trading value on HoSE reaching USD886 mn (+5.4% DoD). Foreign investors recorded net selling of USD30.8 mn on HoSE today. Net selling focused on HPG (-USD9 mn), VHM (-USD5.3 mn), and VPB (-USD3.6 mn). Meanwhile, foreign investors were net buyers of BSR (+USD3.4 mn), VNM (+USD1.6 mn), and MSN (+USD1.6 mn).