Daily Market Watch 15/10/2025: VN-Index Extended Its Consolidation, Liquidity Declined Sharply

MARKET HIGHLIGHTS

o       The market opened with mild gains during the first half of the morning session, supported by further gains of Vingroup stocks (VIC rose as much as 1.42%, VHM +0.47%) along with a recovery among mid-cap stocks. However, both VIC and VHM showed sign of exhaustion after a significant rally in the last several day. Both began to reverse and the market quickly weakened. Market breadth became worse with 210 decliners vs 96 advancers at the end of the morning session, many small/mid-cap stocks continue sinking as retail investors are all about Vingroup related, Gelex related, and several other stocks. Interests in other names were quite modest. The VN-Index declined slightly at the endof the morning.

o       Stock prices moved in a narrow range in the afternoon session. The key large-cap stocks such as VIC, VHM, VCB, VPB, etc. were much softer compared to their morning performance, while several names including GEX, VJC maintained strong. There was a notable recovery of real estate stocks. KDH surged to limit up price (+7%) after dipping over 2% in the morning amid strong selling volume of foreign investors. Other property stocks such as CEO (+4.28%), HDG (+6.89%), etc. followed and moved up sharply. Vingroup stocks finally corrected after a very strong rally. Other names such as FPT (-3%), SSB (-2.06%), GAS (-1.67%) also impacted the Index. The VN-Index closed slightly down at -0.18%.

o       Market liquidity dropped sharply compared to the previous session, with total trading value reaching USD 1.46 bn (-27.6% DoD). Retail investors turned to be conservative as the market has been moving in a unfavorable scenario in the last several days. Some group of stocks such as Vingroup, Gelex, and some banks kept moving up while the majority of stocks retreated. Thus, market breadth remained negative and the majority of retail investors are facing higher losses. It’s not a good period for most investors who do not own Vingroup, Gelex, and some particular banking stocks.

o       Foreign investors recorded a net sell of USD 31.9 mn, focusing on FPT (-USD 16.2 mn), KDH (-USD 10.2 mn), and HDB (-USD 6.5 mn), while net buying was seen in TPB (+USD 7.9 mn), SHB (+USD 7.8 mn), and VCB (+USD 3.8 mn).

o       On the monetary policy front, yesterday the State Bank of Vietnam (SBV) maintained a strong net withdrawal of -VND 15.91 tn, bringing the total net withdrawal in 1M to -VND 22.12 tn. This reinforced investor expectations that the SBV would continue tightening liquidity in the near term to stabilize the exchange rate and cope with the surge of gold prices.