Daily Market Watch 16/03/2026: The Market Extended Correction as Oil Prices Surged Above USD 100/Bbl

MARKET HIGHLIGHTS

o      Vietnam’s stock market traded sideway around the reference level for most of the morning session. Further escalation of the confliction in the Middle East pushed global oil price up further. WTI crude oil increased more than 1% to above USD 100/bbl. Investor sentiment remained cautious that both the rise of oil price and the shortage of oil/gasoline inventory would post potential threat to Vietnam macro economy. Foreign investors recorded strong net selling throughout the morning, mainly concentrated in energy stocks and Vingroup-related names. Large- and mid-cap stocks underperformed the broader market, while small-cap stocks attracted stronger retail inflows. Investors rotated their interest in those small cap names as many stocks had already declined more than 40% from their recent peaks.

o      In the afternoon session, the market came under stronger selling pressure, driven by several factors: (1) retail investors aggressively closed positions in mid- and small-cap stocks, and (2) foreign investors increased net selling in large-cap stocks. Selling pressure intensified particularly in energy and utilities stocks, as investors expressed concerns that rising global oil prices may not necessarily benefit Vietnam’s oil and gas companies, given expectations that some firms could prioritize supply stability which may hurt short term gain. In addition, higher oil prices could increase fuel input costs for power producers, further weighing on the utilities sector. As a result, Energy (-5.5%) and Utilities (-2.3%) were the worst-performing sectors of the day. We saw a heavy panic sell in Oil & Gas stocks, retail investors run away to avoid further losses amid high volatilities in those stocks.

o       The VN-Index fell to its intraday low of around 1,680 points at 2:00 PM. Broad-based dip-buying activities emerged strongly at this level, helping the market stage a meaningful recovery. This bottom-fishing demand was mainly driven by retail investors, while foreign investors continued to maintain strong net selling. As a result, the VN-Index narrowed its losses and eventually closed down only 0.18% (-3.03 points), with market breadth relatively balanced at 149 gainers versus 155 decliners.

o      Market liquidity declined sharply today as retail investors were more cautious. Total trading value on HoSE declined to USD 887 mn (-15.9% DoD). Foreign investors recorded net selling of USD 52.7 mn combined.  The largest net outflows were seen in BSR (-USD 7.0 mn), VIC (-USD 6.1 mn), and PVD (-USD 5.7 mn). On the other hand, foreign investors recorded modest net buying in MCH (+USD 4.4 mn), VCK (+USD 2.2 mn), and PLX (+USD 1.9 mn).

SECTOR PERFORMANCE

o      Energy was the worst-performing sector, falling 5.5%, as selling pressure from investors intensified as mentioned earlier. The sharpest declines were seen in PVD and BSR, both of which hit their floor prices. Other notable losses included PLX (-3.51%) and PVT (-2.23%), which also recorded significant declines. Interestingly, several names rebound nicely from intraday low. PVS even increased 4.5% at close.

o      Utilities also dropped sharply by 2.3%, amid concerns over rising input fuel costs. The largest declines were seen in GEG (-5.67%), GAS (-4.25%), and NT2 (-2.63%).

o      IT rebounded 1.5% after several consecutive sessions of sharp declines. The recovery was mainly driven by FPT, which attracted strong retail inflows, while foreign selling pressure on the stock eased. All three leading companies in the sector posted gains, including CMG (+1.70%), FPT (+1.56%), and ELC (+0.56%).

o      Real estate advanced 0.8%, supported by a strong rebound in residential property stocks. After having declined 30–40% during the recent market correction, investors began rotating capital back into the sector as valuations appeared increasingly attractive. The strongest performer was NVL, which hit its ceiling price, despite foreign investors selling more than 3 mn shares. Other notable gains included NLG (+6.06%), followed by VRE (+2.57%), VHM (+2.04%), and NBB (+2.87%).