Daily Market Watch 17/07/2025: Large-cap Rally Extended, Property Hiked Sharply

MARKET HIGHLIGHTS

o        The equity market extended its bullish momentum as the VN-Index rose 0.99%, primarily driven by large-cap stocks, especially the Vingroup-related names. Retail investor confidence remained elevated following yesterday’s gains, fueling continued active trading. Buying interest remained strong, quickly absorbing any selling pressure and helping to sustain positive market momentum. Sector rotation persisted, with mid-cap stocks showing varying performances, while Vingroup’s rally provided a significant boost to the overall Index.   

o        Profit-taking pressure emerged in the afternoon session, causing temporary softness in the broader market. Given the sharp rally over recent weeks, many investors expect a near-term pullback. This anticipation triggered rapid selling at the first signs of weakness. However, buying demand remained resilient, helping the market recover toward the end of the session. The VN-Index closed at 1,490 points, just below the psychological threshold of 1,500 and nearing its all-time high (~1,530). As the index approaches these critical levels, more selling pressure is anticipated.

o        Liquidity remained robust, with total trading value reaching USD 1.368 bn. Retail participation stayed high on both the buy and sell sides. Foreign investors maintained steady buying activity (~USD 130–150 mn/day), though recent sessions have seen an uptick in foreign selling as some took profits. Today, foreign investors posted a net sell of USD 6 million on HOSE, with VCB (-USD 8.2m), HCM (-USD 3.3m), and CII (-USD 2.2m) topping the list of net sold stocks.

o        Q2 earnings season is underway. Mid- and small-cap companies have started reporting, while larger firms are expected to release results in the coming weeks as they need more time to consolidate financial report. So far, earnings from small brokerage firms and hydropower companies have been solid. HPG reported 25% YoY earnings growth in Q2, driven by improvements in both sales and margins. GEE also posted encouraging numbers, with 23% revenue growth and 7% growth in pre-tax profit. Overall, market sentiment remains optimistic about Q2 earnings, particularly in key sectors such as banking, brokerage, and real estate, which appear to be priced in.