Daily Market Watch 17/08/2026: The Market Traded Slowly, Muted Liquidity / VCI 2Q26 Update (Buy +37.6%) / DBC 2Q26 Update (Buy +29.8%) / PC1 2Q26 Update (Add +16.5%)

MARKET HIGHLIGHTS

o     The market opened slightly positive note, led by Vingroup family. VHM gained more than 2% in early trading on strong domestic flows. VIC and VRE advanced 1-2%. Investors remained upbeat on the SBV’s additional credit quota for banks financing 17 projects involving Vingroup (estimated funding stands at USD 36bn). Other blue chips also moved higher on company-specific catalysts. SSI climbed 2% as today marked the ex-date for its 20:1 bonus share issue and VND 1,000/share cash dividend. GVR and GAS remained in favor and rallied more than 3% on expectations of SOE divestment plans. MWG edged higher after reporting 29% YoY revenue growth in 7M26 and reaching 60% of its full-year target. The broader market also started firmly with most names adding 1-2%.

o      Selling pressure emerged later in the morning. Banks continued to face headwinds after the SBV asked commercial banks to cut lending rates by at least 1% at its meeting. Investors were concerned that NIMs could narrow while funding costs remain elevated. The scope for further rate cuts may also be limited by the administrative requirement. System liquidity also remains under pressure. This triggered significant retail selling. Private banks including SHB, TCB, VPB, and LPB slipped 1-2%. The VN-Index was down 9.81 points (-0.57%) at the midday break. VIC and VHM gave up their early gains and fell nearly 2% and together dragged the index down by 7.62 points. Market breadth favored decliners at 101 gainers versus 178 decliners.

o     The afternoon session saw a recovery as domestic buying became more active. Selling demand eased after the two sessions at the end of last week. Selected mid-cap names outperformed. Rubber stocks also turned higher as rubber prices climbed 4% today. Notably, PHR jumped nearly 6%. Property developers managed to attract buying interest on expectations of lower interest rates. NLG, PDR, TCH, and KDH advanced 1-3%. However, BCM faced profit-taking after rebounding 30% from late July. High-beta names remained subdued. GEX, GEE, REE, and VSC slipped 1-2% as investors continued to reduce exposure following their recent strong rebound. The broader market traded within a narrow range with mixed movements.

o    The VN-Index finished marginally lower at -0.09% (-1.62 points). The index staged a strong recovery from the morning lows as VHM reversed and closed at the reference price while broader market sentiment strengthened. Market breadth improved toward the close and ended at 149 gainers versus 152 decliners. Blue chips that advanced in the morning extended their gains and helped the VN30 Index finish 0.05% higher. The VNMID Index and VNSML Index also edged up 0.2% and 0.03% respectively as retail participation picked up in the afternoon.

o     Liquidity dropped sharply as investors continued to take profits while awaiting for positive catalysts. Total trading value on HOSE fell 29% DoD to USD 530mn. Foreign investors remained net sellers at USD 23mn. Selling remained concentrated in the Vingroup family. VIC (-USD 9.1mn) and VHM (-USD 4.1mn) saw the heaviest outflows followed by ACB (-USD 3.7mn). TCB (+USD 2.3mn), VNM (+USD 1.8mn), and HDB (+USD 1.1mn) attracted the strongest foreign buying.