Daily Market Watch 20/08/2026: The Market Inched Up Prior to The FTSE Announcement of Stocks to Be Included In The EM Basket (Tomorrow) / TCH 2Q26 Update (Buy +74.5%)

MARKET HIGHLIGHTS

o     The Index opened higher in the morning as blue chips provided the initial lift. Vingroup names led the early advance, with VIC and VHM rising nearly 2% on active retail buying. Masan family also attracted buying interest following upbeat 7M26 results, with MSN revenue up 46% YoY. Growth was largely driven by MSR and its consumer ecosystem. MSR revenue rose 3.75x while MCH increased 13% YoY. MSN climbed more than 3%, while MSR and MCH added 1%. VNM drew +USD 1.6mn in overseas purchases and advanced another 1.43%. Vanguard also bought the stock according to its latest filing. However, thin liquidity limited the market’s upside. All stocks in the VN30 basket subsequently gave back part of their early advances. The VN-Index was up 0.3% at the midday break, with VIC and VHM providing most of the support. Breadth was slightly negative at 138 advancers versus 142 decliners.

o      Selected mid-cap stocks performed well in the early morning. PNJ extended its rally by more than 4% following yesterday’s disclosure that Vanguard International Value Fund had become a major shareholder with a 5.04% stake. Besides, another sizable player, T Rowe Price, also reported to become a major shareholder. Securities stocks also moved higher as VIX, CTS, and FTS advanced 1-2%. Investors showed some enthusiasm for potential fund inflows ahead of the market upgrade in September. The FTSE shall public the list of stocks to be added to the EM basket tomorrow. Several large cap stocks reacted positively as a result. Elsewhere, momentum faded toward the morning close.

o      Large-cap banks extended gains in the afternoon after several sessions of weakness since last week. Sentiment improved on signs of better liquidity conditions: (1) the interbank rate dropped to 2.98% today and (2) the SBV will refinance commercial banks to support liquidity, Government-approved programs, credit institution restructuring, and bad debt resolution. Notably, the SBV agreed to report to the Prime Minister on a VND 50tn (USD1.9bn) refinancing mechanism for rental housing development. CTG (+1.29%), MBB (+1.75%), VCB (+0.70%), and ACB (+0.69%) posted modest recoveries.

o      The VN-Index closed 0.44% higher as blue chips drove the late-session advance. The VN30 Index outperformed at +0.6% with 23 advancers and 5 decliners. Most large caps finished in positive territory, while recent SOE divestment beneficiaries began to retreat after their strong runs. GVR (-0.79%) and GAS (-0.24%) slipped. The VNMID Index and VNSML Index added just 0.04% as market turnover remained subdued.

o    Trading activity weakened today. Total HOSE trading value fell 10% DoD to USD 516mn despite additional liquidity from the expiration of this month derivative contracts (due today). Retail investors were in a fairly conservative mode, waiting for a more visible momentum. Overseas investors posted net selling of USD 24mn for the session, extending their selling streak. VIC saw the largest outflow at -USD 3.4mn, followed by VPB (-USD 3.4mn) and VIX (-USD 2.8mn). Buying was relatively selective, led by MSN (+USD 2.1mn) after its solid 7M26 results. VNM (+USD 1.6mn) and DCM (+USD 1.4mn) also recorded net purchases.