Daily Market Watch 23/09/2026: Selling Pressures Intensified In The Afternoon. Property Reacted Negatively to The Tighter Pre-sale Rule

TODAY MARKET MOVEMENT

o     The market traded narrowly in the morning before a sharp reversal in the afternoon dragged the VN-Index down by 0.8% at close. The morning session was constructive as market breadth favored gainers and liquidity improved. The upward momentum from the previous session carried over. Buying interest was concentrated in private banks. Mid and Small Cap stocks also benefited from stronger liquidity and traded higher.

o     A broad retreat among large caps in the afternoon weighed heavily on the Index. Steepest losses were recorded in Vingroup and Consumer Staples names such as MCH, VNM and SAB. 27 of the 30 blue-chip constituents declined from their morning closing levels. The Large Cap Index therefore ended at 0.5% lower. Meanwhile, the Mid Cap and Small Cap indices maintained a positive momentum, and both closed 0.5% higher as a number Small/Mid-cap players were strong today, including the Gelex family. Selling pressure nevertheless persisted in brokerages and property stocks. Market breadth turned negative at 174 decliners versus 133 gainers.

o     Liquidity improved significantly as total trading value on HOSE rose 35% DoD to USD677mn. Foreign investors turned into aggressive net sellers from the start of the session and recorded net outflows of USD41mn. Offshore buying remained concentrated in private banks including VPB (-USD11.1mn) and ACB (-USD5.4mn) as well as VHM (-USD5.0mn). VIC attracted the strongest foreign buying with net inflows of USD3.7mn, followed by TPB and DCM with modest inflows of USD1.7mn and USD1.2mn respectively

MAJOR UPDATES AND DEVELOPMENTS

o     Real estate tumbled 2.5% as investors reacted negatively to the Ministry of Construction’s tighter pre-sale procedures. The revised procedures require developers to submit documents to provincial Departments of Construction before signing sales or lease-purchase contracts for future housing. Authorities have 15 days to assess eligibility based on land rights, construction permits and required infrastructure or foundation completion. Many worry that this could delay project launches and raise concerns over developers’ sales momentum. NLG (-2.52%), NVL (-1.99%) and KDH (-0.94%) retreated amid the concerns. The Vingroup family led the sector decline on local profit-taking with VIC (-3.20%), VHM (-1.73%) and VRE (-0.80%).

o     Financials added 0.5% as large private lenders provided support. Liquidity conditions have shown several signs of easing recently: (1) the interbank rate fell to 2.4% today and (2) the State Bank will conduct a seven-day USD/VND FX swap with commercial banks from September 21 by purchasing USD spot at VND24,406/USD and selling USD forward at VND24,412/USD. The facility is capped at USD2bn while each bank can register for up to 80% of the total amount. MSB (+4.81%), TCB (+2.63%) and LPB (+2.16%) spearheaded the sector’s advance.

o     HDBank gained 1.63% after receiving State Bank approval to raise its charter capital by up to VND22.0tn (~USD846.7mn). The bank plans to issue (i) over 1.25bn shares as a 25% stock dividend for 2025, (ii) up to 250mn shares from its reserve fund for charter capital at a 5% ratio and (iii) 700mn shares through a private placement. Upon completion, HDBank’s charter capital is expected to exceed VND72tn (~USD2.8bn).

o     TPBank climbed 3.51% after announcing a 5% cash dividend and a 15% stock dividend for 2025. The cash dividend of VND500/share is scheduled for payment on October 14, implying a total payout of over VND1.4tn (~USD53mn). The bank will also issue over 416.1mn shares as a 15% stock dividend funded by 2025 undistributed accumulated profit. The issuance is valued at more than VND4.2tn (~USD160mn) at par value. Following the distribution, TPBank’s charter capital will rise from VND27.7tn to VND31.9tn (~USD1.2bn).

o     Oil & Gas weakened as WTI slipped below USD90/barrel on expectations that the tension in the Middle East could stabilize. GAS (-1.40%), BSR (-0.16%) and PLX (-0.27%) finished lower. PVT plunged sharply 4.15% amid sizeable offshore disposal.

o     Consumer Discretionary edged 0.3% higher on gains in selected blue chips. MWG (+0.55%) and FRT (+7.00%) climbed on aggressive local accumulation. Meanwhile, VPL fell 3.20% and PNJ retreated 1.40% on substantial overseas selling.

o     Industrials rose 0.4% as GELEX names extended their recovery. GEE (+6.62%), VGC (+2.44%) and REE (+0.53%) benefited from local accumulation. PET was particularly notable after hitting the limit up price for a second consecutive session on robust domestic buying.