Daily Market Watch 24/09/2026: Broad Correction Due to Intensive Foreign Outflow and Panic Sell by Retail Investors

TODAY MARKET MOVEMENT

o     The market traded negatively throughout the session and closed 1.5% lower as unfavorable macro developments triggered a broad-based selling, including: (1) Brent crude jumped 4% to above USD100/barrel, (2) the US 10-year Treasury yield climbed sharply to above 5.14%, and (3) lending interest rates are reported to be higher despite efforts by commercial banks. Retail investors were in panic mode due to negative news here and there. Meanwhile, an aggressive foreign outflow weighed on the Index negatively impacted investors’ sentiment. The earlier excitement from the FTSE EM Upgrade turned to a disappointment as foreign investors kept on selling even after the market status upgrade instead of buying as most investors expected.  

o       The Large Cap Index underperformed and fell 1.2% with 23/30 constituents declining. All 4 Vingroup names and blue-chip banks retreated sharply amid sizeable foreign outflows. The Mid Cap and Small Cap indices also declined 0.9% and 0.5% respectively. Property and Industrials continued facing selling pressure from local investors. Market breadth was quite negative at 81 gainers versus 228 decliners.

o       Trading activity was muted. Total trading value on HOSE fell 5% DoD to USD641mn. Foreign investors extended their net selling streak to the third consecutive session this week with net outflows of USD35mn. Vingroup stocks remained the main source of offshore selling with VHM recording the largest outflow at USD13.4mn, followed by VIC at USD6.8mn and VPB at USD4.4mn. Despite facing heavy foreign disposal for the third straight session, VPB still advanced slightly on active retail participation as today is the ex-rights date for its 26.04% stock dividend. Foreign purchases centered on the Masan group with MSN attracting USD7.0mn and MSR receiving USD1.6mn on (i) solid 8M26 earnings supported by elevated tungsten prices and (ii) news that Elmet Group will acquire a 4.99% stake in MSR. GAS followed with USD1.0mn of net foreign buying.

MAJOR UPDATES AND DEVELOPMENTS

o       Real Estate plunged 2.6% as the Vingroup family adjusted. VIC (-2.54%), VHM (-4.11%) and VRE (-3.01%) fell sharply amid aggressive offshore disposal. VHM alone saw 6mn shares sold by foreign investors. The broader property names also remained subdued after the Ministry of Construction tightened pre-sale procedures. Under the revised process, developers must submit documents to provincial Departments of Construction before signing sales or lease-purchase contracts. Authorities have 15 days to assess eligibility based on land rights, permits and infrastructure or foundation completion. DXG (-4.25%), HDC (-2.13%) and NLG (-1.72%) tumbled on heavy retail selling while most other property names also finished lower.

o       Financials slipped 0.8% as offshore selling remained a headwind across both private and state-owned banks. CTG (-1.79%), BID (-1.24%) and VCB (-0.68%) corrected substantially. Private banks including LPB, ACB and HDB also shed 1–2%. On the other hand, interbank rates cooled to below 1% today.

o       Brokerages also underperformed as domestic investors stepped up position trimming. TVS (-4.49%), FTS (-2.43%) and VDS (-1.87%) led the decline. HCM fell 1.57% despite announcing plans to raise more than VND7.5tn (~USD288.5mn) in 2026 through a private placement, rights offering and ESOP to strengthen its margin lending capacity. The company expects to raise around VND4.6tn (~USD176.9mn) from the private placement.

o       Oil & Gas faced short-term profit-taking after the US and China agreed to extend their trade truce by another two months. BSR (-4.15%), GAS (-3.30%), PLX (-3.85%), PVT (-3.46%) and PVD (-3.42%) declined amid sizeable domestic outflows. The rise of global oil prices could not help much against the panic sell of retail investors.

o       Materials fell 1.0% as steelmakers reacted negatively to Australia’s Anti-Dumping Commission initiating a review of existing anti-dumping measures on galvanized steel imports from Vietnam, India and Malaysia. The measures were first imposed in August 2017 and are currently scheduled to expire in August 2027. The review follows BlueScope’s request for an extension citing risks of higher imports and price pressure. Many worries that the extension would pose a potential export headwind for HPG, NKG and HSG by keeping Australia a restricted market. HPG (-1.19%), NKG (-2.12%) and HSG (-0.99%) consequently retreated.

o       Rubber stocks bucked the broader market weakness as global rubber prices climbed more than 2%. GVR (+2.02%), PHR (+1.11%) and DPR (+0.65%) advanced on active retail flows.

o       MSR jumped 4.13% following strong 8M26 results and news of Elmet Group’s strategic investment. 8M26 revenue reached 5.1x the year-ago level. Elmet Group (NASDAQ: ELMT) will acquire a 4.99% stake in MSR at an equity valuation of USD2.5bn. The two companies will enter into an eight-year strategic partnership under which Elmet will commit to purchasing approximately 1,250 tonnes of WO₃ equivalent annually. This represents estimated gross revenue of USD1.5bn over the initial contract term based on current tungsten prices. The transaction remains subject to regulatory approvals and is targeted for completion in the first half of October 2026.

o       Viettel Post outperformed the Mid Cap basket after hitting the ceiling price. The company has proposed developing the Lao Bao Smart Logistics Center in Quang Tri to address infrastructure bottlenecks and enhance cross-border customs clearance capacity. Provincial authorities have agreed to allow Viettel Post to continue studying the project and prepare an investment proposal in accordance with regulations. The project is expected to cover around 21.9ha and serve as a logistics hub for receiving and coordinating cargo flows behind the Lao Bao International Border Gate. It would connect the border gate with the VSICO Quang Tri Inland Container Depot (ICD VSICO) and the wider cross-border transport network. Other Viettel related stocks also reacted positively and advanced, including VGI (+4%) and VTK (+2.2)