Daily Market Watch 24/11/2025: Market Gains Led by Vingroup Stocks Amid Negative Breadth

MARKET HIGHLIGHTS

o       Vietnam’s equity market opened on a positive note, quickly rising by 18 points thanks to strong gains in large-cap stocks, particularly the Vin-related stocks (VIC, VHM, VRE). Market liquidity was highly concentrated, with flows directed toward only a few large-cap names. Liquidity of the VN30 basket accounted for 62.4% of HoSE’s total trading value, while trading in rest of the market remained subdued with low liquidity. Consequently, the movements of those key large-cap stocks had a significant impact on the VN-Index. The main contributors to the morning rally included VIC (+3.4%), VHM (+2.11%), VRE (+3.42%), VJC (+4.06%), and VNM (+5.01%), helping the VN-Index close the morning session up 0.73%. Market breadth was negative, with 129 advancers versus 158 decliners.

o       Despite positive news that the government is determined to commence 198 projects with a total investment of approximately VND 983 trillion on December 19th, 2025, investors remained conservative with muted trading activities. Gains were concentrated in a few directly benefiting stocks such as Vingroup names and selected construction stocks like CTD (+3.14%).

o       Meanwhile, concerns over the exchange rate continued to intensify. Notably, after a few sessions of mild correction, the free-market USD exchange rate resumed its surge today with bids at 27,750 VND/USD and asks at 27,870 VND/USD—up 50 VND and 70 VND respectively, compared to previous price on November 21. The gap between the free-market and official rates has now widened to ~5.66%.

o       In the afternoon session, stocks that posted strong gains in the morning extended their rally. Momentum strengthened in VRE (limit-up), VJC (+5.24%), VNM (+5.18%), VIC (+4.27%), and VHM (+3.42%). Although only 10 out of 30 stocks in the VN30 Index advanced, this was enough to sponsor a solid rally of both the VN30 Index (+0.9%) and the VN-Index (+0.8%). Meanwhile, other small/mid cap stocks continued facing selling pressure and closed down  due to the lack of catalysts and record-low liquidity. Even though the Index extended gain, market breadth weakened with only 123 gainers versus 186 decliners. Retail investors started losing patience as we observed.

o       Market liquidity fell significantly despite Index gain. Total trading value dropped to USD 667.8 million, 28.5% lower than the year-to-date average.  Although no significant sell-off occurred amid extremely low liquidity, investors became increasingly cautious as worries over (1) FX volatility, (2) interest rates, and (3) liquidity persisted.

o       Foreign investors continued to record net selling of USD 44.3 million, with heavy outflows concentrated in Vin-related stocks: VRE (-USD 11.1 million), VHM (-USD 5.8 million), and VIC (-USD 4.6 million). Net buying was focused on FPT (+USD 6 million), VNM (+USD 5.7 million), and VPB (+USD 2.5 million).