Daily Market Watch 25/11/2025: Selling Pressure Surges, The Market Down Sharply From 2 PM

MARKET HIGHLIGHTS

o       The Vietnamese equity market opened on a positive note, extending its upward momentum thanks to strong performance from large-cap stocks, particularly the Vingroup-related stocks. Gains were highly concentrated in a few leading groups, including Vingroup stocks (VIC, VHM, VRE), HDBank-related stocks (HDB, VJC), and Gelex names (GEX, GEE). This narrow but forceful rotation pushed the VN-Index to an intraday high of 1,684pts. In contrast, mid- and small-cap stocks continued to trend downward as investor impatience increased. Liquidity rose sharply by 34% DoD as selling pressure accelerated, especially amid intensifying margin stress. Profit-taking concentrated in smaller names, gradually spread to large caps, causing the VN-Index to lose momentum and end the morning session up only 0.16%. Market breadth was weak with 87 gainers vs. 210 decliners.

o       Selling pressure deepened in the afternoon, particularly in the mid- and small-cap stocks, where losses widened alongside elevated trading activity. Although the benchmark index remained in positive territory until around 2 p.m., a wave of broad-based selling quickly pulled Vingroup stocks below reference levels, dragging the VN-Index down nearly 10 points within minutes. Despite brief recovery attempts, selling continued to dominate, and the VN-Index closed the session down -0.46% at 1,660pts. Market breadth deteriorated further to 75 gainers and 248 decliners. The persistent “index-pulling” dynamic, where the VN-Index appears resilient while most portfolios continue to incur heavy losses since early August, has heightened investor frustration, even in the absence of materially negative news.

o       Liquidity surged to a near-term high as selling intensified. Total trading value on HoSE reached USD 979.8 mn (+46.6% DoD). Foreign investors narrowed their net selling to USD -13.7 mn, with notable outflows from SSI (-USD 7.4 mn), VIC (-USD 5.2 mn), VHM (-USD 4.8 mn), and VRE (-USD 3.0 mn). Net buying focused on HDB (+USD 6.3 mn), VNM (+USD 3.7 mn), and FPT (+USD 2.8 mn).