Daily Market Watch 26/03/2026: Market Declines as Tension in the Middle East Resumed

MARKET HIGHLIGHTS

o       Vietnam equities opened lower, reversing the previous session’s gains due to T+2 profit-taking pressure as recently bought shares settled. VN30 constituents broadly declined, dragging the index down more than 1% in the morning session, with only VJC in positive territory and 27 decliners. The VN-Index hit an intraday low at 10:00 AM, down 21.35 points (-1.29%), before closing the morning session at -1.07% (-17.81 points). Mid- and small-cap stocks, which had led recent gains, also corrected broadly, with 114 stocks on HoSE falling more than 1%.

o       Profit-taking was driven by short-term gains of 5–10% from the March 23 bottom, amid ongoing geopolitical uncertainty. Iran reiterated it has no intention to engage in direct negotiations with Washington, though senior officials are still considering a U.S.-proposed ceasefire plan. Following this, WTI crude rose 3% to USD 93.7/bbl, bringing the 2-day rebound to +7.82% from the recent low. This certainly draw some nervous in the market.

o       Domestically, liquidity conditions improved, with the overnight interbank rate easing to 4.6% (from above 8% yesterday), supported by SBV’s net liquidity injection of VND 30.5 tn via OMO over two sessions. The SBV also offered 180-day forward USD sales at VND 26,850/USD, helping stabilize FX liquidity.

o       The market extended losses into early afternoon, with the VN-Index bottoming at 1,634 points, as all cap-based indices simultaneously hit intraday lows. However, bottom-fishing demand emerged strongly in mid- and small-cap stocks, driving a notable rebound. PVD recovered 4.2% from its intraday low to close nearly flat (-0.14%), while PVT rebounded 5.91% intraday and closed +3.23% above reference. Other names such as GMD, NVL, PET, TCM, CSV, CTR, HAH, HHP, VHC, and GEX also staged strong reversals.

o       In contrast, blue chips weakened further into the close, with 21/30 VN30 stocks finishing lower and only 8 improving versus the morning session. Major names including VHM, BID, GAS, HPG, TCB, and VPB all declined. VIC was the notable exception, reversing from -0.08% in the morning to +1.01% at close, providing some support to the index.

o       The VN-Index trimmed losses to close at -0.8%, outperforming VN30 (-1.3%), while midcaps declined only -0.2% and small caps -0.4%. Liquidity remained subdued, with total HoSE trading value at USD 833.6 mn, well below the USD 1 bn threshold.

o       Foreign investors continued to be sellers, recording net outflows of USD 28.7 mn on HoSE, bringing month-to-date net selling to USD 573 mn. Selling pressure was concentrated in FPT (-USD 9.5 mn), VCB (-USD 4 mn), and DGC (-USD 3.3 mn).