Daily Market Watch 26/11/2025: Mid-cap Stocks Outperformed, Leading the Market Higher

MARKET HIGHLIGHTS

o       The market opened on a positive note, advancing strongly with broad-based participation. Mid-cap stocks staged a sharp rebound as most mid-cap names had retraced 20–30% to reasonable valuation levels Gelex-related (GEE & VIX ceiling, GEX  +6.43%,  EIB +5.46%).  stocks led the gains, surging from the open after a prior 30% correction, boosting market sentiment. Retail investors also began to re-enter the market as the “equilibrium levels” they had been waiting for appeared. Despite pressure from large-cap names dragging on the index, the market still delivered a “meaningfully positive” gain of 0.44% in the morning session, even as the Vingroup stocks declined notably (VIC -1.32%, VHM -0.97%).

o       Investor sentiment was further supported by improvements in their key areas of concern. The SBV conducted net injections for three consecutive sessions, totaling VND 85 tn, to stabilize the currency market. Meanwhile, the DXY index also reversed its uptrend on expectations that the Fed may cut rates in upcoming meetings. The parallel FX market cooled immediately, with the free-market USD rate falling 50 VND/USD (-0.2%) following these developments.

o       Mid- and small-cap stocks continued to rally strongly in the afternoon as investors grew confident that the corrective phase had ended, encouraged by the market’s resilience even without support from large-cap names. The mid-cap segment was driven by five Gelex-related stocks, with GEE, VIX, GEX, and VSC hitting the limit-up and EIB rising 5.46%. These stocks surged after Gelex received official approval for the IPO of 100 million shares of Gelex Infrastructure JSC, with an initial offering price of VND 28,000/share.

o       The brokerage and real estate sectors also rebounded sharply as significant net foreign inflows helped reinforce investor confidence. These simultaneous positive catalysts supported the VN-Index, which closed up 1.2%. Market breadth improved strongly with 243 gainers vs. 79 decliners. Liquidity eased slightly but was no longer concentrated, with total trading value reached USD 875.7 mn on HoSE (-10.6% DoD).

o       Foreign investors returned as net buyers with USD 24 mn today. Inflows focused on stocks that had underperformed in recent weeks, including SHB (+USD 7 mn), VPB (+USD 6.6 mn), and VIX (+USD 3.9 mn). Net selling was concentrated in VCB (-USD 7.7 mn), VIC (-USD 7.6 mn), and VJC (-USD 2.5 mn).