Daily Market Watch 27/08/2025: Momentum Fades, Large-Caps Show Mixed Performance

MARKET HIGHLIGHTS

o       Yesterday solid momentum boosted stock prices in the morning. Most familiar stocks extended the rally and the Index added 1.7% during the session to even reach a new ATH level at 1,696pts, just a tad. below the 1,700 pts threshold. However, selling pressures started emerging and the momentum slowed down quickly afterward. There are several reasons for such sentiment to cool down, including: (1). some banks continued adjusting after bouncing back yesterday. Names like VPB, MBB, TCB, TPB, VIB had moved up quite significantly in the past few weeks. Thus, the adjustment pressure is still hanging, (2) the resistance at 1,700pts level is quite strong, while liquidity is not high enough to convince retail investors that the Index shall be able to surpass this round, and (3) foreign investors sold massively. today, mainly into large-cap stocks.

o       As a result, the VN-Index cooled down and fluctuated around the reference level toward the end of the day. It finished slightly up at +0.31%. Liquidity increased 22.6% DoD to reach USD1.8bn in HOSE as both local and foreign sellers were more active. Buyers were muted as the long holidays is coming at the end of this week. The market shall have 4 days off from August 30 to September 02, including the weekend.

o       Foreign investors sold massively today with total net outflows of USD155m in HOSE, focusing on large cap stocks such as HPG (-USD36.8m), VPB (-USD20.6m), CTG (-USD15.6m), VCB (-USD14.9m), and SSI (-USD13m). HPG, CTG, and VPB went down, while VCB and SSI managed to post impressive gains despite of such outflows. On the buy side, foreign players bought in FPT (+USD11.2m), GMD (+USD7.3m), VIX (+USD3.2m), DXG (+USD3.2m), and NLG (+USD2.5m). All of those 5 stocks increased sharply thanks to those buying activities of foreign investors.

o       The large cap VN30 Index went down marginally (-0.03%) and underperformed slightly. Several banks continued facing strong profit taking and retreated, including LPB (-3.74%), TPB (-3.58%), VPB (-2.92%), SSB (-1.83%), and VIB (-1.76%). Besides, VIC (-2.58%) corrected after jumping well yesterday. On the other side, there are some notable performers including VCB (+6.97%), FPT (+5%), SSI (+2.68%), and BID (+2.39%). S&P Global Rating upgraded VCB’s credit rating from BB to BB+ with stable outlooks. Foreign investors suddenly turned to net buyers in FPT after dumping the stock consistently.

o        The small/mid-cap baskets did a tad better with +0.2% and +0.6% gain respectively. Several stocks went up strongly and contributed mostly to those performance, including GMD (+6.97%), PAN (+6.88%), DXG (+6.81%), DXS (+6.22%), VIX (+5.74%), CSM (+6.94%), IJC (+6.67%). Those stocks did not face selling pressures from foreign players as large-cap peers. Some even enjoyed small net buy. 

o       The local currency continued to weaken. The USD/VND rate increased to a new ATH. The State Bank took action promptly. They have been buying forward USD from commercial banks in the last 2 days (each day USD700-800m). Our total FX reserve is not abundant at the moment, thus any escalation in currency depreciation ahead could raise some concerns from local investors.