Daily Market Watch 28/01/2026: The VN-Index Pulls Back to 1,800 pts Level as Vingroup Stocks Corrected

MARKET HIGHLIGHTS

o       Vietnam’s stock market extended its decline for a seventh consecutive session, with losses mainly driven by sharp sell-offs in Vingroup stocks. The pressure stemmed from three factors: (1) market rumors that mortgage long-term lending rates would be adjusted up sharply to 13.5%-14% by SOE banks. This would negatively affect both developers and home buyers; (2) speculations that a major fund who holds a large amount of Vingroup stocks started selling. This weighed heavily on sentiment of retail investors and triggered a runaway; and (3) margin call pressures on retail investors. All four Vingroup stocks dropped sharply in the morning session, with VIC and VHM hitting the floor, while VPL and VRE declined over 6%. Those names collectively dragged the VN-Index down by 25.7 points in the morning. Residential real estate stocks also weakened, with PDR, DXG, and KDH among the worst performers alongside Vingroup family due to the concerns over rising interest rate

o       In contrast, SOE stocks continued to perform and supported the Index. Energy-related names led the gains, including GAS, BSR. Other names such as PVD, PVS, etc rallied significantly and hit limit up price. State-owned banks also advanced on rumors that the SBV may loosen regulations for SOE banks, potentially allowing additional liquidity through lower reserve requirements. VCB, BID, and CTG gained slightly as a result. Private banks, however, saw notable declines. ACB fell sharply after reporting weak Q4 earnings, with net profit down 40% YoY, full-year profit declining 7% YoY, and results missing its 10% growth target. Other banks including HDB, TCB, SHB also retreated

o       By the end of the morning session, VN-Index was down 1.35% (-24.77 points), with a negative market breadth on HoSE, showing 117 gainers versus 183 losers.

o       In the afternoon, VN-Index staged a notable rebound as it approached the 1,800-point supported level, supported by strong bottom-fishing flows into large-cap stocks. Retail participation also improved in mid- and small-cap names, allowing the VNMID (+0.2%) and the VNSML (+0.1%) to move higher. Residential real estate stocks became a key highlight as bargain hunting reversed sharp morning losses, with NLG (+3.39%), HDC (+2.38%), DXG (+1.33%), and KDH (+0.75%) ending in positive territory. Those stocks have corrected strongly YTD which triggered speculators jumping in.

o       However, selling pressures intensified again after 2pm, particularly in large-cap stocks, as foreign selling accelerated alongside domestic outflows. Seven of the ten largest market-cap stocks declined sharply, all of which were net sold by foreign investors, including VIC (floor), VRE (-5.83%), VHM (-5.70%), VCB (-1.42%), BID (-1.33%), TCB (-1.29%), and VPB (-0.18%).

o       Heavy losses in large-cap stocks dragged the VN-Index down 1.51% for the day, to close at 1,802.9 points. Market breadth remained negative, with 172 decliners versus 140 advancers. The VN-Index has fallen 7 consecutive sessions, down 5.3% from its recent peak.

o       Market liquidity improved significantly on stronger bottom-fishing demand. Total trading value on HoSE reached USD 1,330 mn (+35.2% DoD). Foreign investors recorded heavy net selling of USD 68.4 mn, mainly in VCB (-USD 15.6 mn), VIC (-USD 14.3 mn), and VNM (-USD 9.2 mn), while net buying focused on FPT (+USD 13.2 mn), GAS (+USD 6.1 mn), and MSN (+USD 3.4 mn).