Daily Market Watch 28/04/2026: Vingroup Family Once Again Boost Index, Others Struggled

MARKET HIGHLIGHTS

o       Vietnam’s equity market opened sharply higher, driven by strong gains in Vingroup stocks amid thin liquidity. All four Vingroup names (VIC, VHM, VRE, VPL) advanced significantly in the morning session, pushing the VN-Index to an intraday high of 1,887. Notably, these four stocks accounted for over 20% of total market turnover, with VIC and VHM alone contributing 19.1%. Other blue chips such as STB, MWG, and TCB also posted gains, driven by some good news from their AGMs. While state-owned banks edged up modestly, supporting the broader index.

o       In contrast, the lack of trading flows weighed on mid- and small-cap stocks, which declined early in the session due to weak liquidity. Energy stocks led the downturn, falling over 4% in the morning amid negative sentiment surrounding Q1 earnings. PLX, during its AGM, indicated a potential loss of over VND 1,000bn in its petroleum segment for Q1 2026. Most oil-related stocks also faced strong foreign selling pressure. PC1 remained under heavy selling pressure for a second consecutive session, with limited liquidity and a substantial sell queue at the floor price.

o       As a result, the VN-Index closed the morning session up 1.77% (+32.76 pts), largely driven by VIC and VHM, which together contributed nearly 34pts. This means that the remaining of the market traded lower. Market breadth remained negative, with 170 decliners vs. 120 gainers. Most gainers saw quite modest return.

o       Despite continued strength in Vingroup stocks, broad-based selling pressure intensified in the afternoon, triggering a sharp intraday pullback. Up to 20 names in the VN30 basket declined compared to their morning levels. PLX dropped to the floor, while GAS fell sharply (-6.13%). Other O&G stocks plunged steeply due to selling pressures of both foreign and local retail investors. Many have retreated 25%-30% from their recent peak price lastmonth, thus panic sell was there as retail investors could not take more damanges. Banking stocks also reversed, with VCB and BID turning negative after earlier gains. Selling pressure extended to mid- and small-cap names. Market breadth turned worse with 210 decliners versus 107 gainers by the close.

o       Although the VN-Index still gained 1.2% by the end of the session, only 20 stocks advanced more than 1%, highlighting the strong index distortion from large-cap leaders. Vingroup stocks alone contributed 34.39 points, exceeding the index’s total gain of 22.55 points, underscoring the weak underlying market sentiment.

o       Market liquidity remained subdued due to limited trading activity, with total HoSE turnover at just USD 731mn (-21% vs. monthly average). The market only open 2 days this week (today and tomorrow), then it will have another 4 days break from Thursday before resuming from next Monday. Retail investors usually stay quiet in the week prior to the holidays. Foreign investors accounted for approximately 32% of total trading value and recorded net selling of USD 20mn, primarily in large-cap names such as FPT (-USD 11mn), VHM (-USD 6.4mn), and SHB (-USD 3.1mn). Meanwhile, net buying focused on VRE (+USD 6.1mn), NVL (+USD 4.6mn), and VIC (+USD 3.4mn).