Daily Market Watch 28/09/2026: The Index Dipped Amid The Absence of Catalyst. Stock Prices Recovered Partly Toward The End of The Day

TODAY MARKET MOVEMENT

o     The market traded broadly lower throughout the session before a late recovery in Vingroup names helped the VN-Index narrow its loss to 0.25% at the close. Investors turned more cautious and trimmed exposure after the US 10-year Treasury yield climbed to 5.18%, its highest level since July 2007. The 30-year yield reached 5.47% while the two-year yield rose to 4.87%. At the same time, the DXY surpassed 101 points to its highest level in nearly two months. This raised concerns that global macro economy could volatile and impact Vietnam ahead.

o     The broader market was weak as investors were conservative. The Large Cap Index fell 0.8%, mainly driven by sharp losses in large banks and selected blue chips despite expectations for solid 3Q26 earnings. The Mid Cap and Small Cap indices also declined 1.0% and 0.6% respectively amid subdued liquidity. Property and brokerage names remained particularly weak as investors continued to reduce exposures in high beta stocks which could be negatively impacted by potential volatilities. Also, earnings in Q3 of both are expected to be weak due to the unfavorable market conditions. Despite the late recovery, market breadth was firmly negative at 227 decliners versus 105 gainers in HOSE, in which eight stocks closed at the limit-down price.

o     Liquidity remained muted as total trading value on HOSE edged down 1% DoD to USD579mn. Foreign investors started the week with USD11mn of net outflows. Overseas purchases focused on selected large and Mid-Cap names with BSR leading at +USD2.0mn followed by DCM (+USD1.8mn) and PVS (+USD1.6mn). VPB (-USD7.7mn), CTG (-USD2.8mn) and BVH (-USD4.4mn) saw the heaviest foreign disposal. Despite substantial offshore selling, BVH still closed at the ceiling price on expectations that elevated interest rates could support its earnings outlook and 3Q26 results could remain solid.

MAJOR UPDATES AND DEVELOPMENTS

o     Energy surged 3.9% as WTI recovered 1% to above USD93/barrel after falling nearly 3% last Friday following US President Donald Trump’s rejection of an Iranian peace proposal. Investors continue to expect decent 3Q26 results across the sector as oil prices remain elevated amid persistent tensions in the Middle East. BSR outperformed with a 6.58% gain on active local and foreign accumulation. Other Mid Cap names also advanced including PVD (+3.61%), PLX (+1.71%), PVP (+1.71%) and PVT (+1.52%) on robust domestic interest.

o     Real estate slipped 0.2% as a rebound in Vingroup stocks partly offset weakness elsewhere. HDC (-4.93%), NLG (-3.56%) and DXS (-2.93%) faced heavy domestic profit-taking. VIC (-0.04%) and VHM (+0.58%) meanwhile held relatively firm on local accumulation and helped cushion the broader group.

o     Financials shed 0.9% despite expectations for healthy 3Q26 earnings as overseas funds continued to cut positions. Private lenders were broadly weaker with LPB (-2.05%), TCB (-1.20%) and ACB (-1.40%) among the main laggards. On the liquidity front, the interbank rate eased further to 0.63% while the SBV injected more than VND34.3tn (~USD1.3bn) through open-market operations last week.

o     Brokerages saw another sharp pullback as expectations for weaker 3Q26 earnings weighed on sentiment amid thin liquidity and elevated funding costs. HCM (-4.02%), FTS (-3.98%) and VND (-3.14%) posted the steepest losses while the rest of the brokerage universe also moved lower as investors continued to pare holdings.

o     Materials lost 1.6% as steel producers came under broad-based selling. NKG (-2.47%), HPG (-2.18%) and HSG (-0.90%) weakened after Australia’s Anti-Dumping Commission launched a review of existing anti-dumping measures on galvanized steel imports from Vietnam, India and Malaysia. The review has raised concerns over export access and potential pricing pressure.

o     PNJ hit the limit-down price at the open after announcing an expected VND7.1tn (~USD272.0mn) provision related to its product buyback policy. The provision would push PNJ’s 2026 net profit plan into a VND6.3tn (~USD241.2mn) loss. The stock also faced additional selling after the Chairman’s younger brother registered to dispose of 9mn shares following the completion of sales totaling 25mn shares by the Chairman’s two daughters. PNJ recently received VND700bn in working-capital and raw-material inventory funding from Chairwoman Cao Thi Ngoc Dung’s family. The company also plans to close 25–30 stores and open around 10 new stores in 2026.

o     NVL hit the floor price ahead of the ex-rights date for its proposed offering of more than 800mn shares. HOSE confirmed September 30 as the ex-rights date and October 1 as the record date. Novaland plans to offer nearly 800.7mn shares at VND10,000/share on a 3:1 basis. Existing shareholders will therefore be entitled to purchase one new share for every three shares held. The proceeds will be used entirely to settle debts, financial obligations and overdue payables of the company and its two subsidiaries.

o     Coteccons (+2.06%) advanced after setting a VND1,050bn net profit target and proposing no dividend for FY2026. CTD targets consolidated revenue of VND42tn and net profit of VND1,050bn for FY2026, representing growth of 22% YoY and 34% YoY respectively. The company plans no fund allocations or dividend payout. Operating cash flow is expected to turn positive at VND829bn from negative VND1,153bn in FY2025