Daily Market Watch 29/09/2026: Another Quiet Day, Q3 Earnings Expectation Pushed Energy, Port & Logistics Stocks Well

TODAY MARKET MOVEMENT

o     The market traded slightly lower before recovering towards the close, narrowing the VN-Index’s loss from 0.5% intraday to 0.2% at close. The Large Cap Index underperformed with a 0.4% decline as Vingroup stocks and large-cap banks weighed on the market. The Mid Cap Index slipped 0.1% while the Small Cap Index gained 0.5% on mild bottom-fishing after several consecutive sessions of declines. Buying interest was concentrated in Oil & Gas, Industrials and selected brokerage names. Market breadth remained negative at 170 decliners versus 133 gainers.

o     Liquidity contracted sharply as investors scaled back positions in the absence of new catalysts. Investors were in a conservative mode due to the lack of drivers. Total trading value on HOSE fell to USD475mn. Foreign investors extended their net selling streak to five sessions with a USD15mn outflow today. VPB again recorded the largest foreign outflow at USD9.6mn followed by HPG and ACB at USD2.0mn each. Foreign players purchased mainly Energy names. PVT attracted USD2.3mn followed by PLX at USD1.1mn and PVS at USD1.0mn. These stocks subsequently posted solid gains.

MAJOR UPDATES AND DEVELOPMENTS

o     Energy (+2.1%) outperformed for another session as Brent crude oil price remained elevated at around USD100/barrel, providing support alongside expectations for solid 3Q26 earnings. BSR gained 0.31% while Mid Cap Energy names posted sharper gains on sizeable foreign demand. PVD (+1.61%), PLX (+2.39%), PVP (+5.04%) and PVT (+6.50%) jumped as a result.

o     Financials slipped 0.7% despite expectations for healthy banking earnings. The SBV withdrew a net VND44tn (~USD1.7bn) from the financial system yesterday. Private banks saw sizeable declines amid aggressive selling from both foreign and domestic investors with LPB (-4.40%), MBB (-1.01%) and TCB (-0.76%) among the weaker names. BVH gained 0.82% as elevated interest rates remained supportive. Brokerage stocks meanwhile attracted some bottom-fishing after several consecutive sessions of declines including HCM (+2.30%), VPX (+2.00%) and VND (+0.72%).

o     Real estate shed 0.7% as investors remained reluctant to initiate positions amid expectations for weaker 3Q26 earnings in an unfavorable market environment. DXS (-1.70%), HDC (-0.47%) and VPI (-2.26%) traded lower on sizeable domestic supply. Continued foreign outflows from VIC (-0.82%) and VRE (-1.02%) also weighed on the broader group.

o     Materials gained 0.7% as rubber stocks provided the main support following a nearly 7% rise in rubber prices over the past week. GVR (+3.42%), TRC (+3.93%), DPR (+3.20%) and PHR (+2.51%) outperformed on active domestic accumulation.

o     Industrials rose 0.6% with transportation stocks extending their advance on expectations for decent 3Q26 earnings. VOS (+3.15%), PDV (+4.76%) and HAH (+1.15%) finished higher on active local participation. Construction names also gained following the Ministry of Construction’s call for PPP investment in 29 expressway projects worth nearly VND1 quadrillion (~USD38.5bn). VGC (+0.58%), HHV (+0.89%) and CTD (+0.51%) posted modest gains.

o     REE (+3.4%) jumped after releasing the news that the company and XCE are proposing the Phu Cuong Wind Power Complex in Can Tho with total capacity of 200MW and investment capital exceeding VND9,100bn. XCE currently owns and operates around 390MW of solar and wind power capacity and is targeting a renewable energy portfolio of 2GW by 2030.

o     MWG (-0.14%) came under pressure after reports that a Bach Hoa Xanh store is facing a police investigation over the sale of spoiled sausages. HCMC police are investigating the store after customers reported receiving moldy and spoiled products including sausages that had expired nearly three months earlier. Authorities are inspecting the store’s cold-storage facility to trace the affected batch. The incident was reported by customers and the media and prompted Bach Hoa Xanh to acknowledge issues related to product quality and promotional pricing while offering customers exchanges or refunds.

o     PNJ closed at the limit-down price for a second consecutive session following a series of unfavorable news. Around 31mn shares queued at the floor price as the VND7.1tn (~USD272.0mn) provision and planned share disposals triggered heavy selling pressure. The stock also faced additional supply after the Chairman’s younger brother registered to sell 9mn shares following the completion of sales totaling 25mn shares by the Chairman’s two daughters.  The company also plans to close 25–30 stores and open around 10 new stores in 2026.

o     Ahead of its September 30 ex-rights date, NVL finished at the limit-down price for a second consecutive session. Nearly 70mn shares queued at the floor price. Novaland plans to offer 800.7mn shares at VND10,000/share on a 3:1 basis to raise funds for debt repayment and other financial obligations.