A powerful rebound driven by property and energy stocks highlights Vietnam’s short-term momentum—while weak liquidity and foreign selling signal caution for global investors.
Vietnam’s stock market delivered a sharp rebound at the start of the week, with the VN-Index jumping more than 25 points to close near 1,755, snapping a two-session losing streak and reigniting short-term optimism among investors. The rally was powered overwhelmingly by Vingroup-linked shares, underscoring the conglomerate’s outsized influence on market direction at a time when global capital flows into emerging markets remain cautious.
The recovery followed a volatile end to last week, when Vingroup-related stocks narrowly avoided floor prices. That stabilization sparked expectations of a technical bounce—and those forecasts materialized quickly. All four major Vingroup ecosystem stocks surged, contributing a combined 16 points to the index’s advance. VIC rose 3% to nearly VND 160,000, while VHM hit its daily ceiling at VND 117,700, finishing the session with more than 300,000 shares waiting on the buy side.
Market breadth improved markedly across the Ho Chi Minh City exchange. Advancers outnumbered decliners by a wide margin, and within the large-cap VN30 basket, gainers exceeded losers by almost four to one. Property stocks were the clear standout: beyond Vingroup, NVL surged to its ceiling price, while NLG, AGG, QCG, and HQC all posted solid gains. The move reinforced real estate’s role as a high-beta driver during short-term rebounds.
Energy stocks added further momentum as oil and gas names rallied sharply. GAS climbed as much as 6.5%, while PVD, OIL, BSR, and PLX advanced between 3% and 4%, reflecting both sector rotation and renewed risk appetite after last week’s sell-off.
Banks and securities firms, however, sent a more nuanced signal. STB outperformed with a near-4% gain, but several major lenders—including VPB, TPB, and EIB—finished lower. Brokerage stocks were similarly mixed, with smaller firms rising while heavyweights such as SSI, VCI, and VND closed in the red, suggesting investors remain selective rather than broadly bullish.
Despite the strong headline rally, liquidity told a more cautious story. Total matched trading value fell to just over VND 22 trillion—roughly half the previous session’s level—and only STB and VIC exceeded VND 1 trillion in turnover. Foreign investors extended their net-selling streak for a second session, marginally increasing sales despite active buying, reinforcing concerns about sustained overseas inflows.
Looking ahead, securities firms expect near-term volatility to persist. While the broader uptrend has not been broken, analysts warn that technical pullbacks are likely as the market absorbs lingering supply. Vietcombank Securities has advised investors to trim positions in stocks facing heavy selling pressure and wait for clearer signs of balance before selectively re-entering the market toward year-end.
The rebound may have restored confidence—but with liquidity thinning and foreign capital still on the sidelines, the key question remains: is this the start of a durable year-end rally, or just another sharp bounce in an increasingly fragile global risk environment?
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Source: Vietnam Insider