Blue-Chip Stocks Help Vietnam’s Market Rebound After Sharp Morning Losses

(Vietnam Insider) – Vietnam’s stock market staged a late-session recovery on September 11, with the VN-Index climbing 10 points after a steep morning decline. Gains in key large-cap stocks—particularly VIC, VHM, and LPB—provided the backbone for the turnaround, while MWG, FPT, and STB also reversed course to support the rally.

Market Reversal in Afternoon Session

The VN-Index began the afternoon still in negative territory, slipping further below its reference level. However, momentum improved after 2 p.m., lifting the benchmark index above water and eventually closing the session up by around 10 points.

Blue-chip strength was critical: Vingroup (VIC), Vinhomes (VHM), and LienVietPostBank (LPB) held firm in positive territory with steady liquidity. Meanwhile, Mobile World (MWG), FPT, and Sacombank (STB) bounced back from losses, giving the index further support.

Despite the rebound, the overall market picture remained fragile—described as “green shell, red core”—with more than 200 stocks still declining on the HoSE.

Morning Session Dragged by Heavy Selling

Earlier in the day, the VN-Index plunged below the 1,640-point mark during the opening auction (ATO) and slid further as selling pressure spread across sectors. The benchmark ended the morning at 1,629.5 points, down nearly 14 points from the previous session.

• Decliners dominated: 261 stocks fell (73% of listings), while only 75 advanced.
• Notable outliers: Eight mid- and small-cap stocks hit their ceiling prices.
• Sector performance: Only real estate, chemicals, retail, and technology recorded gains, with Vingroup and Vinhomes providing the strongest cushion.

Banking and Securities Under Pressure

The banking and securities sectors led the morning downturn:

• Securities: VIX slumped 5.3% with over VND 1 trillion in trading value. SSI dropped nearly 3% but led the market in liquidity at over VND 2.3 trillion. Other brokers—VND, HCM, FTS, VDS, CTS—fell 2–3.9%.
• Banking: VPB dropped 3.5%, while SHB, ACB, CTG, EIB, HDB, and MSB all shed more than 2%. Only LPB and KLB managed to hold gains across the sector.

Liquidity and Foreign Flow

Liquidity surged: HoSE turnover reached nearly VND 19.9 trillion in the morning, 1.5 times higher than the same period yesterday.

Foreign investors net sold: roughly VND 1.23 trillion, with SSI facing nearly VND 398 billion in outflows. MSB and SHB also saw heavy net selling above VND 100 billion each.

Analyst Outlook

In a morning note, VPBank Securities (VPBankS) commented that the previous day’s rebound was largely technical and dependent on blue-chip support. The VN-Index remains below its 20-day moving average (MA20), with liquidity still weaker than the 20-session average—signaling insufficient demand to confirm a sustained recovery.

VPBankS expects the index to fluctuate between 1,625 and 1,655 points in the near term, with performance diverging across sectors. The firm advises investors to avoid chasing rallies and instead consider short-term T+ trades (buying and selling quickly) in stocks that hold above MA20 or show reversal signals at technical support levels.

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Source: Vietnam Insider