
Major holdings tied to Vingroup, big banks, and top retail giants fuel a broad market rebound — even as liquidity remains muted.
Vietnam’s equity market staged a strong rebound on November 26, driven by heavyweight stocks connected to some of the country’s most influential business empires. The surge highlights a pattern increasingly visible across Southeast Asia: while retail sentiment remains cautious, concentrated flows into billionaire-led conglomerates and banking pillars continue to dictate market direction.
The VN-Index climbed 20 points, closing above 1,680, despite intraday volatility. Green dominated the screen, though overall liquidity stayed subdued at around 23,000 billion VND, signaling that the rally was powered by selective large-cap buy-ins rather than broad-based conviction.
Within the VN30 basket, 24 stocks advanced, with notable gains above 2% in SSI, VPB, TPB, MWG, and MSN. Yet the biggest influence on the index came from familiar market heavyweights such as VIC, VIX, VPB, and GEX, reinforcing the outsized role of major conglomerates in Vietnam’s market movements.
Not every blue chip participated in the rally. Vietjet (VJC) abruptly reversed its recent winning streak, becoming the session’s biggest drag after falling 5.16%, shaving more than 1.5 index points from the VN-Index. Tech giant FPT and real estate leader VHM also closed lower.
Momentum extended across mid-cap names, with several stocks hitting their ceiling prices — including VPL, DCL, VSC, VNG, and Gelex-related tickers GEE and GEX. The real estate sector turned broadly positive as well, with DXGand CEO both up 4% and PDR and DXS rising more than 3%.
Foreign investors shifted sharply into net-buying mode, accumulating more than 628 billion VND. Key inflows targeted SHB, VPB, VIX, and MSN, while outflows focused on VCB, VIC, and VJC.
As the VN-Index edges further above resistance levels, investors are watching whether the market can sustain momentum without a meaningful pickup in liquidity. The day’s performance again raises a central question for Vietnam’s fast-growing capital market: will the next leg of the rally depend on broader participation — or will billionaire-linked blue chips continue to do the heavy lifting?
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Source: Vietnam Insider

