Vietnam Stock Market Recovers Slightly, Led by Blue Chips Amidst Mixed Internal Performance

Vietnam's stock market reversed its trend, gaining over 10 points in the final trading session of the week after two days of adjustment. This recovery was primarily driven by strong support from blue-chip stocks including Vingroup (VIC), Vinhomes (VHM), and VPBank (VPB). During the morning session, the VN-Index, representing the Ho Chi Minh Stock Exchange (HoSE), fluctuated within the 1,770-1,780 point range. However, the market's breadth tilted towards declining stocks as the session progressed, indicating a weakening undertone. In the afternoon, the general index improved thanks to the influx of capital into major "pillar" stocks. The market experienced a brief surge, with the index climbing over 20 points at one point, but this momentum could not be sustained. By the end of the session, the VN-Index retreated slightly but closed above 1,785 points, marking a gain of over 10 points compared to the previous day. Despite the overall index rise, the market displayed a "green shell, red heart" characteristic. On the HoSE, 176 stocks declined, significantly outnumbering the 132 stocks that advanced. Capital flow showed deep differentiation, with investors tending to selectively pick stocks with individual narratives, leading to a mixed performance across sectors, with both green and red stocks interspersed on the price boards. Collectively, VIC, VHM, and VPB were the main drivers of the VN-Index's gains, contributing over 11 points to the overall index. VIC closed at VND 232,000, up 0.9%, despite trading below its reference price for most of the morning. VHM showed stronger performance, increasing by 5.7% to VND 69,100. VPB was the most actively traded stock, with a liquidity of over VND 1,080 billion. Capital poured into the stock in the afternoon, pushing it to its ceiling price at one point before closing at VND 23,000, up 4.1% from its reference price. Following two previous sessions of volatility, investor caution has increased. Today's liquidity was nearly VND 15,300 billion, marking the second consecutive day of decline. Foreign investors continued to net sell approximately VND 254 billion, a significant reduction from the trillion-dong net sales seen in the preceding two sessions. TCB was the only stock sold off by foreign investors exceeding VND 100 billion. Conversely, foreign investors maintained strong net buying in SBT and BSR. Securities firms offered divergent views. Vietcombank Securities (VCBS) advised investors to adhere to discipline and restructure portfolios amidst the VN-Index's strong fluctuations. They recommended selling stocks that have fallen below support levels, increasing cash holdings, and patiently awaiting clearer market equilibrium signals. In contrast, Beta Securities (BSI) suggested that as the VN-Index approaches expected support levels, investors can begin to "cast their nets" and prepare for phased deployments if positive capital flow signals emerge. However, BSI cautioned against rapid deployment immediately upon the index touching support, advising instead to observe the absorption of selling pressure, liquidity, and the reaction of target stocks to identify suitable entry points.