Blue-chip stocks push VN-Index above 1,800 points as market closes higher

Vietnam’s VN-Index closed up 1.41% at 1,800.65 points, clearing a key psychological resistance level quickly. However, market breadth suggested a different story: HoSE finished the session with 105 gainers and 194 decliners, with the number of advancing stocks falling versus the morning (160 up, 124 down) despite the index rising 0.9% earlier.

Afternoon buying concentrated in a few large names

Momentum to push prices higher was most visible in several VN30 constituents. VIC, after entering the afternoon session, saw strong buying pressure and reached the ceiling price by 2:10 PM. The stock was later prevented from hitting the ceiling again until the close. Compared with the morning close, VIC rose 4.06% in the afternoon.

VHM also posted strong gains. It did not hit the ceiling, but rose another 3.95% in the afternoon and closed up 6.28%. Other gainers included VPL, up 5% from the morning reference, and VRE, up 3.17% in the afternoon to close 5.02% higher.

Liquidity surge in VN30 despite more decliners

Trading in these four stocks alone in the afternoon accounted for liquidity of 1,373.6 billion dong, equivalent to 25.2% of the total value added by the VN30 basket. VN30’s afternoon liquidity also increased by nearly 66% versus the morning session.

What stood out was that this sharp liquidity uptick occurred while 21 of the VN30’s 30 stocks declined, with only 8 advancing further. Beyond the four Vin stocks, GVR, SHB, VJC and SAB also rose versus the morning close.

HoSE breadth and selling pressure weighed on performance

VN30-Index closed up 0.77%, with 11 gainers and 17 decliners—worse than the morning session (19 up/7 down). This helped confirm that selling pressure contributed to higher liquidity rather than broad-based upside.

Breadth on HoSE reinforced the point. Even among the 194 red stocks, 93 declined by more than 1%, compared with 42 in the morning. Liquidity among the selling names was also notable: 22 stocks in this group recorded liquidity above 100 billion dong, versus only two in the morning (STB and GEL).

Heavily pressured blue chips and mid-caps

Among blue chips under pressure, HPG fell 1.75%, FPT down 1.44%, STB down 2.72%, MWG down 1.96%, VNM down 1.13% and DGC down 3.02%. Mid-cap stocks also declined with high liquidity, including CII down 1.77%, GEX down 2.56%, EIB down 1.3%, VCG down 1.97%, DCM down 3.37% and TCH down 1.73%. For these names, liquidity was above 200 billion dong per stock.

Overall, HoSE afternoon trading liquidity rose 33% versus the morning, but trading was concentrated in decliners. Only 93 of the weakest stocks accounted for 32.3% of total matched value on the exchange. The most liquid stocks in this group mostly closed at their lowest prices or had the lowest bid prices outstanding, indicating selling pressure persisted until the end of the session.

Selective upside and foreign flows

On the upside, the Vin group remained the strongest driver. Other beat-down stocks that still managed to rise from the morning included HCM up 3.47%, NVL up 2.34%, EVF up 1.08%, KDH up 1.34% and BAF up 1.54%—the only names with sizable liquidity, each above 100 billion dong.

Across HoSE, 52 stocks rose more than 1%, but only 19 had liquidity above 10 billion dong.

Foreign investors: net selling widened in the afternoon

Foreign investors executed large block trades in VHM in the afternoon, pushing the net selling position to -3,621.9 billion dong versus -72.3 billion in the morning. Specifically, VHM was net sold by nearly -3,564 billion dong. Additional net selling included FPT (-432.4 billion), STB (-87.5 billion) and DCM (-70 billion).

On the buying side, foreign investors were net buyers of VIC (+374.2 billion), VCB (+64.8 billion), SSI (+62 billion) and VIX (+51 billion).