Market Pulse 09/04/2026: VN-Index eases after surge as afternoon session turns volatile

In the afternoon session, the VN-Index swung sharply, first rebounding to narrow losses to about 6.5 points before reversing from around 14:10. At the close, the index fell 19.87 points to 1,736.68, virtually unchanged from the morning close.

The HNX-Index also closed lower, down 2.34 points to 250.98, while the UPCoM-Index declined 0.20 points to 127.50. Market-wide turnover was around 30.8 trillion VND, significantly lower than the previous session’s high-spirited trading.

Cause: Heavyweight pressure and sector declines

Across market capitalizations—Large Cap, Mid Cap, and Small Cap—prices moved lower. Large Caps led the decline, down about 1.26%, while the other two groups fell more modestly.

Sectors with the steepest declines included energy, down 2.28%. However, the main drag came from heavyweight “mega-pillar” stocks.

• Banks in the red included VCB (-1.33%), VPB (-1.81%), HDB (-1.14%), BID (-2.05%), and CTG (-1.41%).
• Securities stocks also slipped, including SSI (-2.21%), SHS (-3.23%), VCI (-3.45%), VCK (-1.58%), and VND (-1.75%).

Within the Vingroup group, VPL drew attention with a 5.88% drop. Still, VIC fell 2.74%, directly subtracting 6.82 points from the VN-Index. VHM also declined 0.81%, weighing on the broader ecosystem.

Development: Real estate resilience amid Vingroup weakness

Despite pressure from the Vingroup group, the real estate sector closed mostly higher. Positive movers included NVL (+6.03%), DXG (+2.36%), and QCG, which hit the daily ceiling. The report linked QCG’s ceiling move to a court proceeding related to the transfer of more than 6,000 square meters of “golden” land at 39-39B Ben Van Don.

Data/Stats: Foreign flows and net outflow

Foreign trading showed anonymous/negotiated selling of more than 36.7 million shares worth nearly 3.3 trillion VND in VPL, which dominated sentiment. This was offset by a net buy of over 482 billion VND in HPG.

With this heavy net sell, the session recorded the strongest single-session net outflow in 16 sessions, totaling nearly 2.5 trillion VND.

Impact: Morning weakness, later volatility

At the close of the morning, the market had already fallen. The VN-Index was down 17.6 points to 1,783.93, while the HNX dipped nearly 3 points to 250.56.

Red was widespread across many sectors. The real estate group, however, showed relative resilience, with many real estate stocks still trading in positive territory, suggesting some sectoral support amid the broader decline.

Morning turnover was about 12.8 trillion VND, with roughly 12 trillion VND on HOSE, indicating weaker activity on HNX and UPCoM.

A bright spot in the morning was foreign net buying of nearly 120 billion VND. Stocks highlighted among net purchases included HPG, DGC, and TCX, while VHM faced the largest net selling.

Analysis/Expert Opinion: Range-bound early, then reversal

In the first half of the morning, trading stayed range-bound, with red still dominating many sectors. The report noted that without support from real estate and a few heavyweight stocks, the market would likely have fallen further.

By around 10:40 AM, NVL, VHM, DXG and other real estate names remained in the green, with NVL approaching the daily ceiling. In contrast, financials and banks lost momentum after a strong rally, with red returning to the group; VIX and TCB were among the few green names.