Old playbook returns as VN-Index near historic peak around 1,880–1,900 points

The strength of Vietnam’s leading stocks helped the VN-Index close at 1,819.83 points, after trading near a peak in the 1,880–1,900 range. The pattern echoes the December 2025 rally, when a small number of large-cap stocks were enough to lift the index to new highs.

Index performance and key drivers

In the afternoon, the VN-Index rose only marginally, up 0.07% versus the morning close. The move was constrained as VIC hit the limit up, preventing further upside, while VHM remained flat with a 4.45% gain by the end of the morning session.

Across VN30, eight stocks rose in the afternoon while 20 fell, leaving the market in a state of oscillation but with an overall “acceptable” tone.

Only VIC and VHM contributed 27 points to the VN-Index, exceeding the index’s total gain of 19.18 points.

Market breadth and distribution of winners and losers

HoSE breadth showed 105 advancers and 213 decliners. Even within VN30, the number of stocks rising was limited (11 up) compared with those falling (18 down). This breadth suggests investors could still face losses even as the VN-Index finishes higher.

Within VN30, the number of deep decliners was not large. The blue-chip basket recorded 8 stocks down more than 1% and 7 up from around 1% or more.

Among the weakest large caps, CTG fell 1.28% and GAS declined 1.01%. On the upside, VIC and VHM—two of the market’s largest-cap stocks—were sufficient to secure gains. Other gainers included VPL up 2.5%, MSN up 1.04%, and MWG up 1.63%.

Broader market pressure and liquidity

Outside the VN30 group, conditions were less favorable. Prices were notably lower than in the morning, with nearly 100 stocks down more than 1% (compared with 83 in the morning session). The number of high-liquidity stocks in this segment nearly doubled, with 18 stocks crossing the 100 billion dong threshold.

Examples of declines among high-liquidity names included FPT down 1.33%, MBB down 1.13%, CTG down 1.28%, and VIB down 1.15%.

While some stocks continued to attract cash and hold prices, overall gains were not strong.

Mid-cap selling and concentration of declines

In mid-cap stocks, selling pressure was more pronounced across multiple names, including VIX -2.2%, NVL -2.86%, EIB -1.54%, VCK -4.85%, VCG -1.79%, BSR -1.34%, and VSC -2.06%—all with liquidity above 200 billion dong per stock. The article also notes that there were meaningful numbers of stocks down more than 2% even among lower-liquidity names.

However, the liquidity share of the heavily declined group did not increase relative to the overall market. The 100 weakest stocks accounted for 26.2% of total order value on HoSE, the same as in the morning. The implication was that although the number of sharp decliners rose, trading did not expand.

Low-liquidity stocks fell more due to weak demand, and their thinner liquidity makes prices more prone to swings.

Notable gainers beyond the large caps

On the upside, standout gains were limited to a few names beyond VIC, including MSN, MWG, POW, TCH, and KBC. These stocks rose from the morning and continued to draw cash in the afternoon.

Liquidity and foreign flows

The session resembled the previous day: the “pillars” drove the VN-Index higher, while most stocks pulled back. Liquidity declined. Total value traded on both exchanges rose 1% by the close, but excluding VIC and VHM, it fell by about 4%.

Foreign investors reduced selling pressure in the afternoon but remained net buyers, which helped soften the overall negative position to -212.6 billion dong, compared with -972.9 billion in the morning.

Foreign selling included heavy disposal of FPT, from -230.5 billion dong in the morning to -524 billion dong by the end of the day. VHM was also sold further, with net -503.2 billion dong. HCM joined the selling side with -118.7 billion dong. Other figures cited were VIX -98.3 billion and NVL -76 billion, described as showing limited change.

On the buying side, foreign net purchases included VIC +465.2 billion dong, SSI +235.2 billion, HPG +75.4 billion, ACB +72.6 billion, and TCH +62.4 billion.