Despite heavy selling in real estate and securities shares, Vingroup’s rise and a surge in energy stocks lifted the benchmark index for a second straight session.
HO CHI MINH CITY, November 05 (Market Insider)— Vietnam’s stock market ended higher on Wednesday, with the VN-Index rising for a second consecutive session, up 3 points to nearly 1,655, as oil and gas stocks surged and Vingroup (VIC) acted as the primary stabilizer for both the real estate sector and the broader market.
The day began shakily. Following Tuesday’s breakout, several analysts warned that the short-term trend remained downward, a prediction seemingly confirmed in the morning session when widespread selling drove the VN-Index down 10 points to around 1,640. But by mid-session, the index rebounded sharply, powered by energy gains and VIC’s steady advance, overcoming early volatility to close in positive territory.
Energy Stocks Lead the Charge
Oil and fertilizer shares provided the day’s most consistent upward momentum. PV Drilling (PVD) at one point hit its ceiling price of 24,500 VND, while OIL and GAS each finished up more than 4%. The broader energy complex saw uniform gains of 3–5%, reflecting optimism over global crude prices and domestic industrial demand.
Blue Chips Split as Sentiment Softens
Despite the index’s overall rise, the market remained divided. On the Ho Chi Minh City Stock Exchange (HoSE), 190 stocks declined while only about 120 advanced — a “green shell, red core” day, where headline gains masked underlying weakness.
The VN30 index, representing large-cap stocks, actually fell 11 points, with 18 decliners and only 12 gainers. State-linked firms led the gainers, including GAS, PLX, CTG, BID, and VCB, buoyed by comments from General Secretary To Lam, who said the Politburo would soon issue a new resolution on state-owned economic reform, targeting sustainable growth and double-digit expansion.
VIC Holds Up Real Estate as Sector Faces Heavy Selling
The property sector remained under pressure, with CII, QCG, VRE, DIG, and HDG all down more than 2%. Mid- and large-cap developers such as VHM, KDH, and NLG slipped 0.5–1.5%. The exception was Vingroup (VIC), which rose 2.7% to 206,500 VND, single-handedly offsetting broader declines and anchoring the market. Analysts credited VIC’s resilience for preventing a sharper correction in the benchmark index.
Brokerages and Banks Diverge
Securities stocks came under renewed selling pressure, with VCI, VIX, HCM, and TCX all down more than 2%. SSI bucked the trend, inching up 0.4% to nearly 35,000 VND.
Bank shares showed mixed performance — CTG, BID, and VCB maintained gains, while TCB, TPB, ACB, and OCB traded below reference throughout the session.
Liquidity Slumps, Foreign Investors Turn Sellers
Trading activity dropped sharply, with total turnover at just 20.2 trillion VND, down 14 trillion VND from the previous day — the lowest level since late June. Only two tickers, FPT and SSI, exceeded the 1 trillion VND trading mark.
After a strong wave of buying earlier in the week, foreign investors turned net sellers, offloading 3.11 trillion VND while purchasing just 2.3 trillion VND. The heaviest foreign outflows targeted TCB, SSI, ACB, and VIX.
Market Outlook
Analysts say VIC’s leadership and oil sector strength continue to provide short-term support, but low liquidity and cautious sentiment suggest investors are still in a defensive phase. Unless broader participation returns, market volatility could persist — with VIC’s performance likely remaining pivotal to whether the VN-Index can sustain its current rebound.
