The stock market bulletin records notable developments, providing investors with multi-dimensional information about trends and growth potential. Below is a summary of some of the highlights and analysis of the market situation in the form of a bulletin.
Blue-chip stocks quickly stabilized, selling pressure showed signs of decreasing, and foreign capital reversed to buying.
Despite the weakness of key stocks like VIC, VHM, and some large banks, the VN30 blue-chip basket spread into green, attracting over 611 TP3T in total trading value on the HoSE exchange. This indicates that the group recovered quite quickly after previous setbacks. Foreign investors made net purchases of 696 billion VND, strongly injecting capital into the market.
- Signal: Neutral
- Impact on: VIC, VHM, VPL, VRE, VPB, VNM, STB, GAS, GVR, SSI
- Analysis: The return of significant net foreign buying is an important signal indicating that market sentiment is strengthening after the correction phase. Although some major stocks remain weak, the rapid balancing of the VN30 basket and the spread of green suggest good absorption of selling pressure. Investors may consider gradually accumulating potential blue-chip stocks during corrections, especially those with solid fundamentals and attracting foreign interest. Risks remain if major stocks continue to decline, therefore, it is necessary to monitor liquidity and foreign investor activity in the following sessions to determine a sustainable trend.
The market has calmed down, and stocks are showing mixed performance.
The weekend provides a valuable window of opportunity for the market to stabilize sentiment after a fierce sell-off. While there wasn't a sustained selling pressure at the start of the week, the potential for a recovery remains limited.
- Signal: Positive
- Impact on: VIC, VHM, CTG, BID, TCB, MBB, VPB, HPG, FPT, VCB
- Assessment: The market's stable sentiment and the absence of continued sell-off pressure are positive developments after a sharp decline. The divergence indicates that capital flows are selective, focusing on stocks with unique stories or attractive valuations. This presents an opportunity for investors to proactively seek out stocks with growth potential, rather than investing based on trends. A suitable strategy during this period is to focus on fundamental analysis, select stocks with strong business results, and manage risk effectively by diversifying their portfolios. The market's calmer state creates more favorable conditions for making long-term investment decisions.
Excluding "mega-capitalization" stocks, is the VN-Index at the beginning of a major uptrend?
Currently, excluding the Vingroup group, the VN-Index is at around 1,370 points, which was at the end of June, also marking the beginning of the strong upward trend in the following two months (August and September).
- Signal: Positive
- Impact on: VIC, VHM, VPL, VRE, VPB, TCB, VCB, LPB, CTG, MBS
- Assessment: An analysis excluding the impact of large-cap stocks in the Vingroup group shows that the VN-Index is currently at a level similar to the beginning of a previous strong growth wave. This is an interesting perspective, suggesting significant upside potential for the overall market if the volatility from this group of stocks is removed. Investors should consider stocks outside the Vingroup group that have strong fundamentals and reasonable valuations. An investment strategy could be to accumulate stocks with long-term growth prospects while closely monitoring the performance of the Vingroup group to assess potential risks. The current time may be an opportunity to position a new growth cycle.
Foreign funds: Attractive valuations, market upside potential remains strong.
As of the end of November 2025, valuations remain attractive, with a projected P/E ratio of approximately 13 times for 2026. Excluding the four stocks related to Vingroup, the market is trading around 11 times, while earnings growth expectations for 2026 remain positive at around 15%.
- Signal: Positive
- Impact on: VNAS
- Assessment: Foreign funds' assessment of the market's attractive valuation, especially when excluding the Vingroup group, coupled with expectations of high earnings growth, suggests sustainable growth potential. The projected P/E ratio of 11-13 times compared to earnings growth of 15% is an attractive factor for long-term investors. This reinforces confidence in the market outlook, encouraging investors to consider increasing their stock holdings. However, it is necessary to be aware of the risks from macroeconomic factors and the unpredictable volatility of the global market. Choosing stocks with genuine earnings growth will be key to achieving investment success.
70 stocks had their margin trading cut on HOSE.
The Ho Chi Minh City Stock Exchange (HOSE) has announced an updated list of securities that are ineligible for margin trading.
- Signal: Neutral
- Impact on: HCM, HOSE, HID, CTCP, VPX, VVS, AFX, PDV, VPL, NVL
- Analysis: The HOSE's decision to cut margin trading on 70 stocks is a move aimed at strengthening risk management in the market and protecting investors. This may create short-term selling pressure on affected stocks due to margin calls, or force investors to reduce their holdings. However, in the long term, cleaning up the market will help improve the quality and sustainability of transactions. Investors should be cautious with stocks subject to margin cuts, avoid excessive leverage, and focus on stocks with solid fundamentals, good liquidity, and minimal impact from these regulations.
Foreign ETFs are about to buy tens of millions of shares.
The STOXX Vietnam Total Market benchmark fund will purchase a maximum of 14.2 million additional VIX shares, 14 million SSI shares, 11.9 million VND shares, and 7 million VHM shares.
- Signal: Neutral
- Impact on: VIX, SSI, VHM, TCX, BSC, SHB, HPG, VCB, VIC, HVN
- Assessment: The move by foreign ETFs to buy tens of millions of shares, especially in blue-chip stocks like VHM, SSI, VND, and VIX, is a positive signal for capital flows. This not only strengthens confidence in the market but also creates significant demand, which could support the prices of target stocks in the short term. Investors can closely monitor the portfolios of these ETFs to look for investment opportunities. However, it should be noted that the impact of ETF buying and selling is often technical in nature, and investors need to combine it with fundamental analysis to make sustainable decisions, avoiding chasing money flows while ignoring the intrinsic value of the businesses.
Towards the end of the year, gold price fluctuations may become more unpredictable.
Global gold prices opened the new trading week on an upward trend, continuing last week's gains and heading toward completing a spectacular year of increases.
- Signal: Negative
- Impact on: FXTM, BOE, ECB
- Analysis: World gold prices continue their upward trend and are expected to become more volatile towards the end of the year. This typically reflects macroeconomic instability or inflation, prompting investors to seek safe haven assets. While gold doesn't directly impact Vietnamese stocks, the significant volatility of the precious metal can affect investor sentiment, causing capital to shift away from riskier assets like stocks. Investors should diversify their portfolios, consider allocating assets appropriately across investment channels, and monitor global macroeconomic factors to assess overall market risk.
Will rising interest rates have a significantly negative impact on the real estate market?
Rising but still low interest rates are partly encouraging genuine homebuyers to make quicker decisions about purchasing real estate in the early stages.
- Signal: Positive
- Impact on: MBS, VHM, NLG, KDH, PDR, DXS
- Assessment: The view that rising but still low interest rates will not significantly negatively impact the real estate market, and may even encourage buyers to make quicker decisions, is a positive sign for real estate stocks. This indicates that the recovery prospects for this sector remain favorable, especially for businesses with products serving real estate needs. Investors can consider real estate stocks with clean land reserves, clear legal status, and strong project implementation capabilities. However, a thorough assessment of each company's debt situation and the market's absorption capacity is necessary in the context of many unpredictable macroeconomic factors.
The stock market news bulletin aims to provide investors with an overview, while emphasizing the importance of careful analysis before making investment decisions. Following market news from HVA The provision will help investors seize opportunities from short-term fluctuations and adjust their portfolios in line with market trends.
