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.
Liquidity has "frozen," and the "suppressing" effect on key stocks is no longer effective.
Both buyers and sellers significantly reduced trading intensity this morning, resulting in a sharp drop in trading volume on both exchanges to 6,979 billion VND, the lowest since the April 30th holiday this year. This provides a good opportunity to assess the pressure exerted by blue-chip stocks on overall sentiment.
- Signal: Negative
- Impact on: VIC, VCB, VHM, CTG, VPB, VPL, VJC, GEX, HDB, VPI
- Comments: The record low liquidity indicates extreme caution from both sides, leaving the market lacking upward momentum. This could signal a period of accumulation or correction, where investors should prioritize capital preservation and wait for clearer signals of capital returning. The ineffective suppression of key stocks also suggests weakening overall sentiment, rendering large-cap stocks unable to lead the market.
VN-Index breaks below 1700 points, investors choose to stay on the sidelines and observe.
Although liquidity on both exchanges increased by nearly 281 TP3T this afternoon compared to the morning session, it still failed to improve the overall situation. The total value of matched orders on HoSE and HNX this session fell to a record low of over 7 months at 14,480 billion VND.
- Signal: Neutral
- Impact on: HNX, TCB, STB, VPB, SHB, HDB, VIC, ATC, VPL, VHM
- Comments: The VN-Index falling below 1700 points, coupled with a record-breaking drop in liquidity over the past seven months, signals a pessimistic market sentiment and large capital flows choosing to observe from the sidelines. This period requires investors to exercise extreme caution, avoid risky transactions, and consider reducing their stock holdings to manage risk. However, this also presents an opportunity to reassess potential stocks as the market becomes more attractive in the long term.
Will the stock market improve after the Fed lowers interest rates?
The US Federal Reserve (Fed) continued to cut interest rates at its policy meeting on December 10th. This, on the one hand, helped global stock markets recover in the early days of December, and on the other hand, caused the USD-Index to fall again, somewhat easing pressure on the USD/VND exchange rate.
- Signal: Neutral
- Impact on: VIC, VPL, VJC, HSX
- Comments: The Fed's decision to cut interest rates is generally expected to support global stock markets, but the actual impact can be complex. This helps reduce pressure on the USD/VND exchange rate, creates more favorable conditions for domestic monetary policy, and may stimulate foreign capital inflows. Investors should closely monitor inflation developments and statements from the Fed to assess the extent of future policy easing and adjust their investment portfolios accordingly.
Pyn Elite Fund: Vietnamese banks' profit growth has surpassed that of the 10 largest US technology companies over the past decade.
Mr. Petri Deryng stated that he compared the profit growth rate of Vietnamese banks with that of the 10 largest technology companies in the US over the past decade. The results showed that Vietnamese banks had faster profit growth.
- Signal: Positive
- Impact on: PYN, FTSE, STB, VAMC, FPT, MWG, MBB, HVN, ACV, OCB
- Comments: Pyn Elite Fund's assessment affirms the outstanding growth potential of Vietnam's banking sector, demonstrating a solid financial picture and sustainable profitability. This is a very positive signal, reinforcing confidence in the prospects of the banking industry in particular and the Vietnamese economy in general. Investors can consider accumulating bank stocks with strong fundamentals and attractive valuations for long-term investment goals, as these are pillars of the market.
The stock market should not be complacent about interest rates.
A major opportunity for value investing may emerge in the coming months, as hot money, derived from debt financing, that entered the market during the recent period of cheap money withdraws under pressure from rising interest rates and liquidity constraints, bringing the market to truly attractive valuation levels.
- Signal: Neutral
- Impact on: SGI, OMO, LDR, SBV
- Comments: Warnings about interest rate risk suggest that hot money may withdraw from the market, bringing valuations closer to reality and creating opportunities for value investing. This period is a time for investors to review their portfolios, prioritizing companies with solid financial foundations, less reliance on debt, and better resilience to a higher interest rate environment. Thorough analysis of fundamental factors and patient waiting are effective strategies in this context.
The forecast is for bank group profits to increase by 16% in 2026.
SSI Research forecasts that pre-tax profits of banks within the research scope will increase by 16% by 2026, driven by various factors.
- Signal: Neutral
- Impact on: SSI, III, IRB, IFRS, NIM, LDR, CTG, MBB, VPB, TCB
- Comments: SSI Research's forecast of impressive profit growth for the banking sector in 2026 is a strong supporting factor for the industry's long-term prospects. However, investors need to carefully assess specific growth drivers, such as asset quality, risk management, and the competitiveness of each bank. This presents an opportunity to invest in leading banking stocks with sustainable growth potential, but it should be combined with current valuation analysis to optimize returns.
The Fed lowered interest rates but sent hawkish signals about its policy path in 2026.
In its recently concluded policy meeting, the US Federal Reserve (Fed) was not only divided on whether or not to cut interest rates, but also signaled a more difficult path toward further easing in the future.
- Signal: Negative
- Impact on: CHIA, FOMC, CNBC, KINH, NEC
- Comments: Despite the Fed's interest rate cuts, the hawkish signals regarding monetary policy in 2026 suggest that the easing path may not be as smooth as expected, creating uncertainty in global financial markets. This could impact investment flows, particularly into emerging markets like Vietnam, and put pressure on exchange rates. Investors should prepare for potentially unpredictable market volatility and prioritize robust risk management.
Gold prices surged after the Fed lowered interest rates, while silver hit a new record high.
Spot gold prices rose sharply in Wednesday's trading session (December 10), following the US Federal Reserve's third interest rate cut this year.
- Signal: Neutral
- Impact on: ECB, FOMC, SPDR
- Comments: The sharp rise in gold and silver prices following the Fed's interest rate cut reflects the role of precious metals as a safe haven and inflation hedge against loose monetary policy. This volatility indicates that capital is seeking alternative assets amid macroeconomic uncertainty. Investors may consider diversifying their portfolios by allocating a portion to defensive assets like gold, but should be aware of the risk of short-term price volatility.
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.
