In the trading session on September 4, cash flow continued to stand outside the market, but VN-Index still jumped more than 25 points thanks to the pulling force from large-cap stocks. At the end of the session, thanks to the overwhelming pulling force from the pillar stock group, VN-Index closed the session up 25.36 points, equivalent to 1.39%, to 1,853 points.
The HOSE scoreboard recorded 176 declining stocks, while only 128 increased. However, the index's upward momentum has not been accompanied by an improvement in cash flow. Liquidity on HOSE continued to decline, with less than 614 million shares matched, equivalent to a transaction value of 16,457 billion VND.
After a net selling session of more than 1,500 billion VND, foreign investors returned to net buying nearly 100 billion VND on HOSE. The codes that were net bought the strongest by foreign investors include VIC with 154 billion VND, VHM 133 billion VND and MCH 101 billion VND. In the opposite direction, DXG is the stock that was net sold the strongest by foreign investors with a value of 118 billion VND.
According to statistics, VIC stock alone contributed nearly 20 points to increase VN-Index. The remaining codes in the leading group contributed from 0.5-3.1 points. In the opposite direction, SSB is the code that has the most negative impact on the index, but also only pulled VN-Index down by about 0.5 points.
VIC shares at one point increased close to the ceiling price in the afternoon session before cooling down slightly, closing at +4.74% to 256.100 VND, matching more than 7.5 million units and contributing more than 19 points to VN-Index. Other related stocks in the Vingroup group, VHM, edged up 2.5%, VPL and VRE only increased slightly, but also contributed 3.5 points to the index.
The rest of the bluechip group was quite positive with green dominating, with two leading bank stocks being VPB +3.2% up to 27,800 VND and STB +3.8% up to 7,700 VND. VNM, TCB, VIB, TCX stocks increased by 1-2.5%.
The current developments of the market show that the demand in the market is still quite cautious, while the increase of VN-Index depends significantly on some large-cap stocks.
In a recent report, Agriseco Securities Company expects VN-Index to continue its recovery momentum in September 2026, heading towards the 1,850-1,870 point zone after creating a short-term bottom around 1,651 points.
According to the Agriseco analysis group, the market is receiving a number of supporting factors, including policies to promote the economy, promote public investment disbursement and attract FDI capital to complete the GDP growth target of 10% in 2026.
In addition, FTSE Russell has officially ranked Vietnam from a frontier market to a secondary emerging market, effective from September 21, 2026, thereby expected to attract more foreign capital and improve liquidity.
The valuation level is also at an attractive level when the market P/E is about 12.4 times, lower than the 5-year average, while the overall market profit is expected to continue to maintain positive growth momentum in the coming months.
However, Agriseco notes that the upward trend may be limited by interest rate pressure, inflation and global geopolitical instability. In this context, the analysis group prioritizes stocks with reasonable valuations, solid fundamentals and positive profit prospects in the coming quarters.
