After the holidays, instead of excitement, the stock market quickly faced increased selling pressure. In the trading session on September 3, investor sentiment became cautious in the face of negative developments in the Middle East and strong increases in world oil prices.
Supply was boosted right from the first minutes of the session, causing VN-Index to lose nearly 30 points at times, falling back to near the 1,800 point mark. The red color quickly spread on the board, showing that defensive sentiment is dominating the market.
However, towards the end of the session, VN-Index significantly narrowed its decline thanks to the pulling force from the large-cap stock group. In which, VIC became the most prominent bright spot when it jumped up 3.6%, contributing up to 14.2 points to VN-Index.
Despite contributing more than 14 points of increase, VIC still could not help VN-Index maintain its green color in the face of widespread selling pressure across the market. At the end of the session, the index decreased by 4.4 points, to 1,827.7 points.
Market breadth continued to strongly lean towards sellers with 236 declining stocks, while only 93 increased. This development shows that adjustment pressure is not only concentrated in a few stock groups but has spread throughout the market. Liquidity has also decreased significantly. On the HOSE exchange, total trading value reached VND 17,464 billion.
After 2 consecutive net buying sessions before the holidays, foreign investors suddenly turned to net selling VND 1,529 billion on the HOSE exchange. Notably, 6 stocks were net sold by foreign investors over VND 100 billion, including VCB, VPB, TCB, VIC, HPG and MSN. The simultaneous withdrawal of foreign capital from many large-cap stocks created additional pressure on the market in the first trading session after the holidays.
Most industry groups decreased today, led by the financial group decreasing by 1.8% with a series of "big players" banking and securities decreasing. Only two industries increased today, respectively real estate increased by 2.27% and energy increased by 0.63%.
Especially VIC shares, from a decrease of more than 4% in the morning session, VIC reversed to increase by 3.6% to 244,500 VND/share, thereby setting a new peak. The capitalization of billionaire Pham Nhat Vuong's group also accordingly set a record of 1.9 million billion VND, an unprecedented figure in history.
Since the beginning of the year, VIC's market price has increased by 44%. VIC shares have increased sharply, helping billionaire Pham Nhat Vuong's assets increase sharply. According to Forbes updates, Vingroup Chairman currently has assets of up to 37.5 billion USD, ranking 59th in the world billionaire list. This is the largest asset that a Vietnamese person has ever achieved according to Forbes' calculations.
The diễn biến of the session on September 3 shows that although some pillar stocks, especially VIC, still maintained strength and played a role in supporting the index, market breadth and cash flow are sending cautious signals. This may be a factor that needs to be monitored in the coming sessions when selling pressure has not been fully absorbed.
VPS Securities Company believes that in the first weeks of September, VN-Index is likely to move in a direction of both increasing and accumulating, interspersed with fluctuations and strong fluctuations when approaching the 1,830 - 1,850 point zones, and further, 1,870 points. Macroeconomic policies, upgrading progress and business performance prospects of listed companies will be important variables that determine market trends.
An Binh Securities Company's analysts gave their opinion that in September 2026, interest rates will still be one of the factors with the greatest impact on the trend of the stock market. Meanwhile, the story of market upgrades will play a supporting and catalytic role, especially for foreign capital flows and large-cap stock groups.
In the context that the general level of interest rates is still relatively high and the possibility of interest rates remaining flat in September, the room for cash flow into the stock market to increase sharply may not be really clear.However, if interest rates do not show further significant upward pressure, this is still a condition for investor sentiment to maintain stability.
