After yesterday's historic decline, this morning (March 10), the electric board of the Vietnamese stock market regained green in the excitement of investors stemming from receiving recovery signals from Wall Street last night, as well as crude oil prices reversing to decrease sharply, from a 2022 peak of nearly 120 USD to retreating to around 90 USD/barrel early on, activating strong bottom-fishing orders in the market.
The morning session of March 10 closed with positive points, VN-Index increased by 36 points to 1,688.94 points. HNX-Index increased by more than 3 points, reaching 238.8 points. Although the increase was somewhat narrowed compared to the middle of the session, the increase is still showing optimism.
Market liquidity gradually increased towards the end of the morning session. Trading value reached more than 26,300 billion VND with more than 1 billion units traded.
Green color is still mainly maintained in the financial group, in which MBB, STB, CTG, VCB codes increased from 3 - 5% are the pillars contributing to the increase of VN-Index. In the general positive context, oil and gas stocks are falling into a stalemate. PVT, PVS, PLX, OIL, GAS... closed the morning session in red.
In Asia, a series of stock indices also recovered strongly after a trading session filled with red immediately before. South Korea's KOSPI index opened up more than 5%, thereby leading the recovery of the market in the region after oil prices fell and Wall Street rebounded. KOSDAQ's small-cap stock index increased by more than 4%.
In yesterday's trading session, this Korean stock index opened with a sell-off of 8%, causing the system to activate the temporary trading interruption feature to stabilize market sentiment. This is also the 2nd interruption session after only 4 trading days in Korea.
Other stock indexes in Asia also increased positively. In Japan, the Nikkei 225 index increased by 1.66%, while the TOPIX increased by 1.3%. In Hong Kong (China), the Hang Seng index increased by 1.56%, and the CSI 300 index of China increased by 0.9%.
SSI Research has just released an updated report on the stock market outlook for March, which emphasizes that the corrections in the first trading sessions of March are creating a foundation for short-term recovery.
Historical data from 2010 shows that the market tends to recover strongly after similar deep declines. VN-Index recorded an increase in 80% of similar cases after only 2-4 weeks, with an average yield of 6.6% after 1 month and 30% after 1 year.
Notably, March only witnessed negative developments twice in 2015 and 2020 and even in March 2022, the index still increased despite the Russia-Ukraine conflict and oil prices climbing to 127 USD/barrel.
In addition, fundamental factors continue to play a supporting role. The profit outlook for Q1/2026 remains positive, with consumer groups, building materials, fertilizers, securities and oil and gas expected to record positive growth.
The profit plan for 2026 is also quite optimistic as many banks, retail businesses and real estate businesses set a profit growth target of 20-30%.
Notably, the market upgrade assessment milestone on April 7 is an important catalyst. Vietnam is assessed to have a favorable position to pass the mid-term review and move towards officially joining the FTSE Emerging basket in September.
Along with that, market valuation has been adjusted to the projected P/E level for 2026 of 12.2 times, 14 times lower than the 10-year average. However, the narrowing gap between earnings yield and interest rates may partially restrain the market's growth potential.
