HoSE Margin Cut List October 2026: HVN, DGC, GIL, KLB Stay Ineligible

Overview

The Ho Chi Minh Stock Exchange (HoSE) published an updated list of securities ineligible for margin trading as of October 8, 2026, adding two fund certificates from the Thiên Việt fund family and bringing the total to 67 securities. Vietnam Airlines (HVN), Đức Giang Chemicals (DGC), Gilimex (GIL) and KienlongBank (KLB) remain on the list, meaning brokers cannot extend margin loans against these tickers. The update matters because margin eligibility directly affects leverage-driven demand and liquidity for the affected names.

Key Facts

• HoSE’s margin ineligibility list stood at 67 securities as of October 8, 2026.
• Two additions: FUCTVGF4 (Thiên Việt Growth Fund 4) and FUCTVGF5 (Thiên Việt Growth Fund 5).
• Both fund certificates were added because NAV per certificate fell below par for at least one month within three consecutive months of monthly NAV reports.
• HVN, DGC, GIL and KLB remain ineligible due to warning, control or restricted-trading status, losses, or audit qualifications.
• BCE, MHC, PNC, ST8, STK, TNH, VID, VNG and VNS were flagged after negative first-half 2026 reviewed consolidated net profit attributable to parent-company shareholders.
• MCP, NHA and SMA also posted negative reviewed first-half 2026 net profit.
• AAN, BVB, DMX, ECO, LPS, MZG and VBB are ineligible because they have been listed for less than six months.

What Happened

HoSE issued a notice adding securities that do not qualify for margin trading, effective with the list dated October 8, 2026. The two new entries are FUCTVGF4 of Quỹ Đầu tư Tăng trưởng Thiên Việt 4 and FUCTVGF5 of Quỹ Đầu tư Tăng trưởng Thiên Việt 5. According to HoSE, both fund certificates were placed on the list because net asset value per certificate fell below par for at least one month, based on monthly NAV change reports reviewed over three consecutive months.

The updated list also retains a broad group of equities. HVN of Vietnam Airlines, DGC of Hóa chất Đức Giang, GIL of Gilimex and KLB of KienlongBank remain ineligible for reasons ranging from warning, control and restricted-trading status to losses or auditor qualifications. Separately, BCE, MHC, PNC, ST8, STK, TNH, VID, VNG and VNS were flagged because reviewed first-half 2026 consolidated net profit attributable to parent-company shareholders was negative, while MCP, NHA and SMA recorded negative reviewed net profit in the same period. AAN, BVB, DMX, ECO, LPS, MZG and VBB appear because they have been listed for less than six months. Among fund certificates, FUCVREIT, FUEABVND and FUETPVND remain listed for the same NAV-below-par reason, while FUEMITEC, FUEPHVNS and FUEVN50G are ineligible due to less than six months of listing.

Market Context

The update is a routine regulatory maintenance action rather than a new sanction on any single issuer, but it carries practical weight for the affected tickers. HVN closed at VND 20,100 on October 8, 2026 on HOSE, DGC at VND 32,500, GIL at VND 7,930 and KLB at VND 11,100. Margin ineligibility removes one source of leveraged demand and can widen bid-ask spreads in these names, particularly for smaller caps such as GIL and KLB. The list also reflects the broader post-review cycle in the Vietnamese market, where first-half 2026 audited and reviewed results determine which tickers stay margin-eligible through the second half.

Strategic Significance

For long-term investors, the key distinction is between permanent structural exclusions and cyclical ones. Tickers barred for less than six months of listing, such as DMX, will roll off automatically once the listing period passes, and loss-based exclusions can reverse if full-year 2026 results turn positive. By contrast, names held back by warning or control status, including HVN, face a longer path: removal typically requires sustained profitability and resolution of the underlying audit or disclosure issue. The presence of DGC, a large-cap chemicals exporter, on the list is a reminder that margin eligibility is a mechanical function of accounting outcomes, not a verdict on business quality.

What to Watch

• HoSE’s next monthly margin list update, expected in early November 2026, and whether the count moves above or below 67.
• Full-year 2026 audited financial statements for BCE, MHC, PNC, ST8, STK, TNH, VID, VNG, VNS, MCP, NHA and SMA, which determine whether loss-based exclusions persist.
• Any HoSE decision to lift warning or control status on HVN, DGC, GIL or KLB.
• Monthly NAV disclosures from FUCTVGF4 and FUCTVGF5 to see whether NAV per certificate recovers above par.
• The six-month listing anniversaries for AAN, BVB, DMX, ECO, LPS, MZG and VBB, which would remove the listing-duration exclusion.