VIC leads gainers as VN-Index reverses in final minutes; foreign net selling resumes

Overview

The VN-Index staged an unexpected reversal in the final 15 minutes of trading on April 21, closing at 1,833.48 points, down 0.20% from the previous session. Despite spending most of the day in positive territory and at one point gaining nearly 29 points, late profit-taking erased gains. Vingroup (VIC) was the top index contributor, adding +4.51 points, while banking and securities stocks came under heavy selling pressure. Foreign investors returned to net selling with a total value of VND 427 billion.

Key Facts

• VN-Index closed at 1,833.48, down 3.63 points (-0.20%), after hitting an intraday high near 1,866.
• HNX-Index fell 4.06 points (-1.58%) to 253.27; UPCoM-Index slipped 0.26 points (-0.20%) to 129.23.
• Total trading value across three exchanges reached approximately VND 26,600 billion, up 15% from the prior session.
• VIC contributed the most to the VN-Index (+4.51 points), followed by STB (+1.48), LPB (+0.68), VHM (+0.61), and NVL (+0.27).
• The biggest drags on the index were VCB (-0.88 points), VPB (-0.83), FPT (-0.64), VPL (-0.60), and MWG (-0.52).
• Foreign investors recorded net selling of VND 427 billion, with FPT seeing the largest sell-off at VND 171 billion, followed by VCB (VND 124 billion) and MSB (VND 107 billion).
• Banking stocks were broadly negative: VCB (-0.83%), VPB (-1.78%), SHB (-0.98%), HDB (-0.74%), while STB (+5.45%) and LPB (+2.28%) bucked the trend.

What Happened

The Vietnamese stock market experienced a sharp reversal in the final 15 minutes of trading on April 21, with major indices closing in the red after a day of gains. According to exchange data, the VN-Index had risen nearly 29 points to approach 1,866 before profit-taking accelerated, erasing all gains and pushing the index to a close of 1,833.48. The HNX-Index fell more sharply, dropping 1.58%.

Market breadth was negative, with 257 gainers versus 425 decliners, and 840 stocks unchanged. Trading volume remained elevated at VND 26,600 billion, up 15% from the previous session. The reversal was led by large-cap banking and securities stocks, while real estate stocks provided some support. Foreign investors turned net sellers after recent buying, with total net selling of VND 427 billion.

Market Context

VIC, listed on HOSE, was the standout performer, contributing +4.51 points to the VN-Index, closing at VND 177 (+6.95%) on April 15 (latest available price). The stock has been on an uptrend, supported by positive sentiment around Vingroup’s strategic moves. However, the broader market’s late-session reversal reflects growing caution after a rapid rally. Banking stocks, which had been driving gains, faced profit-taking, with VCB and VPB among the top drags. The VN-Index now trades near the 1,833 level, with analysts at VCBS noting a support zone of 1,820-1,880.

Strategic Significance

The sharp reversal underscores the market’s vulnerability to profit-taking after a sustained uptrend, particularly in high-beta sectors like banking and securities. VIC’s relative strength suggests that large-cap real estate stocks may be viewed as a defensive play amid sector rotation. The return of foreign net selling, albeit modest, could weigh on sentiment if it persists. For long-term investors, the key question is whether this is a healthy correction within an uptrend or the start of a deeper pullback. VIC’s performance will be closely watched as a bellwether for real estate and conglomerate stocks.

What to Watch

• Foreign net flow data over the next few sessions to see if selling intensifies.
• VN-Index’s ability to hold above the 1,820 support level mentioned by VCBS.
• Q1 2025 earnings reports from VIC and major banks, due in the coming weeks.
• Any policy signals from the State Bank of Vietnam regarding interest rates or credit growth.
• Trading volume trends: a sustained decline in volume could indicate waning momentum.