VN-Index Tops 1,850 But 75% of Stocks Below 200-Day Average

Overview

On September 4, 2026, the VN-Index surged 25.36 points to close at 1,853.08, propelled by a handful of large caps, notably Vingroup (VIC) and Vinhomes (VHM). Despite the index’s strength, market breadth remains weak: 75.1% of all listed stocks are still below their 200-day moving average, signaling an uneven recovery concentrated in blue chips.

Key Facts

• VN-Index closed at 1,853.08 on September 4, up 25.36 points (1.39%) for the session and 20.96 points (1.14%) for the week.
• VIC rose 4.74% to 256,100 VND, contributing 19.36 points to the VN-Index; VHM gained 2.45% to 75,200 VND, adding 3.11 points. Together they accounted for 22.47 points, nearly 89% of the index’s gain.
• VIC touched an all-time high of 260,000 VND intraday before closing at 256,100 VND.
• Sacombank (STB) hit a post-listing high of 77,400 VND, closing at 77,300 VND, up 3.76%.
• VN30-Index rose 1.19%, while mid-cap and small-cap indices fell 0.23% and 0.18%, respectively.
• VN30 stocks accounted for over 63% of total matched value on HoSE, reaching nearly 8,670 billion VND.
• Only 24.9% of all stocks are above their 200-day moving average; for VN30, the figure is 46.7%, versus 17.9% for mid-caps.

What Happened

After the National Day holiday, the Ho Chi Minh City Stock Exchange (HOSE) saw just two trading sessions in the week ending September 4. The VN-Index advanced 20.96 points over the week, but the bulk of the gain came on September 4, when a handful of large caps drove the index up 25.36 points. Vingroup (VIC) and Vinhomes (VHM) together contributed nearly 89% of that session’s index gain, with VIC reaching an intraday record of 260,000 VND before closing at 256,100 VND.

Market breadth, however, tells a different story. Data compiled by the research desk shows that only 24.9% of all listed stocks are trading above their 200-day moving average, despite the VN-Index sitting 3.9% above its own SMA200. The divergence is stark across market caps: 46.7% of VN30 constituents are above the 200-day line, compared with just 17.9% of mid-cap stocks. Sector-wise, banking leads with 54.2% of stocks above the 200-day average, followed by oil and gas at 42.9%.

Market Context

VIC (HOSE) closed at 256,100 VND on September 6, near its all-time high, while VHM (HOSE) ended at 75,200 VND. STB (HOSE) also hit a record close of 77,300 VND. The index’s recent rally—up 7.3% from its August 19 low of 1,726.69 points—has been driven almost entirely by large caps, with VN30 accounting for over 63% of matched volume. This narrow leadership has left mid- and small-cap stocks lagging, with their respective indices declining on September 4. The weak breadth suggests that the recovery is not yet broad-based, and many investors holding non-blue-chip names may not be experiencing the same gains as the index suggests.

Strategic Significance

For long-term investors, the current market structure underscores the importance of selectivity. The concentration of gains in a few large caps—particularly VIC and VHM—reflects strong institutional and foreign interest in blue-chip real estate and banking names, but it also raises questions about sustainability. If the rally is to broaden, mid-cap and small-cap stocks would need to participate, which would require improved earnings visibility and liquidity. The fact that 75% of stocks remain below their 200-day average indicates that the market is still in an early stage of recovery, with potential for either further divergence or a catch-up trade. Investors should monitor whether the leadership expands beyond the current favorites, as a sustained narrow rally may be more vulnerable to reversals.

What to Watch

• Weekly trading data to see if VN30’s share of matched volume remains above 60%, indicating continued concentration.
• Q3 2026 earnings reports from VIC, VHM, and STB, due in October, to confirm fundamental support for current valuations.
• Any policy signals from the State Securities Commission or the Ministry of Finance regarding measures to improve market breadth, such as easing margin requirements for mid-caps.
• Foreign investor net buying/selling trends, particularly in VIC and VHM, as foreign flows have been a key driver of large-cap performance.
• The percentage of stocks above the 200-day moving average on a weekly basis; a rise above 30% would suggest broadening participation.