VIX Leads Securities Stocks as HOSE Liquidity Jumps 20% in Week 45

Overview

VIX (Chứng khoán VIX, HOSE) was the single largest positive contributor to the VN-Index in week 45/2026, adding 1.9 points as the financial services sector contributed a net 6.5 points to the benchmark. The VN-Index nonetheless closed the week at 1,725.36, down 0.93%, even as HOSE matching liquidity rose 20.41% week-on-week to VND14,164 billion per session.

Key Facts

• VN-Index closed week 45/2026 at 1,725.36, down 16.26 points or 0.93% week-on-week, the second consecutive weekly decline.
• HOSE average matching value reached VND14,164 billion per session, up 20.41% week-on-week and 15.53% above the five-week average.
• Across all three exchanges, average daily trading value was VND18,414 billion, with matching value of VND15,404 billion per session, up 20.53% versus week 44.
• Financial services contributed a net +6.5 points to the VN-Index, led by VIX (+1.9 points), SSI (+1.3 points), and VND and VCI (+1.0 point each).
• Real estate subtracted roughly 6.5 points, mainly VIC (-8.4 points) and VHM (-1.2 points); banking subtracted about 1.5 points, led by VPB (-2.7), ACB (-1.8) and VCB (-1.4).
• Foreign investors net sold VND811.6 billion on a total basis and VND1,143.4 billion on a matching basis; VIX was among the most net-bought names alongside MSN, HPG, CTG and VND.
• Proprietary traders net bought VND333.7 billion overall and VND838.8 billion on a matching basis.

What Happened

The week opened under pressure, with the VN-Index briefly trading below 1,700 points before bargain-hunting demand lifted the benchmark midweek. Selling returned in the final sessions, leaving the index unable to hold its recovery. The divergence was stark: real estate and banking weighed on the index while financial services, food and beverage, travel and leisure, basic resources and construction supported it.

According to the weekly market review, the securities group absorbed the bulk of incremental money flow. VIX, SSI, VND and VCI together accounted for roughly 5.2 points of the index’s positive contribution. Foreign investors were net buyers of VIX on a matching basis even as they sold the broader market, and proprietary desks concentrated buying in banks and food and beverage. The article does not disclose the source of the flow data beyond exchange trading statistics.

Market Context

VIX closed at 13,350 on 8 November 2026, with SSI at 20,400, VCI at 20,200 and VND at 14,950. The pattern is consistent with a liquidity-driven rotation rather than a broad risk-on move: turnover expanded by a fifth while the index fell, and foreign investors remained net sellers of roughly USD 32.5 million. Securities stocks typically carry high beta to HOSE turnover, so rising matching value mechanically supports their earnings outlook even in a falling index.

Strategic Significance

The thesis for VIX and peers rests on the durability of the turnover increase. Brokerage revenue is a direct function of matching value, and a sustained VND14,000 billion-plus daily run rate on HOSE would mark a material step-up from the five-week average. The counterweight is that the flow is concentrated and partly proprietary, while foreign investors are net sellers and real estate and banking remain a drag. If liquidity expansion is driven by short-term trading rather than new account formation or margin demand, the earnings translation for VIX will be thinner than the headline turnover suggests.

What to Watch

• Weekly HOSE matching value: whether it holds above VND14,000 billion per session or reverts toward the five-week average.
• Foreign flow in VIX specifically, given net buying at the stock level against aggregate net selling.
• Margin lending and new account data from the securities group’s next disclosures.
• VIC and VHM price action, since real estate alone removed roughly 6.5 index points.
• Proprietary trading desk positioning, which flipped to net buying of VND838.8 billion on a matching basis.