The Ho Chi Minh Stock Exchange (HoSE) is set to resume trading on Monday, March 3, 2026, following a technical disruption that temporarily affected settlement processes late last week. The issue, related to scheduled maintenance on the KRX trading system, caused delays in the T+2 (trade date plus two business days) settlement cycle for certain equities and government bonds.
Settlement Issue Resolved
According to the Vietnam Securities Depository and Clearing Corporation (VSD), the settlement backlog was cleared by Friday afternoon. Brokerage notifications indicated that trading rights were restored around 2:30 p.m. local time. State media confirmed the resolution, alleviating concerns of a prolonged operational hiccup as the market returns from the Tet holiday period.
Market Performance and Sector Moves
On Friday, the benchmark VN-Index managed a marginal gain of 0.04%, or 0.69 points, closing at 1,880.33. The index had fallen more than 16 points during the afternoon session before recovering. Trading value dipped approximately 5% to just over 30 trillion dong ($1.2 billion). The VN30 Index, which tracks the exchange's 30 largest stocks, declined 0.39% to 2,061.75.
Sector performance was mixed. Oil and gas, technology, and utilities stocks provided support, according to analysis from VNDIRECT. In contrast, insurance and food & beverage sectors faced selling pressure. Major contributors to the index included Vingroup (VIC), BSR, and PetroVietnam Gas (GAS). Foreign investors were net buyers to the tune of roughly 190.6 billion dong, with notable interest in FPT, Gemadept (GMD), and Mobile World (MWG).
Analyst Perspective on Resistance
Nhi Nguyen, an analyst at Shinhan Securities, noted the VN-Index is confronting significant technical resistance near the 1,900 mark. She characterized Friday's trading as a "technical shake-out," where steady cash inflows collided with profit-taking activity. Nguyen also highlighted strength in fertilizer stocks, buoyed by rising urea prices, and noted the supportive role of energy shares.
Key Economic Data on Deck
The market's immediate focus turns to economic data releases. Monday will bring the S&P Global Manufacturing Purchasing Managers' Index (PMI) for Vietnam. Later in the week, investors will scrutinize a batch of February macro figures, including trade, inflation, industrial output, retail sales, and foreign direct investment data.
Corporate News and Market Sentiment
In corporate developments, Vingroup is reportedly planning an international bond offering worth up to $350 million in the second quarter, subject to market conditions and approvals. The bonds would be convertible into shares of its hospitality subsidiary, Vinpearl, a structure the conglomerate last utilized for a deal slated for late 2025.
Market sentiment remains cautiously watchful. Traders are assessing whether the post-holiday rally has further momentum, contingent on no further operational disruptions. Analysts warn that a recurrence of settlement delays, a stall near the 1,900 resistance level, or weaker-than-expected February economic data could trigger pullbacks, particularly in banking and consumer stocks.
Foreign capital flows continue to be a critical variable. While net buying provides a layer of stability, especially as local investors lock in gains, this support can prove fleeting if market volatility intensifies. The breadth of the rally has shown signs of narrowing, with large-cap stocks occasionally displaying fatigue, underscoring the fragile balance in the current market environment.
