Gloomy market: investor cash on securities accounts falls to a three-year low

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• Why are securities stocks lagging despite high expectations?

  Securities stocks have remained weak despite expectations of gains from FTSE Russell's market upgrade and capital market development. According to VietstockFinance, as of 09/10/2026 the sector index was down 23.46% year-to-date, much deeper than the 2.77% decline of VN-Index, and had lost 39.92% over the past year. About 80% of the 43 sector stocks were more than 20% below their recent peaks, a threshold commonly used to define a bear market. Võ Kim Phụng of Chứng khoán Beta said the sector's earnings depend on liquidity, margin lending and interest rates, and that expected gains were priced in earlier; in Q3/2026, average daily trading value on HOSE and HNX fell 58% year-on-year.

  Vietstock·19/10, 06:02▼ VNINDEXVNINDEXbrokeragesliquidity
• Liquidity Plunges as Money Exits Retail, Oil & Gas and Securities StocksVietstock·19/10, 13:30▼ VNINDEX▼ BSR▼ FRT▼ HCMVNINDEXliquiditycapital flows
• DNSE's nine-month operating revenue up more than 27%

  DNSE Securities recorded nine-month operating revenue of 1,302.9 billion VND, up 27.3% year on year, including 454.6 billion VND in the third quarter alone. Pre-tax profit for nine months was 171.3 billion VND and after-tax profit 135.8 billion VND, while total expenses rose 62%, including a group of provisioning, impairment and borrowing costs that rose 54.9%. The company attributed the profit pressure to lower market liquidity and VN-Index movements, which affected brokerage and proprietary trading and raised provisions for its proprietary portfolio. DNSE's derivatives brokerage market share reached 26.62% in Q3, its highest since entering the market and up 1.24% from the previous quarter, and it reached 2 million securities accounts in September 2026. The company also launched a strategy backtesting tool and DNSE MCP, which connects AI assistants with its investment data and tools.

  VnExpress·21/10, 03:00▲ DSEDSEbrokeragesearnings
• Top Notable Stocks at the Open on October 14

  This daily market roundup for October 14 highlights several developments. On October 12, the State Securities Commission of Vietnam fined In sách giáo khoa Hòa Phát JSC (UPCoM: HTP) VND 217.5 million for multiple violations, including failure to hold a General Meeting of Shareholders. Proprietary trading desks of securities companies made a slight net purchase while foreign investors continued to net sell. Kosy JSC (HOSE: KOS) kept hitting the floor price, with about 76 million shares of sell orders in the morning session of October 13. The piece also notes that SNZ does not meet the shareholder structure requirements for a public company, as the Dong Nai City People's Committee holds 99.54% of voting shares. Liquidity recovered in the October 5–9 trading week, while cash flows diverged across real estate and securities.

  Vietstock·14/10, 01:00foreign investorsbrokeragesKOS
• A Key Indicator Hints at the Possibility of VN-Index Entering a “New Wave”

  The State Bank of Vietnam on October 18 asked credit institutions to cut lending rates for priority sectors, and several commercial banks have also cut deposit and lending rates, raising hopes that capital costs will ease. However, Mr. Đỗ Bảo Ngọc, General Director of Kirin Securities (CSI), says a single rate cut is not enough to move money significantly, and the downtrend must be sustained over the medium term. Liquidity is the most important indicator to watch; continued rate cuts alongside stronger trading value in Q4 or early Q1 next year would be a clearer sign that money is returning. Some experts say a sustained uptrend requires liquidity above VND 20,000 billion per session and large-cap stocks leading, conditions not yet met even though P/E and P/B have fallen to low levels. The article argues investors need not wait for VN-Index to break out to find opportunities, but a sharp stock decline alone is not reason enough to buy.

  CafeF·22/10, 17:02▲ VNINDEXVNINDEXState Bank of Vietnaminterest rates
• Stock market awaits boost from trading infrastructure

  SGI Capital says Vietnam's macro picture after the first three quarters of 2026 still shows bright spots, but the stock market enters the fourth quarter facing two risks: policy pressure and liquidity risk from margin leverage. After the FTSE upgrade, trading liquidity fell below VND 15,000 billion per session and foreign investors turned to heavy net selling, driven by fears of rising global inflation and interest rates. Margin debt at a historically high level is seen as a risk that could trigger forced-sale pressure as cash demand rises in the fourth quarter. Longer term, Circular 145/2026/TT-BTC, effective 16/11/2026, introduces CCP clearing and removes the 100% cash pre-funding (NPF) requirement for foreign institutional investors, which Hàn Hữu Hậu, CEO of Hy Maxpro, called an important upgrade.

  CafeF·19/10, 06:58▲ VNINDEXVNINDEXforeign investorsliquidity

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• Investors are punishing Big Tech's biggest spenders. Meta is the latest casualty.

  Meta shares fell more than 7% on Thursday, wiping out about $125 billion in market value and erasing the stock's gain for the year. It was on track for its third straight drop of 5% or more the day after earnings, a first since its 2012 IPO. Revenue rose 26% to $64.6 billion, but Meta raised its full-year expense outlook, narrowed capital spending to $135–145 billion, and unveiled nonvoting shares it can sell to raise money. Analyst Gil Luria of D.A. Davidson said Zuckerberg will need to raise both debt and equity, while the cost of insuring Meta's debt climbed to its highest in months. Luria also said Meta is gaining share from Google and its ad sales are growing strongly; the stock has traded roughly between $500 and $800 since mid-2024, and a weekly close above $800 would signal a breakout while a close below $500 would open the door to a deeper slide.

  Yahoo Finance·22/10, 17:42▼ METAMETAearningsAI investment
• Oil Climbs Above $111 as AI Stocks Slide, Dragging the S&P 500 and Global Markets With Them

  Brent crude rose 2.6% to $111.66 a barrel, its highest in five months, as AI-linked stocks slid and pulled the Nasdaq down 1.5% and the S&P 500 down 0.8% by mid-morning in New York. Asian markets also fell sharply, with South Korea's Kospi down 3.52%, Japan's Nikkei 225 down 2.65% and Hong Kong's Hang Seng down 3.03%, while China's CSI 300 entered a bear market. Nvidia fell 2.3% and Meta dropped 5.8% after its profit missed forecasts. The 10-year Treasury yield rose to 5.03% from 3.97% before the Iran war, ahead of the Fed's Oct. 28 decision. Citadel founder Ken Griffin said investors are 'almost certainly' in an AI bubble, though he did not tell them to sell.

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• Oil Climbs Above $111 as AI Stocks Slide, Dragging the S&P 500 and Global Markets With Them

  Brent crude rose 2.6% to $111.66 a barrel, its highest in five months, as AI-linked stocks slid and pulled the Nasdaq down 1.5% and the S&P 500 down 0.8% by mid-morning in New York. Asian markets also fell sharply, with South Korea's Kospi down 3.52%, Japan's Nikkei 225 down 2.65% and Hong Kong's Hang Seng down 3.03%, while China's CSI 300 entered a bear market. Nvidia fell 2.3% and Meta dropped 5.8% after its profit missed forecasts. The 10-year Treasury yield rose to 5.03% from 3.97% before the Iran war, ahead of the Fed's Oct. 28 decision. Citadel founder Ken Griffin said investors are 'almost certainly' in an AI bubble, though he did not tell them to sell.

  Decrypt·22/10, 17:33▼ SPY▼ NVDA▼ QQQ▼ VNINDEXoil pricesS&P 500bonds
• We're dipping back into the AI trade with our first data center buy in weeks

  Jim Cramer's Charitable Trust is buying 10 shares of GE Vernova (GEV) at about 818 USD, lifting its weighting to about 2.15% from 1.9%, its first data center-related purchase since a Micron buy five weeks ago. The trust is buying into a Thursday sell-off driven by investor concern over how to fund the data center buildout, as cash flows are used up and debt financing grows less attractive, rather than weaker AI demand. GE Vernova was the third-worst S&P 500 performer that day and trades about 12% below its Aug. 24 level, when the trust downgraded it to a 2 amid caution on AI stocks; it has now been upgraded to a 1 to play for a bounce.

  CNBC·22/10, 17:28▲ NVDAGEVdata centersAI investment
• Could Intel be the next trillion-dollar company?

  Maverick Capital reportedly expects Intel to become a trillion-dollar company again, citing growing demand for CPUs used in AI inference. One speaker argues the story is compelling, pointing to huge chip demand, Intel's domestic chip production and strong government support, and notes the stock, though pulled back, sits right on its 200-day trend line. The others say they sold Intel long ago or never owned it, preferring holdings such as Nvidia, Broadcom and AMD. They describe a five- to seven-year wait that carried a large opportunity cost.

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• Underdog taps zerohash to bring crypto deposits to prediction markets

  Prediction market operator Underdog has partnered with zerohash to add cryptocurrency and stablecoin deposits, expected to launch later this year. Eligible users will be able to fund accounts through the app with near-instant transfers around the clock, without managing wallet addresses or choosing blockchain networks. Underdog has not yet said which cryptocurrencies or stablecoins will be supported. The company, founded in 2020, has more than 11 million registered accounts and is being acquired by IG Group for up to $1.3 billion, with closing expected in late 2026 or early 2027. Over the 30 days ending Oct. 21, its trading volume reached $1.4 billion, up 133%, still far behind Kalshi's $81.5 billion and Polymarket's combined $17.2 billion.

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