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Original headline: Chứng khoán Rồng Việt công bố kết quả kinh doanh Quý 3 và 9 tháng đầu năm 2026
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- Securities companies' update as of morning 20/10: Q3 financial reports pour in, and several major names unexpectedly report profit declines
As of the morning of 20/10, 31 securities companies had released their Q3/2026 financial statements with mixed results, and some saw profits drop 80-98% year on year. VIX reported Q3 pre-tax profit of about VND 192 billion, down 94%, as gains from selling FVTPL assets fell sharply, revaluation losses reached nearly VND 1,363 billion, and operating expenses rose to over VND 1,744 billion. BVSC's pre-tax profit was about VND 20 billion, down 80%, while ABS rose 552% to VND 376 billion, driven by FVTPL gains of nearly VND 412 billion. KIS edged up 2% to VND 248 billion on lower costs, while BMS and AIS swung to losses of over VND 63 billion and about VND 3 billion, respectively.
- 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.
- A bank stock unexpectedly drew nearly 300 billion VND in net buying from securities firms' proprietary desks early this week
On 19/10, the VN-Index fell 16.07 points (-0.94%) to 1,689.84, with selling pressure intensifying in the afternoon session. Securities firms' proprietary trading net bought 275 billion VND on HoSE, led by CTG at 230 billion VND, followed by KBC (134 billion), VPB (133 billion) and MSN (45 billion). On the other side, proprietary desks net sold the most of ACB at 221 billion VND and FRT at 144 billion VND.
- Official proposal for a controlled sandbox mechanism in the securities sector
Finance Minister Ngo Van Tuan presented on 17 October a draft Securities Law amendment adding Article 6a, a controlled sandbox for testing new technologies, products and business models within limited scope, duration and state oversight. The draft also codifies administrative simplification under Resolution No. 66.16/NQ-CP and requires the Prime Minister to issue a decision on the operating model of stock exchanges within one year of the law's effect, which is proposed for 1 March 2027. The Economic and Finance Committee broadly agreed but asked for clear rules on authority, testing limits, risk warnings, asset segregation, data protection and handling of failed tests. It also urged that liability exemptions be strict and not cover compensation for fault or violations.
- Adding Electronic Transaction Rules to the Securities Law
Finance Minister Ngô Văn Tuấn presented the draft amended Securities Law to the National Assembly on October 17, proposing to amend 44 articles, add one and keep 91 unchanged. The draft adds rules ensuring the safety of electronic transactions in securities and allows securities companies to enter contracts with clients in forms permitted under e-transaction law. It also cuts administrative procedures and removes some licensing conditions for custody banks, settlement banks and fund management companies. The Economic and Financial Committee, chaired by Phan Văn Mãi, broadly supports the draft but asks that deregulation be tied to supervisory tools, that controlled pilot testing have clear rules, and that AI and algorithmic trading be overseen.
- One securities firm's Q3 profit unexpectedly 'evaporates' by 98% year on year
CTCP Chứng khoán DSC (DSC) reported Q3/2026 operating revenue of nearly VND 161 billion, down 38%, leaving pre-tax profit at just VND 4.2 billion, down 98%. The main cause was proprietary trading: gains from selling FVTPL financial assets dropped over 99% to about VND 604 million, while revaluation losses reached VND 55 billion. Operating expenses rose 93% to VND 75 billion, and financial expenses climbed 67% to VND 69 billion, all of which was interest expense, while brokerage revenue fell 64% to VND 15 billion. For the first nine months, pre-tax profit reached VND 97 billion, down nearly 67%.
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Nscale is in talks to secure a computing deal worth about $45 billion with Anthropic, according to Bloomberg News, which could strengthen the Nvidia-backed data center developer's bid for a roughly $30 billion valuation in its planned IPO. The proposed agreement would cover a second building at Nscale's Monarch campus in West Virginia, delivering 460 megawatts of capacity powered by Nvidia's Vera Rubin chips, and could be finalized within days, though terms could still change. Anthropic already has infrastructure agreements with Nscale worth as much as $44.6 billion, according to Nscale's IPO filing, and holds a right of first refusal on the campus's anticipated third building. Investors are scrutinizing AI infrastructure economics, and Nscale faces questions similar to CoreWeave's about financing, execution and converting its backlog into cash flow, since its contracts are future commitments rather than collected cash. Representatives for Nscale and Anthropic declined to comment.
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- Market participants weigh in on SEC’s proposed crypto regulations
The SEC will close public comment on its “Regulation Crypto Assets” proposal, first introduced in August, on Tuesday. Over the 60-day period, the agency received about 140 comments on a proposed safe harbor that would keep token issuers from being treated as investment contracts, along with exemptions for offerings up to a set amount. The MiCA Crypto Alliance largely supported the proposed disclosure changes but asked the SEC to better define crypto-specific concepts and data structures. SkyBridge Capital founder Anthony Scaramucci also backed the rules, calling them a return to the Commission’s proper role, though he did not mention Congress’s inaction on the CLARITY Act. Some legal experts warn the rules could be overturned more easily than an act of Congress, and both the SEC and the CFTC remain understaffed at the leadership level.
- Why Lockheed Martin May Be an Underrated Stock to Buy Right Now
The article argues that Lockheed Martin (LMT) can withstand market volatility, with its stock up about 15% this year while still offering good value. In 2022, when the market fell, LMT’s total return including dividends was over 40%, compared with a negative 18% for the S&P 500, helped by its close ties to the U.S. government and strong defense spending. In the quarter ended June 28, revenue reached $20.1 billion, up 11% year over year. The stock trades at a forward P/E of about 16, below the S&P 500’s more than 19, and its dividend yields 2.6% versus the index’s roughly 1%. The company has raised its dividend for 24 consecutive years, which the article cites as a reason to hold the stock long term.
- Canadian dollar notches nearly four - week high on BoC rate hike bets
The Canadian dollar held most of its gains against the US dollar on Monday, as hawkish remarks from Bank of Canada Governor Tiff Macklem drew more attention than domestic inflation data. The loonie traded 0.3% higher at 1.4095 per US dollar, near its strongest intraday level since September 23. Macklem said the BoC expects to raise its quarterly inflation forecast significantly this month because of persistently high oil and petroleum prices. Swap market data showed about an 80% chance of a BoC rate hike on October 28, up from 30% on Friday, while the benchmark rate has stayed at 2.25% since last October. Canadian bond yields rose across the curve, with the 10-year up 11.1 basis points to 3.940%, as investors also awaited a nonbinding Alberta referendum on secession.
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Builder confidence has fallen to its lowest level since 2012, according to the NAHB and Wells Fargo Housing Market Index. Rising mortgage rates and higher energy and material costs have pushed sentiment to a 14-year low, keeping many buyers on the sidelines. The headline index rose one point to 38, still well below the breakeven level of 50, with affordability cited as a top concern for both buyers and builders. Builders also face elevated land, labor and construction costs, while NAHB Chief Economist Robert Dietz pointed to global events and energy prices as headwinds. He said efforts to ease regulatory burdens could still help improve long-term housing supply.
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