Overview of the trading session

On the morning of April 9, 2026, the Vietnamese stock market experienced a slight correction across all three exchanges. The VNINDEX fell 0.6% to 1,746.9 points with a trading volume of 169.8 million shares. The HNXINDEX decreased 0.7% to 251.5 points, while the UPCOMINDEX lost 0.3% to 127.3 points. Market breadth was generally mixed, indicating that while capital has not yet withdrawn, it is clearly selective among different stock groups.

On the HOSE , the focus of trading was on the real estate and financial sectors, while many speculative stocks on the HNX and UPCOM continued to experience large price fluctuations. This development reflects the market's search for equilibrium after the previous rally, with rapid rotation among leading sectors.

Outstanding stock group

HOSE: NVL leads liquidity, VIX and DXG maintain attractiveness.

On the upside, NVL rose 6.4% to VND 16,750 per share with a trading volume of 24,896,000 units, continuing to be the most prominent stock on the entire exchange. VIX increased 0.3% to VND 18,150 per share, with 12,564,700 units traded; DXG rose 4.4% to VND 15,500 per share with 11,166,600 units traded.

Conversely, PNC fell 7.0% to VND 26,000 per share, HRC lost 6.9% to VND 43,750 per share, and SMA declined 6.5% to VND 7,950 per share. This fluctuation indicates that the divergence among mid-cap and small-cap stocks remains high.

HNX: Large price swings continue to appear in speculative stocks.

On the HNX , VLA and NHC both surged by the maximum allowed limit of 10.0%, reaching 8,800 VND/share and 22,000 VND/share respectively. MAC also rose sharply by 9.9% to 14,400 VND/share, indicating that speculative capital remains significantly concentrated in stocks with wide price swings.

In the afternoon session, DDG fell 11.1% to 800 VND/share, HHC dropped 10.0% to 121,800 VND/share, and CET declined 9.8% to 7,400 VND/share. These stocks best reflected the strong fluctuations on the HNX exchange during the morning session.

UPCOM: Strong price surges in some individual stocks.

On UPCOM , ONW surged 38.9% to 5,000 VND/share, DCH increased 25.0% to 10,000 VND/share, and GER also rose 25.0% to 4,000 VND/share. Conversely, PJS fell 39.9% to 18,500 VND/share, SPH lost 32.0% to 6,800 VND/share, and HKB declined 16.7% to 500 VND/share.

Liquidity & Cash Flow

Liquidity on the HOSE continued to be concentrated in a few leading stocks, notably NVL with 24,896,000 shares, VIX with 12,564,700 shares, and DXG with 11,166,600 shares. On the HNX , the highest liquidity belonged to CEO with 3,549,300 shares, DDG with 3,038,100 shares, and SHS with 2,614,100 shares.

On the UPCOM exchange , cash flow remained strong in highly volatile stocks such as PVX with 1,996,400 shares, HNG with 1,737,100 shares, and ACM with 1,658,700 shares. This indicates that short-term risk appetite is still present, although the overall sentiment is not yet fully unified.

Industry analysis

The real estate sector continued to be a hot spot, with NVL , DXG , and VHM all showing significant liquidity, while financial services stocks like VIX and SSI continued to attract capital. Conversely, the banking, steel, and some industrial sectors saw a predominance of declines.

This rotation indicates that capital is prioritizing individual stories rather than spreading evenly across industry groups. Therefore, developments in the coming sessions will depend heavily on the ability to maintain liquidity in the current leading stocks.

Key technical signals

From an indicator perspective, VIX reached a composite score of 77.4 with RSI of 63, MACD rising, and EMA falling, implying good short-term momentum but a less conclusive medium-term trend. DSE reached 76.4 with RSI of 57, MACD rising, and EMA rising, showing a more positive technical structure.

VRE recorded a composite score of 75.8 with an RSI of 59, a bullish MACD, and a mixed EMA. On the HNX , PMS reached 76.7 points, DNC reached 76.6 points, and PSI reached 74.4 points; while on UPCOM , BTH reached 78.0 points, IST reached 76.0 points, and MQN reached 75.0 points, reflecting that technical recovery signals are still present in many stocks.

Developments on other exchanges

On the HNX , besides the aforementioned stocks that saw strong gains, liquidity remained concentrated in CEO , DDG , and SHS , indicating that money is rapidly rotating among stocks with unique stories. On the UPCOM exchange , stocks with sharp increases such as ONW , DCH , and GER continued to highlight the volatile nature of this exchange.

Prospects and reference scenarios

In the short term, the market is likely to continue moving in a mixed state, led by stocks with high liquidity and positive technical signals. The 1,740 point level of the VNINDEX could act as near-term support, while the 1,750–1,760 point range is an area to watch for short-term resistance.

For the HNXINDEX , the 250-point level is a crucial psychological support point, while the UPCOMINDEX needs to remain above 127 points to limit the risk of further volatility. The data in this article is for analysis and informational purposes only; it is not investment advice.