Overview of the trading session

The trading session on May 4, 2026 closed with a clear divergence across all three exchanges. The VNINDEX settled at 1,854.1 points, almost unchanged (-0.0%), indicating that the market maintained its equilibrium after the previous movement. Meanwhile, the HNXINDEX retreated to 250.0 points (-0.2%) while the UPCOMINDEX rose to 127.7 points (+0.2%), reflecting a more selective flow of capital rather than an even distribution.

Market liquidity remained at a significant level, particularly in some high-trading stocks such as SHB , NVL, and HPG . This development indicates that investor sentiment remains positive across stock groups, but short-term profit-taking pressure is also quite evident in stocks that have risen sharply in recent sessions.

Index Points Fluctuation VNINDEX 1,854.1 -0.0% HNXINDEX 250.0 -0.2% UPCOMINDEX 127.7 +0.2%

Outstanding stock group

On the upside, several stocks on the HOSE exchange recorded strong gains and became the focus of the session. BSR surged to its maximum limit with a +7.0% increase, GVR also broke through with a +7.0% increase, while DXS rose by +6.9%. These highlights show that capital is still willing to flow into stocks with unique stories or that are attracting strong market attention.

Conversely, the group of stocks experiencing sharp declines was quite evident, including VNE (-6.9%), MHC (-6.9%), and NVL (-6.8%). Notably, NVL was both in the high-liquidity group and under significant downward pressure, indicating that active selling pressure remained strong for this stock.

Stock Code | Price Change | Notes BSR +7.0% Top gainer HOSE GVR +7.0% Top gainer HOSE DXS +6.9% Top gainer HOSE VNE -6.9% Top loser HOSE MHC -6.9% Top loser HOSE NVL -6.8% Top loser HOSE

Industry analysis

The oil and gas sector was one of the standout highlights of the session, with BSR rising 7.0% and PLX increasing 4.2%. Alongside this, the chemical sector also traded positively, with GVR gaining 7.0%, DPR 3.4%, PHR 4.2%, and BMP 3.0%. This development indicates that capital flows continue to favor leading sectors in short-term rotational movements.

Conversely, the real estate sector showed strong divergence: VIC fell 0.9%, VHM fell 2.7%, while DXG rose 1.0% and KBC rose 1.6%. The banking sector also showed mixed results, with VCB rising 1.5% and CTG rising 1.1%, but SHB falling 1.4%, TCB falling 0.9%, and ACB falling 1.7%. This clearly reflects the rotation of capital among leading stocks instead of a simultaneous breakout.

The retail and technology sectors also tended towards a slight correction, with MWG rising 1.1% but FPT falling 2.4%. In the electricity sector, POW stood out from the rest with a 5.1% increase, and was also one of the stocks with the highest overall score according to technical indicators.

Sector Developments Oil and Gas Strong gains with BSR , PLX Chemicals Positive with GVR , DPR , PHR , BMP Real Estate Strong divergence among VIC , VHM , DXG , KBC Banking No consensus, money flow rotating between large-cap stocks

Prospects

In the short term, the market is likely to remain fragmented and rotate between sectors rather than forming a unified upward trend. The VNINDEX level of 1,854.1 points is a crucial equilibrium zone that needs continued observation, while the HNXINDEX at 250.0 points and the UPCOMINDEX at 127.7 points indicate that the level of divergence has not yet subsided.

Given the current context, stocks with high composite scores such as POW (74.6), VHC (73.9), and HDB (73.5) may continue to attract short-term capital. However, the risk of volatility remains present in stocks that have risen sharply or are under strong selling pressure, such as NVL . Investors should monitor the market's reaction around the current equilibrium level and the spread of capital in subsequent sessions.