Blue chips drive strong market rally, VN-Index surpasses 1,270 points
Blue chips drive strong market rally, VN-Index surpasses 1,270 points
The VN30-Index, which represents the 30 largest stocks by market capitalisation on the HoSE, soared by 19.21 points, or 1.45 per cent, to settle at 1,342.48 points. Remarkably, all 30 stocks in the VN30 basket closed in positive territory.
The VietinBank Laos headquarters in Vientiane, the capital of the Lao People's Democratic Republic. CTG shares of the bank posted the strongest gains on Wednesday, contributing significantly to the VN-Index surpassing the 1,270-point mark. — VNA/VNS Photo |
Việt Nam’s stock market soared on Wednesday, propelled by gains in blue-chip stocks, pushing the VN-Index above the 1,270-point threshold. Trading liquidity also saw a substantial rise, while foreign investors became strong net buyers.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index gained 13.68 points, or 1.09 per cent, to close at 1,274.04 points. Market breadth was overwhelmingly positive, with 242 stocks advancing and significantly outnumbering 89 decliners. Trading liquidity on the southern bourse climbed sharply to approximately VNĐ18.8 trillion (about US$738.3 million), with nearly 810.4 million shares traded.
The VN30-Index, which represents the 30 largest stocks by market capitalisation on the HoSE, soared by 19.21 points, or 1.45 per cent, to settle at 1,342.48 points. Remarkably, all 30 stocks in the VN30 basket ended the session with gains.
Leading the market rally were banking stocks, with the Vietnam Joint Stock Commercial Bank For Industry And Trade (CTG) surging by 5.52 per cent, contributing more than 2.7 points to the VN-Index. Vietnam Technological and Commercial Joint Stock Bank (TCB) followed with a 1.88 per cent gain, while the Bank for Investment and Development of Vietnam (BID) reversed Tuesday's fall, rising by 1.44 per cent. Additionally, Sài Gòn Thương Tín Commercial Joint Stock Bank (STB) and the Military Commercial Joint Stock Bank (MBB) recorded impressive gains of 4.47 per cent and 2.3 per cent, respectively.
Despite the overall positive momentum, some large-cap stocks weighed on the market's gains. Vietnam Airlines JSC (VNM) fell by 3.86 per cent, Hoàng Anh Gia Lai Joint Stock Company (SSI) declined by 1.96 per cent, and Bình Định Pharmaceutical and Medical Equipment JSC (DBD) dipped by 3.95 per cent.
Analysts from Việt Dragon Securities noted: “After testing the 1,260-point support level, the market rebounded strongly and successfully surpassed the 1,270-point mark. Liquidity increased compared to the previous session, indicating a sudden influx of cash that effectively absorbed selling pressure.
“The breakout above the 1,265-point resistance could serve as a short-term catalyst, allowing the market to test the next resistance zone at 1,280–1,300 points. However, the sharp gains over such a short time might trigger volatility and profit-taking in upcoming sessions.
“Investors can look forward to an extended recovery phase but should remain cautious. Opportunities exist in stocks showing strong recovery momentum from support zones. Nevertheless, profit-taking in stocks that have quickly approached resistance levels should be considered.”
On the Hà Nội Stock Exchange (HNX), the HNX-Index also ended higher on Wednesday, rising by 0.63 per cent to 229.81 points. Trading value reached nearly VNĐ1.2 trillion, with over 71 million shares changing hands.
Foreign investors maintained a strong net buying position, purchasing shares worth more than VNĐ254 billion on the HoSE. This renewed foreign interest provided a significant boost to market sentiment amid global economic uncertainties.
