Market surges as VN-Index nears 1,290 points
Market surges as VN-Index nears 1,290 points
Market breadth was overwhelmingly positive, with 243 gainers far outnumbering 88 decliners.
A worker taps rubber trees in Lâm Đồng Province. Vietnam Rubber Group's GVR shares led the market on Wednesday, helping the VN-Index approach the 1,290-point mark. — VNA/VNS Photo |
The stock market surged on Wednesday, with the VN-Index approaching the 1,290-point mark, buoyed by rising liquidity and renewed buying interest from foreign investors.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index gained 10.42 points, or 0.82 per cent, to close at 1,288.56 points. Market breadth was overwhelmingly positive, with 243 gainers far outnumbering 88 decliners. Trading liquidity increased to VNĐ17.5 trillion (over US$685 million), with nearly 815 million shares traded.
The VN30-Index, which tracks the 30 largest stocks by market capitalisation, also rose by 7.25 points, or 0.54 per cent, to 1,344.64 points. Within the VN30 basket, 26 stocks advanced, three declined, and one remained unchanged.
Leading the market rally was the Vietnam Rubber Group - Joint Stock Company (GVR), which jumped 2.59 per cent, contributing nearly 0.8 points to the VN-Index.
The Bank for Investment and Development of Việt Nam (BID) also gained 0.86 per cent, while Refrigeration Electrical Engineering Corporation (REE) hit a ceiling, rising 6.96 per cent. The Vietnam Commercial Joint Stock Export-Import Bank (EIB) and the Mobile World Investment Corporation (MWG) also posted strong gains of 5.14 per cent and 2.39 per cent, respectively.
On the downside, Gelex Electricity Joint Stock Company (GEE) fell by 3.75 per cent, while Bảo Việt Holdings (BVH) declined by 1.4 per cent, and Southeast Asia Commercial Joint Stock Bank (SSB) dropped by 0.76 per cent, slightly limiting the market’s overall gains.
Analysts from Việt Dragon Securities said: "The market surged after its recent efforts to reclaim the 1,280-point level. Liquidity increased compared to the previous session, indicating stronger cash flow into the market, although selling pressure also intensified as prices rose.
"The current bullish momentum could drive the market towards the 1,300-point resistance zone. However, short-term profit-taking could lead to fluctuations, with the 1,280–1,300-point range acting as a key support level.
"Investors can continue to expect an extended upward trend, while selectively capitalising on short-term opportunities in stocks that have shown strong performance from support levels. However, it is crucial to assess the recovery momentum and consider taking short-term profits on stocks that have risen sharply towards resistance levels or rebalancing portfolios accordingly."
On the Hà Nội Stock Exchange (HNX), the HNX-Index also climbed by 0.83 per cent, closing at 237.79 points. Trading value exceeded VNĐ1.6 trillion, with more than 97 million shares changing hands.
Foreign investors resumed net buying, snapping up VNĐ353 billion worth of shares on the HoSE and VNĐ64 billion on the HNX.
