Market rebounds, VN-Index hits over three-year high

Market rebounds, VN-Index hits over three-year high

Foreign investors were net sellers today after withdrawing a large amount of nearly VNĐ1.9 trillion on the southern market.

A bank teller of Eximbank performs a transaction at its office. Shares of the lender logged the biggest daily gain of 7 per cent on Tuesday, supporting the market's recovery. — VNA/VNS Photo

The Vietnamese stock market soared on Tuesday, with the VN-Index closing over the 1,500 level, buoyed by robust capital inflows and a rapid recovery among major stocks in key sectors such as real estate, banking and securities. 

This upward movement follows a decline in the previous trading session, where technical indicators suggested a potential slowdown in market momentum.

The market's benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) surged 24.49 points, or 1.65 per cent, to 1,509.54 points - the highest since early 2022. Tuesday's recovery erased all of Monday's losses. 

Following Monday's drop, the market experienced early fluctuations, with a bearish engulfing pattern signalling increased profit-taking pressure.   

Analysts noted that the VN-Index might need to reassess and consolidate before resuming its upward trajectory. However, these concerns dissipated in the afternoon session as buying force intensified, leading to a widespread increase across all sectors.

On the southern bourse, the breadth returned to the positive territory with 224 stocks ticking up and 103 going down. The liquidity decreased slightly by 5 per cent from the previous session to VNĐ33.7 trillion (US$1.29 billion).

The VN30-Inex also rebounded, up 27.92 points, or 1.71 per cent, to 1,655.98 points. Up to 26 ticker symbols in the VN30 basket increased, while two declined and two ended flat. 

The real estate industry saw a robust recovery, with an average increase of 3.2 per cent. Key names such as Vingroup (VIC) rose by 4.91 per cent, while Vinhomes (VHM) climbed 3.8 per cent. Other notable performers included Vincome Retail (VRE), which surged by 3.45 per cent, and several mid-cap stocks, such as Gelex (GEX) and SJ Group (SJS), which reached their ceiling prices. 

The financial sector followed closely, with standout performances from banks such as Eximbank (EIB), which by 7 per cent. Major banks like Vietinbank (CTG), VPBank (VPB), Vietcombank (VCB) and BIDV (BID) also closed with significant gains. 

In the securities sector, Vietinbank Securities (CTS) and VIX Securities JSC (VIX) were the standout performers, reaching their ceiling prices, with VIX recording the second-highest trading volume on the exchange at over 61.7 million shares.   

Other stocks, such as FPT Securities (FTS), SSI Securities Corporation (SSI), Viet Dragon Securities Corporation (VDS), Agribank Securities Corporation (AGR), Ho Chi Minh City Securities Corporation (HCM), and VNDirect Securities Corporation (VND), rose by 2-5 per cent.

On the Hanoi Stock Exchange (HNX), the HNX-Index also closed higher at 247.85 points, up 2.06 points, or 0.84 per cent. 

On the other hand, foreign investors were net sellers today after withdrawing a large amount on the HoSE. They net sold nearly VNĐ1.9 trillion on the southern market, but net bought VNĐ22.4 billion on HNX. 

Bizhub