VN-Index nears 1,500 points as market maintains upward momentum

VN-Index nears 1,500 points as market maintains upward momentum

By the end of the session, the VN-Index had gained 7.27 points, or 0.49 per cent, to close at 1,497.28 points.

A Techcombank transaction office in Hải Phòng City. TCB shares of the lender led the entire market on Friday. — Photo techcombank.com

Despite repeatedly surpassing the 1,500-point mark during the session, the VN-Index failed to close above this key resistance level due to mounting profit-taking pressure. However, strong support from banking stocks helped the market end the week in positive territory.

During the trading session on July 18, the VN-Index breached the 1,500-point level three times but was unable to sustain its gains, especially in the afternoon when selling pressure intensified. At one point, the index even dipped below the reference level. Nevertheless, a late-session pull from large-cap stocks, particularly in the banking sector, helped the index recover and finish in the green.

By the end of the session, the VN-Index had gained 7.27 points, or 0.49 per cent, to close at 1,497.28 points.

The total trading volume on the Ho Chi Minh Stock Exchange (HoSE) reached more than 1.49 billion shares, with a value of nearly VNĐ35.9 trillion (US$1.3 billion), posting a modest increase in both volume and value compared to the previous session. Of this, negotiated transactions accounted for over 31.8 million shares, equivalent to more than VNĐ1 trillion.

Banking stocks remained the market’s primary driver. Except for Vietcombank (VCB), which posted a slight decline, most other lenders saw their share prices rise. Sacombank (STB) advanced by 5.2 per cent, Techcombank (TCB) rose 3.1 per cent, VPBank (VPB) gained 2.2 per cent, MB (MBB) increased by 1.7 per cent, and TPBank (TPB) climbed 1.3 per cent. Collectively, this group contributed around 5.1 points to the VN-Index.

In contrast, the property sector remained mixed. Major players such as Vingroup (VIC), Đất Xanh Group (DXG) and Phát Đạt Real Estate (PDR) declined. However, other stocks such as Novaland (NVL), CEO Group (CEO) and Becamex (BCM) posted gains.

Foreign investors remained net sellers, with a net outflow of around VNĐ102 billion. They bought in VNĐ3.1 trillion worth of shares while selling VNĐ3.2 trillion.

According to the weekly report by Sai Gon – Hanoi Securities (SHS), the VN-Index has surpassed the 1,480-point support level and is now approaching the 1,500–1,537-point resistance range, corresponding to the historical peak in January 2022. The VN30 Index has also surpassed its highest level since January 2021 and continues to follow an upward trend.

SHS noted, “We believe VN30 will likely retest the historic high of November 2021 after breaking through, which could serve as momentum for the VN-Index to move towards its previous peak in 2022. A suitable strategy at this point is ‘Trend Following’ — holding on to growth stocks. Investors should evaluate opportunities in sectors with positive news and closely monitor selling pressure at high price ranges.”

As of now, the total market capitalisation stands at approximately $330 billion, equivalent to 70 per cent of Việt Nam’s 2024 GDP.

On the Hanoi Stock Exchange (HNX), the HNX-Index rose by 1.68 points, or 0.68 per cent, to close at 247.77 points, with 86 gainers and 96 decliners. Trading volume reached over 178.7 million shares, equivalent to VNĐ3.3 trillion. 

Bizhub