VN-Index sets a record week on bullish sentiment

VN-Index sets a record week on bullish sentiment

For the first time in a long while, investors witnessed the market maintaining a consistent upward trend throughout the week.

Bank tellers at a trading transaction of Vietcombank in Hà Nội. Shares of the lender soared over 2.1 per cent on Friday, supporting the market's gain. — VNA/VNS Photo

The VN-Index closed the week with an impressive gain of over 12 points, primarily driven by large-cap stocks, despite rising selling pressure on some key sectors like real estate. 

The market benchmark was last traded at 1,457.76 points, the record level so far this year. 

However, breadth of the market fell into the negative territory, with 159 stocks rising and 179 declining. Meanwhile, liquidity soared back to over VNĐ30 trillion on the southern bourse, with the trading value reaching nearly VNĐ32 trillion (US$1.2 billion).

Throughout the trading day, the VN-Index maintained a positive trend. Following the opening session (ATO), the market experienced slight fluctuations before surging past the critical resistance level of 1,460 points.

This breakthrough prompted profit-taking by many investors, resulting in a dip of more than 10 points within mere minutes. However, strong buying support, particularly in Vin-family stocks and Vietcombank shares (VCB), helped the market reclaim its gains.

In the early afternoon, movements on the HoSE index were relatively stable. Liquidity surged as buyers dominated the large-cap stocks. 

The VN30-Index, tracking the 30 biggest stocks on HoSE, closed Friday at 1,594.01 points, up 24.67 points, or 1.57 per cent. 

Vingroup (VIC) led the way, contributing over 5.7 points to the index’s gain, with the shares rising 6.3 per cent as buyers took the lead. 

Other notable performers included VCB, Vingroup (VHM), Hoa Phat Group (HPG) and FPT Corporation (FPT). 

The HoSE recorded ten stocks hitting their upper trading limits today. Aside from Vietcap Securities JSC (VCI), which saw liquidity over VNĐ1.19 trillion, most of the remaining stocks belonged to the penny stock category.

In contrast, a staggering 93 stocks declined by over 1 per cent, with only Sahabank (SHB), which dropped 1.05 per cent, in the VN30 basket. 

The real estate sector faced substantial pressure, with notable declines in stocks such as Dat Xanh Group (DXG), DIC Group (DIG), Novaland (NVL), Vinaconex (VCG), Phat Dat Real Estate Development JSC (PDR), Khang Dien House (KDH), and Nam Long Investment Corporation (NLG), each experiencing liquidity surpassing VNĐ100 billion.

Market sentiment was also bolstered by the eighth consecutive net buying session from foreign investors, who purchased more than VNĐ1.2 trillion, focusing on SSI Securities Corporation (SSI), HPG and VHM.

For the first time in a long while, investors witnessed the market maintaining a consistent upward trend throughout the week. 

Bizhub