Bank stocks lift VN-Index above 1,640 points

Bank stocks lift VN-Index above 1,640 points

From the morning session, a series of bank stocks surged, many hitting the daily ceiling, pushing the market higher and sustaining gains throughout the day.

A transaction office of Vietcombank in Thái Nguyên Province. The lender’s VCB shares led the market on Thursday. — Photo vietcombank.com.vn

Việt Nam’s stock market extended its winning streak to a ninth consecutive session on Thursday, with the VN-Index surpassing 1,640 points despite a slight drop in liquidity compared to the previous session, while foreign investors marked their sixth straight net selling day.

From the morning session, a series of bank stocks surged, many hitting the daily ceiling, pushing the market higher and sustaining gains throughout the day.

At the close, the VN-Index on the Hồ Chí Minh Stock Exchange climbed 29.09 points, or 1.81 per cent, to 1,640.69 points.

Despite the sharp rise, market breadth was negative, with 170 decliners outnumbering 156 gainers, indicating that gains were largely driven by blue-chips and banking shares.

Liquidity fell 5.7 per cent from Wednesday to VNĐ52.7 trillion (approximately US$2 billion).

The VN30-Index, which tracks the 30 largest stocks by market capitalisation and liquidity, also posted a solid increase of 40.07 points, or 2.28 per cent, to close at 1,793.78 points. Within the VN30 basket, 22 stocks advanced while eight fell.

Leading the market was Vietcombank (VCB), which rose 4.32 per cent, contributing nearly 5.5 points to the VN-Index. Another standout was Vietnam Prosperity Joint Stock Commercial Bank (VPB), which hit the ceiling with a 6.94 per cent rise, extending its rally since early July to nearly 67 per cent.

Military Commercial Joint Stock Bank (MBB), Asia Commercial Joint Stock Bank (ACB), and Ho Chi Minh City Development Joint Stock Commercial Bank (HDB) also delivered stellar performances, all closing at their daily ceiling prices.

Analysts at Saigon – Hanoi Securities Corporation (SHS) noted: “Recent bullish candlestick patterns suggest the uptrend remains cautious but resilient, with the market having broken and maintained its position above the 1,600-point resistance.”

They added: “With buying momentum still dominant, the VN-Index could gradually record new highs in the coming sessions, moving in small up-and-down waves towards the next resistance around 1,650 points. Investors may expect further gains but should remain observant of supply-demand movements, considering short-term profit-taking for stocks that have risen rapidly to resistance levels.”

On the northern bourse, the HNX-Index also posted a strong rise of 5.46 points, or 1.95 per cent, to 285.15 points, with total trading value exceeding VNĐ4 trillion and nearly 185 million shares changing hands. 

Bizhub