Bank stocks push VN-Index past 1,580-point mark

Bank stocks push VN-Index past 1,580-point mark

At the end of the trading day, the VN-Index gained 8.1 points, or 0.51 per cent, to close at 1,581.81 points.

A VPBank transaction office in Hà Nội. The lender’s VPB shares hit the ceiling and led the entire market on Thursday. — Photo vpbank.com.vn

Although investor enthusiasm softened compared to previous sessions, the market still closed higher on Thursday, pushing the VN-Index past the 1,580-point threshold. Liquidity also saw a slight improvement, while foreign investors recorded modest net sales on the Hồ Chí Minh Stock Exchange (HoSE).

At the end of the trading day, the VN-Index gained 8.1 points, or 0.51 per cent, to close at 1,581.81 points.

Market breadth tilted in favour of gainers, with 223 stocks advancing versus 106 declining. Liquidity on the southern bourse rose by 13.3 per cent compared to Wednesday’s session, reaching VNĐ44.1 trillion (approximately US$1.7 billion).

The VN30-Index, which tracks the performance of the 30 largest stocks on the HoSE, also added 11.54 points, or 0.67 per cent, to end at 1,734.85 points. Within the basket, 17 stocks advanced, 11 declined and two closed flat.

Leading the market were bank stocks, with Vietnam Prosperity Joint Stock Commercial Bank (VPB) hitting its ceiling price, rising 6.83 per cent and contributing more than 3.6 points to the VN-Index. It was followed by the Bank for Investment and Development of Vietnam (BID), which rose 2.41 per cent; Tien Phong Commercial Joint Stock Bank (TPB), which also hit the ceiling with a 6.87 per cent gain; and Vietnam Maritime Commercial Joint Stock Bank (MSB), up 5.86 per cent.

On the other hand, some large-cap stocks exerted downward pressure on the market. Notably, two major Vingroup-affiliated stocks — Vingroup Joint Stock Company (VIC) and Vinhomes JSC (VHM) — led the decliners and collectively erased more than 5.3 points from the VN-Index.

According to a stock market report by SHS Securities, the VN-Index’s short-term uptrend remains intact above the nearest support level around 1,537 points, the highest price level in 2022, with psychological support at 1,500 points.

The nearest resistance lies around 1,585 points, corresponding to the high recorded on August 5. With the VN-Index surpassing its 2022 peak, it is now expected to target the next psychological threshold of around 1,600 points.

SHS analysts said: “In the short term, the market continues to maintain a strong upward trend despite two volatile sessions with unusual liquidity on July 29 and August 5. After the VN-Index made efforts to break through the 2022 peak, there has been a shift in portfolio structure, with investors rotating towards fundamentally sound stocks that reported outstanding second-quarter results.

"Stocks that still trade at attractive valuations and are expected to revisit or surpass their 2022 highs, like the VN-Index, are drawing attention. Sectors that have undergone prolonged accumulation, such as oil and gas, telecommunications, technology and industrial parks, are also part of our ongoing investment strategy,” the analysts added.

On the northern bourse, the HNX-Index climbed 2.2 points, or 0.82 per cent, to settle at 270.86 points. Total trading value reached VNĐ2.7 trillion, with over 132 million shares exchanged. 

Bizhub