VN-Index extends winning streak to eighth session, surpasses 1,610 points

VN-Index extends winning streak to eighth session, surpasses 1,610 points

At the end of the day, the VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) rose 3.38 points, or 0.21 per cent, to 1,611.6 points.

A transaction office of Military Commercial Joint Stock Bank. The lender’s MBB shares led the market on Wednesday. — Photo mbbank.com.vn

Despite mounting selling pressure on Wednesday, the VN-Index remained in positive territory, marking its eighth consecutive gain and breaking through the 1,610-point threshold.

Liquidity improved markedly from the previous session, though foreign investors continued to record net selling.

In early trading, selling from the blue-chip group pushed the market down, with the VN-Index dipping to around 1,585 points at one stage. However, the afternoon session saw a gradual recovery, allowing the benchmark to close higher.

At the end of the day, the VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) rose 3.38 points, or 0.21 per cent, to 1,611.6 points.

Market breadth was almost evenly balanced with 164 gainers and 165 losers. Liquidity jumped 22.4 per cent from Tuesday to VNĐ55.6 trillion (approximately US$2.1 billion).

The VN30-Index, which tracks the 30 largest stocks by market capitalisation and liquidity, slipped 1.54 points, or 0.09 per cent, to close at 1,753.71 points. Within the VN30 basket, 16 stocks declined, 11 advanced and three ended flat.

Banking shares delivered some of the day’s most notable performances, with both the top gainers and top losers coming from the sector.

On the upside, Military Commercial Joint Stock Bank (MBB) and VietinBank (CTG) led the gains, climbing 6.17 per cent and 3.33 per cent, respectively. These two stocks alone contributed more than four points to the VN-Index.

Other positive performers included Masan Group Corporation (MSN), Fortune Vietnam Joint Stock Commercial Bank (LPB) and Bảo Việt Holdings (BVH), with BVH hitting its ceiling price, up 6.93 per cent.

On the downside, Vietnam Prosperity Joint Stock Commercial Bank (VPB) and Vietcombank (VCB) were the biggest drags, shedding 0.79 per cent and 2.7 per cent, respectively.

According to Viet Dragon Securities, the market extended its upward trend despite intraday corrections, breaking through the 1,610-point level.

While the past two sessions’ gains have been somewhat cautious and lacked decisiveness, surpassing the 1,600-point barrier signalling underlying strength.

“With buying demand still in the lead, the market may gradually set new highs in the near future, with modest fluctuations and a steady move towards the next resistance zones at 1,620 points and 1,650 points,” analysts said.

“Investors can expect the market to widen its gains, though for now the pace may remain slow, and supply–demand dynamics should be closely monitored.”

On the northern exchange, the HNX-Index gained 3.22 points, or 1.16 per cent, to 279.69 points. Trading value reached VNĐ5.1 trillion, equivalent to nearly 230 million shares traded. 

Bizhub