VN-Index closes above 1,700 points for first time

VN-Index closes above 1,700 points for first time

However, the market was weighed as foreign investors were net sellers today, net selling over VNĐ1.6 trillion on HoSE and VNĐ105.1 billion on HNX.

Vinhomes Ocean Park 3 in Hưng Yên Province. Shares of the property developer hit the maximum daily of 7 per cent on Thursday. — Photo courtesy of Vinhomes

The stock market increased on Thursday, with the VN-Index closing above 1,700 points for the first time despite the return to the selling trend of foreign investors. 

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) gained 18.64 points, or 1.1 per cent, to 1,716.47 points. This continued to be a new high in the 25-year history of Việt Nam’s stock market.

The trading day started positively, with the VN-Index quickly breaching the 1,700-point threshold. The index quickly retreated towards its reference point, but strong support from Vinhomes (VHM) prevented a decline. 

The breadth of the southern bourse was positive, with 157 increasing while 146 decreasing. Liquidity remained at a high level of nearly VNĐ34.4 trillion (US$1.3 billion).

As buying pressure increased across the VN30 basket, momentum surged, pushing the VN30-Index to close at 1,940.89 points.

In the VN30 basket, 18 stocks gained, while 11 declined and one stayed unchanged. 

VHM was the biggest contributor to the index's gains, soaring to its ceiling price of VNĐ115,000, while Vietcombank (VCB) negatively impacted the index the most.

Other stocks supporting the VN-Index included Vietinbank (CTG), VPBank (VPB) and Binh Son Refining and Petrochemical Company Limited (BSR).

The real estate sector showed strong performance, with stocks like CEO Group (CEO), Vincom Retail (VRE) and DIC Group (DIG) gaining between 4 per cent and 5.3 per cent. 

Additionally, stocks such as Ho Chi Minh City Infrastructure Investment JSC (CII), Phat Dat Real Estate Development JSC (PDR), IDICO (IDC) and HEDECO (HDC) also recorded significant price improvements, up at least 2 per cent. 

The HNX-Index on the Hanoi Stock Exchange (HNX) also extended the rallies, up 1.6 points, or 0.59 per cent, to 274.94 points. 

However, foreign investors were net sellers today, net selling over VNĐ1.6 trillion on HoSE and VNĐ105.1 billion on HNX. 

Following the announcement of Việt Nam’s stock market upgrade, analysts believe that investor sentiment has shifted positively. 

VPBank Securities (VPBankS) suggests that investors may confidently increase their portfolio weights in stocks directly benefiting from this upgrade. 

The securities firm also recommends maintaining existing positions, especially in stocks trending upwards and closely aligned with the MA20 line, while being flexible in taking partial profits.

Conversely, Beta Securities (BSI) advocates a strategy of buying during market pauses and holding during market rallies. 

Investors are encouraged to take advantage of short-term corrections to selectively invest in fundamentally strong stocks that stand to benefit from the overall economic recovery. 

Bizhub