VN-index gains for six straight days in a row

VN-index gains for six straight days in a row

The market's most positive signal came from foreign investors, who net bought nearly VNĐ3.8 trillion on HoSE.

Customers perform transactions at a Vietinbank office. The bank's shares surged over 6 per cent on Wednesday, leading the market's upbeat trend. — Photo vietnamplus.vn

The stock market inched higher on Wednesday, as the VN-Index rose above the psychological barrier of 1,730 points, bolstered by the banking sector's leading performance.

On the Hochiminh Stock Exchange (HoSE), the VN-Index closed at 1,731.77 points, up 14.71 points or 0.86 per cent. This marked the sixth consecutive day of growth for the index, accumulating a total of 70 points over this period.

Despite some market analysts predicting a potential technical correction after a week of gains, the index briefly dipped into negative territory but quickly rebounded.

The bourse saw a broad green wave with 225 stocks advancing, double the number of those declining.

The large-cap stocks followed a similar trend, with 19 stocks increasing while the number of decliners was nine. The VN30-Index gained 21.87 points or 1.12 per cent to 1,971.99 points.

Liquidity on the southern exchange reached nearly VNĐ28.6 trillion (US$1.1 billion) today, an increase of nearly 27.7 per cent from the previous session, marking the highest level in the past month.

Data compiled by vietstock.vn showed that eight out of the ten stocks contributing most significantly to today's rise belonged to the banking sector.

Vietinbank (CTG) led the gains, temporarily reaching its ceiling price of VNĐ52,400 before retracting to a 6 per cent increase.

Other major banks such as BIDV (BID), Vietcombank (VCB), VPBank (VPB) and MBBank (MBB) followed suit with gains ranging from 2 to 5 per cent.

The securities sector also experienced enthusiasm, with Vietcap (VCI) topping the gains, up nearly 2 per cent from the reference.

Real estate stocks aligned with the market's positive sentiment as well, with many small-cap stocks such as LDG Investment (LDG), 577 Corporation (NBB), Quoc Cuong Gia Lai JSC (QCG) and HCM City Infrastructure Investment JSC (CII) reversing previous declines to rise over 1.5 per cent. Mid-cap stocks like Nam Long Group (NLG), Khang Dien House (KDH) and Novaland (NVL) rose by more than 1 per cent.

However, increases were capped by losses of stocks in the Vin group. While Vinhomes (VHM) remained flat, the other three stocks closed lower, with Vingroup (VIC) experiencing significant selling pressure, leading to a 2 per cent drop.

The market's most positive signal came from foreign investors, who net bought nearly VNĐ3.8 trillion on HoSE. However, they still net sold VNĐ16.1 billion on HNX. 

Bizhub