VN-Index approaches 1,800 points on positive sentiment

VN-Index approaches 1,800 points on positive sentiment

Market breadth remained positive, with 204 stocks advancing and 118 declining. Liquidity also improved, with trading volume reaching 880 million shares and turnover amounting to nearly VNĐ19.38 trillion (US$740 million).

Vinhomes Global Gate, a super-urban area project built by Vingroup, in Hạ Long. Shares of the conglomerate surged over 4.6 per cent on Monday, leading the market's uptrend. — VNA/VNS Photo

Benchmark indices traded differently on Monday, with the VN-Index approaching the 1,800-point threshold as investor sentiment remained buoyed by FTSE Russell's decision to add 27 Vietnamese stocks to the FTSE Emerging All Cap Index.

On the Hochiminh Stock Exchange (HoSE), the benchmark VN-Index closed at 1,788.78 points, gaining 20.66 points, or 1.17 per cent. The index briefly approached 1,800 points in the morning session before trimming some of its gains in afternoon trading.

Market breadth remained positive, with 204 stocks advancing and 118 declining. Liquidity also improved, with trading volume reaching 880 million shares and turnover amounting to nearly VNĐ19.38 trillion (US$740 million).

The VN30-Index, tracking the 30 biggest stocks on HoSE, also gained 14.21 points, or 0.74 per cent, to 1,942 points. In the VN30 basket, 16 stocks increased while nine decreased and five ended flat. 

Real estate stocks were at the centre of Monday's rally, with the sector index advancing 3.22 per cent.

Vingroup-related heavyweights were the biggest contributors. Vingroup (VIC) surged 4.63 per cent, while Vinhomes (VHM) climbed 2.37 per cent.

Together, the two stocks contributed about 18 points to the VN-Index's gain, meaning much of the benchmark's advance continued to be driven by a small number of large-cap stocks.

Both VIC and VHM are also expected to attract significant passive investment flows once Việt Nam's market upgrade officially takes effect on September 21.

SSI Research estimates that VIC could receive about $689.7 million in passive inflows under its base-case scenario, rising to as much as $1.1 billion under a more optimistic scenario. VHM could attract approximately $247 million and $479 million, respectively.

Buying interest was not confined to the two heavyweights, however.

Other property stocks posted strong gains, with Hoang Huy Investment Financial Services (TCH) and Dat Xanh Real Estate Services (DXS) both hitting the maximum daily gain of 7 per cent, while CEO Group (CEO) gained 5.56 per cent. 

Energy stocks were another bright spot, with the sector gaining 1.87 per cent.

PV Drilling (PVD) rose 4.03 per cent, PetroVietnam Technical Services Corporation (PVS) advanced 2.70 per cent, PetroVietnam Chemical and Services (PVC) climbed 2.48 per cent, PV Oil (OIL) gained 2.22 per cent and PetroVietnam Refining and Petrochemical (BSR) increased 2.05 per cent.

Phu Nhuan Jewellery (PNJ) was also among the session's most closely watched stocks, remaining locked at its daily ceiling price. Nearly half a million shares changed hands, while outstanding buy orders at the ceiling price exceeded 11 million shares, reflecting substantial demand.

In contrast, the HNX-Index on the Hanoi Stock Exchange (HNX) fell 0.88 points, or 0.31 per cent, to 283.19 points. 

Foreign investors provided support to the market, reversing their previous selling pressure to record net purchases of nearly VNĐ200 billion on the two main exchanges. 

Bizhub