VN-Index soars above 1,700 points on Vin-related stocks

VN-Index soars above 1,700 points on Vin-related stocks

VIC contributed 23.37 points to the VN-Index, while VHM added 6.78 points, making the two stocks the leading contributors to the benchmark's advance.

The Landmark 81 building in HCM City, which was developed by Vingroup. Shares of the conglomerate logged the biggest daily gain of 7 per cent on Wednesday, leading the market's bullish trend. — Photo vingroup.net

The market increased strongly on Wednesday, with the VN-Index breaking above the 1,700-point threshold, as buying spread across the market, particularly in real estate and securities stocks.

On the Hochiminh Stock Exchange (HoSE), the VN-Index surged 46.7 points, or 2.76 per cent, to 1,738.67 points. In terms of percentage gain, it was the benchmark' strongest session in six months.

The breadth of the market was positive, as the number of the gainers surpassed that of the decliners by three times. Liquidity also increased from the previous session to more than VNĐ20.2 trillion (US$784 million). 

The 30 biggest stocks tracker, VN30-Index, jumped 35.06 points, or 1.9 per cent, to 1,880.57 points. Up to 25 stocks in the VN30 basket ticked up, while only one ended lower and four stayed flat. 

Similarly, the HNX-Index on the Hanoi Stock Exchange (HNX) rose 3.71 points, or 1.44 per cent, to 261.67 points. 

Large-cap stocks provided the main impetus for the rally, particularly those linked to Vingroup. Of which, Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) all hit daily ceiling prices.

VIC contributed 23.37 points to the VN-Index, while VHM added 6.78 points, making the two stocks the leading contributors to the benchmark's advance.

Buying momentum also extended beyond the largest property stocks. Bluemarq Group (DXG) climbed 6.94 per cent, Nam Long Group (NLG) rose 6.78 per cent, Phat Dat Real Estate Development Corporation (PDR) advanced 5.73 per cent, VPI gained 5.46 per cent, CEO Group (CEO) increased 5.45 per cent and Khang Dien House (KDH) added 4.95 per cent.

Banking and securities stocks also supported the market's recovery. 

In the banking sector, TPBank (TPB) rose 5.42 per cent, Vietinbank (CTG) gained 4.16 per cent, LPBank (LPB) advanced 4.89 per cent, Maritime Bank (MSB) increased 3.67 per cent, VIB climbed 2.55 per cent and Sahabank (SHB) added 2.37 per cent.

Foreign investors also returned to net buying on the southern market, snapping its net selling streak of 20 sessions. Particularly, they net bought VNĐ193 billion worth of shares on HoSE.

Despite the strong rebound, analysts at Yuanta Vietnam Securities Company forecast that the recovery would continue at a more modest pace, with trading activity potentially remaining subdued. The analysis team advised investors against rushing to buy at the bottom, noting that many large-cap stocks could still put pressure on the benchmark. It recommended a portfolio allocation of 60 per cent cash and 40 per cent stocks. 

Bizhub