The stock market's performance during monday's trading session was primarily driven by the percentage of state capital ownership in enterprises, rather than traditional business sectors. This trend emerged following news of a government meeting scheduled for tomorrow to discuss the draft criteria for classifying state-owned enterprises.
Shares of three state-owned banks—Vietcombank (VCB), BIDV (BID), and Vietinbank (CTG)—rose 1,4-5,5%, ranking among the top 10 contributors to the overall index. In the finance and insurance sector, BVH of Bao Viet Group reached its ceiling price of VND 71.700.
PLX of Vietnam National Petroleum Group (Petrolimex) also closed at its ceiling price of VND 45.150, with no sellers by the session's end. State-owned oil and gas stocks, where the state holds over 51% ownership, including BSR, GAS, OIL, and POW, all gained 4-10%.
Last week, Vu Thi Chan Phuong, Chairwoman of the State Securities Commission (SSC), highlighted the crucial role of listed and registered state-owned enterprises. She noted these large-capitalization companies operate in key economic sectors and attract significant domestic and foreign capital.
VNDirect Securities Company estimated that state-owned enterprise-related stocks alone contributed approximately 15 points to the VN-Index today, offsetting declines from the Vingroup cluster.
The benchmark index for the Ho Chi Minh City Stock Exchange gained 6 points, closing near 1.928 points, marking its highest historical closing price. Conversely, the VN30 index, representing large-cap stocks, fell 4 points, dropping below the 2.050-point mark.
The strong impact of state-owned stocks led to a "green shell, red core" situation on the Ho Chi Minh City Stock Exchange. This means the index rose, but declining stocks outnumbered gainers. Today, 178 stocks closed below their reference price, while only 135 stocks increased.
Liquidity on the Ho Chi Minh City Stock Exchange reached over VND 26.500 billion during monday's session, an increase of more than VND 3.000 billion compared to last week's close. Investors poured the most capital into FPT, with over VND 1.350 billion. FPT, MWG, VIX, and VHM followed, each seeing trading values ranging from VND 800-1.200 billion.
Foreign investors continued selling, though the pressure is gradually weakening. This group disbursed approximately VND 2.300 billion while selling over VND 2.900 billion.
Regarding the short-term outlook, analysts at MB Securities Company noted that while the VN-Index set a new peak, its upward momentum has slowed. The market is currently in a phase lacking supporting information, so investors are advised to be cautious when pursuing stocks that have risen sharply recently.
The analysis team commented, "If blue-chip stocks continue to rotate, the VN-Index could reach new highs. However, capital flows appear more cautious now, not chasing price increases. The lack of consensus among sectors in an information vacuum signals a short-term correction warning."
Phuong Dong
