The Vietnamese stock market opened strong, testing the 1,590-point mark during the opening auction. However, this resistance level proved too strong as profit-taking pressure immediately emerged. In the latter half of the morning, the market showed signs of reversing but managed to stay in the green thanks to HPG and several mid-cap stocks. Near midday, the VN-Index dipped into negative territory but the decline was minimal.
In the early afternoon, the HoSE (Ho Chi Minh Stock Exchange) index fluctuated as buyers and sellers battled for control. After 2 PM, the market rebounded, at one point reaching a new high near 1,588 points.
After a slight adjustment during the closing auction, the VN-Index closed near 1,582 points, up more than 8 points from the previous day. Market breadth favored advancing stocks, with 223 gainers compared to 106 decliners.
On the HoSE, 15 stocks hit their ceiling prices, most notably VPB, TPB, and CII, all with high trading volume. VPBank's stock (VPB) contributed the most to the overall index gain, followed by HPG and BID. On the downside, VIC and VHM, both part of the Vingroup conglomerate, put pressure on the VN-Index.
No single sector dominated the market. Investment flowed into individual stocks or sectors with specific catalysts, including steel, fertilizers, seafood, and shipping.
Positively, trading volume increased alongside the new market high. Total trading value on the HoSE reached nearly 44,200 billion VND, up more than 5,200 billion VND from the previous day.
Foreign investors returned to net selling, but the value was only around 81 billion VND, suggesting a divergence in their investment strategies. FPT saw the largest foreign sell-off at nearly 368 billion VND. Foreign investors also sold heavily in GEX, VCB, VIX, and VHM. Conversely, they bought heavily into VPB (nearly 443 billion VND) and HPG (over 386 billion VND). TPB and STB also saw net buying exceeding 100 billion VND.
Prior to today's trading session, VPBank Securities (VPBankS) noted that the VN-Index surpassing 1,570 points marked a strong recovery after the volatile session on 5/8. Their analysts predict a continued strong upward trend in the medium and long term, with the index approaching the key resistance zone of 1,585-1,600 points.
VPBankS recommends holding existing portfolios. However, investors could take some profits if the index approaches or surpasses 1,585 points without a corresponding increase in trading volume.
Tat Dat
