Prior to today's trading session, several analyst groups predicted the VN-Index would fluctuate significantly and potentially close in the red as investor sentiment turned cautious. The 1,620-point level, approximately 16 points below the reference point, was identified as a key support level.
However, the actual market performance was quite the opposite. The VN-Index remained in the green throughout the session, at one point surging nearly 30 points. Profit-taking pressure towards the end of the afternoon session narrowed the gains to 18 points. The index representing the Ho Chi Minh City Stock Exchange closed at 1,654 points, its highest level ever, while the VN30 also surpassed the psychological 1,800-point mark.
Nearly 190 stocks on the Ho Chi Minh City Stock Exchange closed above their reference prices today, with 27 hitting their ceiling prices. Several large and mid-cap stocks, such as VPB, BSR, HVN, and KBC, all increased to their limits with no sellers.
The banking sector contributed most to today's gains. Out of the 10 stocks that most positively impacted the VN-Index, eight were from this sector. VPB surged to 3.4200 dong following news of VPBank Securities' upcoming initial public offering (IPO). LPB, HDB, TPB, and ACB all rose over 5%, while TCB, CTG, and VIB gained 2-3%.
Securities stocks also showed strong performance. VDS and BSI closed at their ceiling prices, while VCI, SSI, VND, and HCM all gained over 1.4% compared to their reference prices.
A clear divergence occurred in the real estate sector. While some small-cap stocks like HPX, DIG, HQC, AGG, and DXG increased sharply, blue-chip stocks like VIC, VHM, VRE, NVL, and KDH remained at their reference prices or experienced slight declines.
Following a steep drop in the previous session, market liquidity has rebounded. Over 1.93 billion shares were traded today, equivalent to over 54,400 billion dong. The VN30 basket contributed over 25,000 billion dong to this figure.
14 stocks reached trillion-dong liquidity. SHB faced strong profit-taking pressure, leading in matched order value with over 2,500 billion dong, followed by SSI, HPG, MBB, and TPB.
Despite the VN-Index's continued rise, foreign investors continued net selling. This group disbursed about 3,500 billion dong while selling over 5,000 billion dong. Selling pressure concentrated mainly on SHB, HPG, MWG, and VPB.
Regarding the market outlook in the medium term, some investment funds and securities companies expect the VN-Index to reach 1,800 points by the end of this year or mid-next year, and even 1,850-1,900 points in a more optimistic scenario.
Most analysts believe that the main drivers for market growth are solid corporate profit growth and the prospect of the US Federal Reserve (Fed) easing monetary policy. The possibility of a market upgrade in October, which would attract a strong inflow of foreign capital into Vietnam, was also mentioned by many analysts.
Phuong Dong
