The benchmark index for the Ho Chi Minh City Stock Exchange extended its bullish run, contrary to predictions from many analysis groups about a slight correction after last week's strong rally. The VN-Index briefly dropped 15 points due to selling pressure from the Vingroup group but quickly recovered and steadily widened its gains. The index closed at 1,837 points, up over 1% from its reference level, marking a one-and-a-half-month high.
On the Ho Chi Minh City exchange, 154 stocks closed above their reference prices, while approximately 150 stocks declined. The large-cap basket showed strong differentiation, with 19 stocks rising and only 7 falling.
The market was heavily influenced by stocks related to the Vingroup Group. All four component stocks gained, with VHM hitting its ceiling price of 145,100 VND and closing with no sellers. According to VnDirect Securities Company statistics, this group contributed nearly 15 points to today's gains.
The steel sector was the only industry group to see unanimous gains. HPG rose 1,6% today to 28,450 VND, while HSG and NKG closed 0,5% above their reference prices, respectively.
Other sectors showed strong divergence. In the banking sector, VPB and MBB closed in the red, while HDB, TCB, and VCB gained over 1%. Five representatives in this group, including SHB, LPB, KLB, OCB, and NAB, maintained their reference prices. Securities stocks performed similarly, with key tickers like SSI, HCM, VND, and VCK rising, though with modest gains. Conversely, VIX, VPX, and TCX were among the declining stocks, with losses under 0,6%.
The oil and gas sector experienced the most negative fluctuations, with widespread deep declines. This occurred despite global oil prices rising 8% this morning to nearly 90 USD per barrel, as Middle East tensions showed signs of escalating. BSR, the operator of Dung Quat oil refinery, led the declines with a 2,1% loss. Other key stocks like PLX, GAS, and PVD each fell over 1%.
Liquidity on the Ho Chi Minh City exchange reached over 20,000 billion VND, a two-week low. The large-cap basket contributed nearly 12,000 billion VND to this total. Capital flow was concentrated in the Vingroup group, with VIC and VHM leading in trading value, reaching 1,000 billion VND and 960 billion VND, respectively.
Foreign investors resumed net selling. This group disbursed approximately 2,600 billion VND while selling just under 3,200 billion VND. VIC, despite being one of the largest contributors to the market's gains, also faced strong selling pressure from foreign investors, with a net selling volume of nearly 5 million shares.
According to analysis from MB Securities Company, the lack of increased liquidity and market breadth as the VN-Index approaches its previous peak suggests the market may experience volatility this week. The index is projected to retreat to 1,770-1,780 points, representing a 60-70 point drop from its current level. However, this is seen as a good opportunity for investors to deploy capital or restructure their portfolios.
Phuong Dong
