The benchmark index for the Ho Chi Minh City stock exchange traded below its reference level for most of the session, at one point dropping by 30 points. However, strong buying in several leading oil and gas and bank stocks helped the index reverse course in the final minutes, closing up by over 5 points. The VN30 index, in particular, surged to 2,054 points, just under 30 points shy of its historical peak set last week.
The oil and gas sector had the most positive impact on the VN-Index today, with all stocks in the group rising sharply. BSR advanced by 5%, surpassing 29,000 VND. Leading stocks like GAS, PLX, OIL, and PVD all increased by over 1,5% compared to their reference prices.
The banking sector, while not showing unanimous gains, was also among the top contributors to the index. STB rose by 6,4% to nearly 77,000 VND, leading the 10 stocks with the most influence on the VN-Index. LPB, HDB, and BID followed in terms of price increases, ranging from 0,6% to 3,2%.
In the real estate sector, VIC and VHM faced selling pressure, both declining by about 0,5%. Conversely, VRE traded actively, gaining 5,5% to nearly 35,500 VND. Shares of several major developers, such as Nam Long, DIC Corp, Ha Do, and Phat Dat, also showed signs of improvement after yesterday's sell-off.
Overall, the Ho Chi Minh City stock exchange saw over 160 stocks rise, a number not significantly different from the number of declining stocks. The large-cap basket recorded 16 gainers and 13 decliners.
Market liquidity reached approximately 21,000 billion VND, a significant decrease from last week's average of 27,000 billion VND. This marked the lowest trading value since the beginning of the month.
Capital was concentrated in Vingroup "family" stocks. VHM saw matched orders exceeding 1,000 billion VND, while VIC recorded nearly 900 billion VND. BSR, VIX, SHB, and FPT followed, with trading values ranging from 600 to 800 billion VND.
Foreign investors continued their 14-session selling streak. This group disbursed over 2,200 billion VND while selling off assets worth up to 3,100 billion VND.
According to analysis from MB Securities Company, the VN-Index is fluctuating around a new peak, but this is not driven by a widespread surge in most stocks. The divergence between the index and the overall stock market suggests that even if bellwether stocks undergo a correction, the downward pressure would not be substantial. Consolidation and sideways trading are anticipated to be the primary market trends in the current period.
According to estimates from Yuanta Securities analysts, Vietnam is one of the markets experiencing the strongest net withdrawal pressure from foreign investors, following South Korea, India, and Taiwan. This trend contrasts with some regional countries like Thailand and Malaysia, where stock markets have attracted an additional USD 400-500 million since the beginning of the year.
Phuong Dong
