Banking stocks push VN-Index close to 1,690 points
Although weakness persisted across the majority of stocks, the strong rebound of banking shares provided firm support to the index, offsetting losses in heavyweights Vingroup Joint Stock Company (VIC) and Vinhomes JSC (VHM).
HÀ NỘI — The market extended its rally on Thursday as banking stocks surged, helping the VN-Index notch its fourth consecutive session of gains.
Although weakness persisted across the majority of stocks, the strong rebound of banking shares provided firm support to the index, offsetting losses in heavyweights Vingroup Joint Stock Company (VIC) and Vinhomes JSC (VHM). Notably, the top 10 contributors to the index were all bank stocks.
At the close of trading, the VN-Index on the Hồ Chí Minh Stock Exchange rose 23.64 points, or 1.42 per cent, to 1,688 points.
Market breadth, however, leaned heavily to the downside, with 214 decliners compared to 118 gainers. Liquidity fell by 24.2 per cent from the previous session, reaching VNĐ51.5 trillion (nearly US$2 billion).
The VN30-Index, which tracks the 30 largest stocks by market capitalisation and liquidity, jumped 46.45 points, or 2.54 per cent, to 1,874.91 points. Within the basket, 24 stocks advanced, five declined and one ended flat.
Vietnam Prosperity Joint Stock Commercial Bank (VPB) was the biggest gainer among the banks, continuing its strong momentum from earlier sessions. The stock advanced 5.75 points, contributing more than four points to the VN-Index.
It was followed by Bank for Investment and Development of Việt Nam (BID), up 3.93 per cent; Vietcombank (VCB), up 1.9 per cent; Fortune Việt Nam Joint Stock Commercial Bank (LPB), up 5.79 per cent; and Asia Commercial Joint Stock Bank (ACB), up 5.18 per cent. Together, the banking group added more than 19 points to the VN-Index.
On the other side, some notable losers put mild pressure on the market, including VIX Securities Joint Stock Company (VIX), down 4.11 per cent; Vietnam Rubber Group – Joint Stock Company (GVR), down 1.55 per cent; and Gelex Electricity Joint Stock Company (GEE), down 3.55 per cent.
According to Viet Dragon Securities Corporation (VDSC), investors can still expect the current uptrend to extend, but should closely monitor supply and demand dynamics to assess market risks.
Analysts at VDSC noted: “Investors may take advantage of the current rally to take short-term profits on stocks that have reached targets or risen sharply to resistance levels. On the buying side, investors should avoid chasing prices that have surged, but may consider short-term opportunities in stocks showing strong signals from support levels or bullish technical patterns.”
On the northern bourse, the HNX-Index added 6.66 points, or 2.23 per cent, to 284.39 points. Trading value on the Hà Nội exchange reached VNĐ3.4 trillion, equivalent to more than 150 million shares. — VNS
