Market soars nearly 50 points, reaching 1,700 point-level
Analysts suggest that the market is likely to experience significant volatility in the upcoming trading session, buoyed by positive sentiment.
HÀ NỘI — The Vietnamese stock market surged on Monday as investors reacted with optimism to the upcoming FTSE Russell market upgrade announcement scheduled for October 8.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) posted its largest increase in a month, with 259 stocks closing above reference prices, nearly 8.5 per cent hitting their ceiling prices. The index soared nearly 50 points from its reference level to close at 1,695.5 points, just 0.5 points below its session high. Liquidity climbed to over VNĐ32.2 trillion (US$1.2 billion).
The VN30-Index, which tracks large-cap stocks, added 59.46 points, or 3.2 per cent, to reach a record 1,918.97 points. In the large-cap basket, 29 stocks gained, with three hitting ceiling prices, while LPBank (LPB) declined 1.3 per cent.
Securities led the rally, boosted by expectations of direct benefits from the upgrade. SSI Securities Corporation (SSI), Vietcap (VCI), VNDirect Securities Company (VND), VIX Securities JSC (VIX) and Tien Phong Securities Corporation (ORS) all hit ceiling prices and closed with no sellers.
In banking, VPBank (VPB) performed strongly, closing at its 7 per cent daily maximum. TPBank (TPB), Sacombank (STB), Asia Commercial Joint Stock Bank (ACB), Eximbank (EIB), HDBank (HDB), Sahabank (SHB) and Vietnam International Commercial Joint Stock Bank (VIB) recorded gains above 4 per cent, while BIDV (BID), Vietcombank (VCB) and Vietinbank (CTG) rose between 2.4 per cent and 3.7 per cent.
The real estate sector traded energetically, with Hadoco (HDG), DIC Group (DIG) and Phat Dat Real Estate Development (PDR) reaching ceiling prices, while mid-cap stocks Nam Long Investment Corporation (NLG), Novaland (NVL) and KDH gained 4–6 per cent. Vin-family stocks also performed well, with Vincom Retail (VRE) at its ceiling, and Vingroup (VIC) and Vinhomes (VHM) rising 1.8 per cent and 2.7 per cent, respectively.
On the Hanoi Stock Exchange (HNX), the HNX-Index rose 8.94 points, or 3.36 per cent, to 274.69 points.
However, foreign investors continued to sell, offloading nearly VNĐ2 trillion on HoSE and VNĐ38.3 billion on HNX.
Analysts warn the market may remain volatile in the coming session amid positive sentiment, advising investors to avoid chasing prices as technical adjustments occur near previous highs.— BIZHUB/VNS
