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Market continues upward momentum despite a sharp drop in liquidity
The Vietnamese stock market extended its strong recovery on Thursday, with the VN-Index nearing the 1,230-point threshold, despite a notable decline in trading liquidity and persistent foreign investor net selling.
Clients conduct transactions at the headquarters of the Bảo Việt Securities Company. — VNA/VNS Photo
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On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index gained 11.79 points, or 0.97 per cent, to close at 1,228.33 points, marking the second consecutive day of significant gains.
Market breadth leaned positive, with 221 stocks advancing compared to 72 declining. However, trading liquidity saw a sharp contraction, falling to VNĐ12.1 trillion (approximately US$476 million), a 32 per cent drop from the previous session.
The VN30-Index, which tracks the top 30 largest stocks by market capitalisation on the HoSE, also rose, gaining 14.94 points, or 1.17 per cent, to end at 1,286.67 points. Within the VN30 basket, 24 stocks gained, three declined and three remained unchanged.
According to data from financial platform vietstock.vn, banking stocks led Thursday’s rally. The Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG) spearheaded gains, rising 2.94 per cent and adding over 1.3 points to the VN-Index.
Other key contributors included the Vietnam Prosperity Joint Stock Commercial Bank (VPB), which climbed 2.67 per cent, the Mobile World Investment Corporation (MWG), up 3.35 per cent and the Vietnam Technological and Commercial Joint Stock Bank (TCB), which rose by 1.53 per cent.
Despite the overall positive performance, certain sectors faced downward pressure. Notable decliners included Saigon Beer - Alcohol - Beverage Corporation (SAB) and the Investment and Industrial Development Corporation (BCM).
Experts from the Việt Dragon Securities observed: “The market sustained its upward momentum and made strides towards surpassing the MA(20) threshold around the 1,230-point mark. Reduced liquidity compared to the previous session indicates that profit-taking pressures are easing, while support from inflowing capital remains steady.
“There is potential for some fluctuations in the next trading session, but the break above the MA(20) suggests continued support and room for recovery. The next resistance zone to watch is between 1,230 and 1,240 points.
“Investors can remain optimistic about the recovery potential but should use this upward momentum to strategically rebalance portfolios and mitigate risks,” they said.
On the Hà Nội Stock Exchange (HNX), the HNX-Index also gained, inching up by 0.21 per cent to close at 221.76 points. During the session, more than 31 million shares were traded on the northern bourse, with a total value exceeding VNĐ563 billion.
Foreign investors maintained their strong selling streak, with net sales totalling over VNĐ857 billion on the HoSE.
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