Vietnamese stock market experiences another gaining session

Thursday, Nov 30, 2023 06:00

A worker collecting latex in a rubber plantation. Vietnam Rubber Group (GVR) shares were a bright spot on the market yesterday, rising 1.3 per cent. — VNA/VNS Photo

Continuing the positive trend, the Vietnamese stock market experienced another fruitful trading session on Wednesday, with most industry groups displaying gains.

The market benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) gained 0.67 per cent to end at 1,102.80 points.

This impressive performance marks the fourth time in just over a month that the VN-Index has surpassed the significant psychological threshold of 1,100 points. The consistent upward trajectory indicates a sustained period of growth and investor confidence in the Vietnamese market, said news site

The VN-Index had gained 0.68 per cent to end Tuesday at 1,095.43 points.

The market's breadth was positive with 383 stocks rising, while 122 slid.

Investors poured over VNĐ12.6 trillion (US$519.5 million) into the southern exchange, equivalent to a trading volume of 615 million shares.

The 30 biggest stocks tracker VN30-Index gained 0.43 per cent, to end at 1,093.16 points. Nineteen in the VN30 basket climbed, while six decreased and five stayed flat.

In the VN-30 basket, the best performers were Masan Group (MSN), the Việt Nam Rubber Group (GVR), Vinhomes (VHM), PetroVietnam Gas JSC (GAS), Hòa Phát Group (HPG), SSI Securities Inc (SSI), Mobile World Group (MWG), Bảo Việt Holdings (BVH), FPT Corporation (FPT) and Vietjet (VJC).

Banking stocks also attracted cashflow, with gainers including Asia Commercial Bank (ACB), Bank for Investment and Development (BID), HDBank (HDB), and Military Bank (MBB).

However, some banks still suffered from selling force, such as Techcombank (TCB), Sacombank (STB) and VPBank (VPB).

"The current market environment leaves many investors in a state of anticipation, as they await clearer trends before making investment decisions," said

"This period is characterised by an information vacuum, with the fourth-quarter business results season yet to arrive. Previous supportive information has already been factored into prices, while negative information flow remains limited. Consequently, conflicting transactions become unavoidable."

"Domestic investors exhibit cautiousness, while foreign investors continue to exert steady pressure on the market, making it challenging for a breakout to occur. Of particular interest is the anticipated launch of the new KRX system, which holds a crucial role in helping the market meet the criteria for upgrade from marginal to emerging status. This development is expected to attract foreign investors in the future," it said.

According to Dragon Capital, the market may have already passed its bottom, but the prospects for recovery remain uncertain. With the State Bank maintaining loose monetary policies, the market currently finds itself in the oversold zone.

On the Hà Nội Stock Exchange (HNX), the HNX-Index gained 1.18 per cent to end at 227.03 points.

During the trading session, nearly 76.6 million shares were traded on HNX, worth nearly VNĐ1.6 trillion. —  VNS

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