VN-Index soars above 1,280 points

Tuesday, May 28, 2024 16:36

Vietnam Airlines fleet at Nội Bài airport. Shares of the national airline hit a ceiling on Tuesday, contributing to the VN-Index's strong rise. — Photo courtesy of Vietnam Airlines.

The market climbed strongly on Tuesday with many large-cap stocks witnessing big gains and liquidity also soaring above VNĐ22 trillion.

On the Hồ Chí Minh Stock Exchange (HoSE), the benchmark VN-Index increased 14.05 points, or 1.11 per cent, to 1,281.73 points, in a second day of rises.

The market's breadth was positive as the number of gainers surpassed that of losers by 247 to 76. Liquidity on the southern bourse rose over VNĐ22 trillion (US$864.1 million), equivalent to a trading volume of 868.5 million shares.

The 30 biggest stocks tracker, the VN30-Index, climbed 14.87 points, or 1.16 per cent, to end the trading day at 1.299,75 points. In the VN30 basket, 27 stocks ticked up, one inched down and two ended flat.

Rallies in large-cap stocks provided support for the market's upbeat sentiment.

Data compiled by the financial website showed that FPT Corporation (FPT) was the biggest gainer on the market and led the market in terms of capitalisation. Shares of the software producer rose over 3.1 per cent, contributing more than 1.3 points to the VN-Index.

It was followed by Liên Việt Post Joint Stock Commercial Bank (LPB) and Vietnam Airlines JSC (HVN), both ticker symbols hit the ceiling on Tuesday’s session, up 6.82 and 6.96 per cent, respectively.

Other large-cap stocks that increased were Saigon Beer - Alcohol - Beverage Corporation (SAB), Masan Group Corporation (MSN), Mobile World Investment Corporation (MWG) and the PetroVietnam Gas Joint Stock Corporation (GAS).

Meantime, Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), CII Bridges & Roads Investment JSC (LGC) and Vinacafé Biên Hòa Joint Stock Company (VCF) were the stocks with the most negative impact on the market's sentiment, but the declines were not significant.

The HNX-Index on the Hà Nội Stock Exchange (HNX) rose 2.75 points or 1.13 per cent to 245.58 points. More than 84 million shares were traded on the northern exchange, worth more than VNĐ1.8 trillion.

Foreign investors increased their net selling to more than VNĐ1.1 trillion on the HoSE. The vast majority of the day's net selling was concentrated in blue-chip stocks, with the VN30 basket being net sold up to VNĐ845 billion.

Although foreign investors have withdrawn a lot of capital, domestic cash flow still dominates. Foreign investors are no longer a significant obstacle, even for blue-chips. VN-Index increased more than 14 points on Tuesday and returned to above 1,280 points, equivalent to the peak in March 2024 and back to the other peak nearly two weeks ago. — VNS

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