Vietnam's stock index climbs 0.96%, reaching a record high of 1,545.84 points

Vietnam's stock index climbs 0.96%, reaching a record high of 1,545.84 points

HÀ NỘI — The Vietnamese stock market continued its upward trajectory on Friday, with the VN-Index closing at a record high of 1,545.84 points, marking a 0.96% increase from the previous close. This new milestone is a testament to the sustained bullish sentiment and robust liquidity in the market.

The Ho Chi Minh Stock Exchange (HoSE) saw the VN-Index gain 10.11 points, or 0.66%, to 1,545.84 points. This significant increase follows a week of strong performance, with the index closing at 1,531.13 points on the previous Friday, a new historical high at the time. The total trading value on the HoSE surged to over VNĐ37.4 trillion (US$1.43 billion), contributing to a nearly VNĐ42.3 trillion boost in market capitalization, which now stands at over VNĐ6.6 quadrillion.

The breadth of the market was positive, with 207 stocks rising and 126 declining. Key drivers for the VN-Index's ascent included leading stocks such as Vinhomes (VHM), VietJet Aviation (VJC), VPBank (VPB), SSI Securities Corporation (SSI), Gelex Group (GEX), VIX Securities SJC (VIX), HDBank (HDB), VNDirect Securities Company (VND), Southeast Asia Commercial Joint Stock Bank (SSB), and Asia Commercial Joint Stock Bank (ACB). Notably, VJC, GEX, VIX, and VND logged the maximum daily gain of 7%.

Conversely, Vingroup (VIC) led a group of blue-chip stocks that hindered market progress, down 1.6%. It was followed by Vietnam Rubber Group (GVR), down 1.4%, and Vinamilk (VNM), down 0.8%. Foreign investors remained cautious, net selling over VNĐ26.8 billion on the southern bourse, but they net bought VNĐ20.32 billion on HNX.

The remarkable session reflects a robust recovery and renewed confidence among investors in the Vietnamese stock market. Experts predict that the VN-Index could reach 1,800 points by Christmas, driven by expectations of a recovery in exports, increased investment capital, and positive signals from the US Federal Reserve regarding interest rate cuts.

However, the market faces potential short-term corrections due to profit-taking by domestic investors. The current upward trend occurs amid mixed developments in global markets, with Wall Street setting new records while Asian markets remain cautious ahead of important economic events.

References:
[1] https://vietnamnews.vn/economy/1722089/vn-index-breaks-new-record-high-surpassing-1-530-points.html
[2] https://vietnamnews.vn/economy/1722150/after-hitting-historic-high-vn-index-could-reach-1-800-points-by-christmas-says-expert.html