Vietnam Stock Market Extends Winning Streak to 9 Consecutive Sessions

Strategic Insights -

The Vietnam stock market continued its upward trajectory, with the VN-Index surpassing 1,640 points for the first time, driven by surging bank stocks and blue-chip companies. Despite a slight drop in liquidity, the market maintained its gains throughout the day, with the VN-Index closing at 1,640.69 points, a 1.81% increase from the previous day. This extends the market's winning streak to a ninth consecutive session, with foreign investors marking their sixth straight net selling day.

Key Takeaways:

  • The VN-Index closed at 1,640.69 points, a 1.81% increase from the previous day, extending the market's winning streak to a ninth consecutive session.
  • The VN30-Index, which tracks the 30 largest stocks by market capitalisation and liquidity, posted a solid increase of 2.28% to close at 1,793.78 points.
  • 22 out of 30 stocks in the VN30 basket advanced, while eight fell, with Vietcombank (VCB) leading the market with a 4.32% rise, contributing nearly 5.5 points to the VN-Index.
  • Vietnam Prosperity Joint Stock Commercial Bank (VPB) hit the ceiling with a 6.94% rise, extending its rally since early July to nearly 67%.
  • Military Commercial Joint Stock Bank (MBB), Asia Commercial Joint Stock Bank (ACB), and Ho Chi Minh City Development Joint Stock Commercial Bank (HDB) also delivered stellar performances, all closing at their daily ceiling prices.
  • Analysts at Saigon-Hanoi Securities Corporation (SHS) noted that recent bullish candlestick patterns suggest the uptrend remains cautious but resilient, with the market having broken and maintained its position above the 1,600-point resistance.

Sources:

  • Vietnam News Agency
  • Saigon-Hanoi Securities Corporation (SHS)

Statistics:

  • VN-Index closed at 1,640.69 points, a 1.81% increase from the previous day.
  • VN30-Index closed at 1,793.78 points, a 2.28% increase from the previous day.
  • Liquidity fell 5.7% from Wednesday to VND52.7 trillion (approximately US$2 billion).
  • 22 stocks in the VN30 basket advanced, while eight fell.
  • Vietcombank (VCB) rose 4.32%, contributing nearly 5.5 points to the VN-Index.
  • Vietnam Prosperity Joint Stock Commercial Bank (VPB) hit the ceiling with a 6.94% rise, extending its rally since early July to nearly 67%.