Market soars above 1,260 points

At Vinamilk's dairy farm in Tây Ninh Province. Shares of the dairy producer led the gainers as the market showed positive momentum. — VNA/VNS Photo

On the Hồ Chí Minh Stock Exchange (HoSE), the benchmark VN-Index increased by 9.39 points, or 0.75 per cent, to 1,261.62 points, marking a second consecutive day of gains.

Throughout most of the day, the VN-Index traded above the reference level, maintaining a relatively stable range and closing the session higher.

The market's breadth was positive, with gainers outnumbering losers by 193 to 126. Liquidity on the southern bourse remained low at VNĐ16.8 trillion (nearly US$673.7 million), a decrease of 27 per cent compared to the previous trading session.

The VN30-Index, which tracks the 30 largest stocks, climbed 7.36 points, or 0.57 per cent, to 1,299.04 points. Eighteen ticker symbols in the VN30 basket edged up, while four inched down and eight ended flat.

Data compiled by the financial website vietstock.vn showed that Viet Nam Dairy Products Joint Stock Company (VNM) was the biggest gainer, rising by 2.98 per cent and contributing more than 1.1 points to the VN-Index.

Banking stocks also performed well on Monday. Specifically, the Bank for Foreign Trade of Vietnam (VCB) increased by 0.79 per cent, Vietnam Technological and Commercial Joint Stock Bank (TCB) rose by 2.1 per cent and the Bank for Investment and Development of Vietnam (BID) saw gains.

On the other hand, some stocks faced slight selling pressure, led by Vietnam Airlines JSC (HVN), with the national carrier’s shares declining by 1.4 per cent. It was followed by SSI Securities Corporation (SSI), which dropped by 0.92 per cent, Gelex Electricity Joint Stock Company (GEE), down by 3.88 per cent and Petrolimex (PLX), which fell by 0.4 per cent.

According to stock market analysts from Viet Dragon Securities, the market surged and surpassed the 1,260-point resistance level. However, the market’s upward momentum in the near future may be limited due to supply pressure at the 1,260–1,275 point range. It is expected that the market will see some fluctuations within the 1,240–1,275 point range in the coming sessions.

Therefore, investors can expect potential market recovery and consider taking profits at favourable price levels. However, they are being advised to avoid chasing after rising prices and instead take advantage of market corrections to make short-term purchases in stocks with strong support levels.

On the Hà Nội Stock Exchange (HNX), the HNX-Index also finished higher on Monday, rising by 0.37 per cent to 236.01 points.

During the session, nearly VNĐ1.2 trillion worth of shares, equivalent to a trading volume of over 58 million shares, were traded on the northern market.

Foreign investors continued their net selling trend from the previous session, with net sales amounting to over VNĐ311 billion on the HoSE.