Stock Market Index of Vietnam Approaches 1,390-Point Milestone
The Vietnamese stock market witnessed a significant rebound this week, with both the Ho Chi Minh Stock Exchange (HoSE) and the Hanoi Stock Exchange (HNX) recording impressive gains.
On the HoSE, the VN-Index rebounded, up 5.01 points, or 0.36%, driven in part by a surge in FPT Corporation's shares. The tech giant's shares soared over 3.8%, contributing nearly 1.6 points to the VN-Index gain. This rise in FPT shares significantly contributed to the VN-Index's advancement, though overall market gains were somewhat capped by losses in other key sectors.
The 30 biggest stocks tracker, VN30-Index, inched higher on the HoSE, while the HoSE's VN-Index closed the week with a new record high this year on the Hanoi Stock Exchange. Over 92.2 million shares were traded on the HNX, worth VNĐ1.54 trillion.
Meanwhile, on the HNX, the HNX-Index increased 1.58 points, or 0.68%. FPT Corporation's strong performance also led the market's recovery in the consumer and information technology sector.
The Vietnamese stock market has been sustaining a rally, recently surpassing a three-year high, despite geopolitical uncertainties. This recovery is partly driven by optimism over Q2 earnings. Large-cap and real estate stocks have been particularly strong, supporting the market's growth.
Liquidity remained stable, with average daily trading value increasing, though turnover was selective due to rapid gains in many shares. Foreign investors continued to net buy a significant amount on HoSE, purchasing nearly VNĐ1.8 trillion worth of shares. On the HNX, FDI investors also net bought VNĐ74.76 billion.
While there isn't a specific event mentioned for FPT's surge on a particular date, LDG Investment's recent annual shareholders' meeting on June 26, which approved strong business plans, might parallel similar positive news for other companies like FPT, contributing to market optimism.
In the real estate sector, LDG Investment, Hoang Huy Investment Financial Services JSC, Development Investment Construction JSC, Khai Hoan Land Group JSC, CEO Group, Phat Dat Real Estate Development JSC, and Novaland showed significant gains. However, IDICO Corporation showed a decrease of 2.93%.
On the HoSE, there were more than 200 gainers and 101 decliners. The financial sector, including banks and securities, also regained positive momentum, with Asia Commercial Joint Stock Bank, VIX Securities JSC, and Ho Chi Minh Securities Corporation rising over 1%.
The rebound in the Vietnamese stock market comes as a positive sign for investors, indicating a resilient market despite global uncertainties. The continued optimism and foreign investment suggest that the market may continue to recover in the coming months.
- The surge in FPT Corporation's shares, which contributed significantly to the VN-Index's advancement, was partly driven by optimism over their strong business plans approved at the recent annual shareholders' meeting on June 26.
- The Vietnamese stock market's rebound, despite geopolitical uncertainties, is supported by a resilient market, as indicated by the continued optimism and foreign investment, particularly in large-cap and real estate stocks.
- AI technology, such as the one used by FPT Corporation, is playing a role in the recovery of the Vietnamese stock market, as shown by the significant gains in the consumer and information technology sector.
- The recovery of the Vietnamese stock market could continue in the coming months as foreign investors continue to net buy a significant amount of shares on the HoSE and the HNX, as evidenced by the nearly VNĐ1.8 trillion worth of shares purchased by foreign investors on the HoSE alone.
