Banking stocks drive market gains for the third consecutive day

The stock market extended its positive momentum as numerous stocks posted significant gains, with the VN-Index rising for the third day in a row.

The stock market extended its positive momentum as numerous stocks posted significant gains, with the VN-Index rising for the third day in a row.

On the Hồ Chí Minh Stock Exchange (HoSE), the benchmark VN-Index increased by 6.37 points, or 0.5 per cent, to 1,271.27 points.

The market's breadth was positive, with 186 gainers outnumbering 99 losers. Liquidity on the southern bourse decreased by 23.2 per cent, reaching over VNĐ14.2 trillion (US$574.6 million), with a trading volume of 606 million shares.

The VN30-Index, which tracks the 30 largest stocks on the HoSE, rose by 7.47 points, or 0.57 per cent, to close at 1,318.41 points. In the VN30 basket, 22 stocks advanced, one declined and seven remained flat.

Data compiled by the financial website vietstock.vn showed that banking stocks led the market rise. Southeast Asia Commercial Joint Stock Bank (SSB) was the top gainer in terms of capitalisation, with its shares hitting the ceiling, rising by 6.73 per cent, contributing over 0.77 points to the VN-Index.

It was followed by the Bank for Foreign Trade of Vietnam (VCB), with shares up by 0.55 per cent, the Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), which increased by 0.84 per cent and the Vietnam Technological and Commercial Joint Stock Bank (TCB), up by 0.87 per cent.

According to analysts from Việt Dragon Securities, liquidity remained low, indicating a lack of increased buying support for the market. Given the rapid recovery, there is potential for the market to experience fluctuations around the 1,280-point level. However, a level near 1,270 points is expected to continue supporting the market in the short term and could help the VN-Index test the supply levels around the 20-day moving average (MA20) at the 1,280-point mark.

Investors are advised to monitor the market’s short-term recovery potential, while considering portfolio adjustments to minimise risk.

On the Hà Nội Stock Exchange (HNX), the HNX-Index also closed higher, gaining 0.35 per cent to 233.77 points.

During the session, shares worth more than VNĐ989 billion were traded, with a trading volume exceeding 56.4 million.

In the afternoon session on Thursday, foreign investors continued their net buying streak, recording a net purchase of VNĐ470.4 billion on the southern exchange. — VNS

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