Vietnam’s benchmark VN-Index made an impressive recovery on Wednesday, surging 25.51 points, or 2.05%, to 1,270.5 thanks to rallies in securities, real estate, banking, and steel stocks.
It marked the strongest increase of the VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), in four months.
The main driving force for the strong gain came from blue-chips with 29 out of the 30 codes in the VN30 basket closing in the green. The VN30-Index increased 30 points to 1,272, a 2.42% rise, marking the strongest increase since November 9, 2023.
Trading value on the HoSE reached VND26.3 trillion ($1.07 billion), up 30% from the previous session, with over 982 million shares changing hands. The major bourse saw 433 gainers and only 64 losers.
The securities group was the best performer with many stocks hitting their ceiling prices, such as VCI of Viet Capital Securities, VDS of Viet Dragon Securities, VIX of VIX Securities, ORS of Tien Phong Securities, and IVS of Guotai Junan Securities.
Large caps like VND of VNDirect Securities, SSI of Saigon Securities, SHS of Saigon-Hanoi Securities, and MBS of MBBank Securities gained over 4%.
Other groups such as banking, real estate, manufacturing, technology, energy and retail all increased.
Despite the market’s strong gain, foreign investors were net sellers on the HoSE to the tune of more than VND460 billion ($18.64 million), the highest since March 8.
The HNX-Index on the Hanoi Stock Exchange increased 4.17 points to 238.2, while the Unlisted Public Companies Market’s UPCoM-Index inched up 0.76 points to 91.53.