Vietnam’s benchmark VN-Index on Wednesday rose for the second day in a row, surpassing 1,300 points owing to the rallies of real estate stocks.
Despite a surge of 24 points on Tuesday, investors remained cautious, causing the VN-Index to open in the red on Wednesday. The selling force at the beginning of the session was not too strong, while the buying force was reserved.
The sideways were maintained until the sudden fall of the VN-index to 1,278 points near the end of the morning session, focusing on several key groups such as securities, bank, steel, and real estate.
The market gradually improved in the afternoon, allowing many stocks to return to their reference prices.
VN30 basket, which tracks the price of leading stocks in terms of market cap and liquidity on the Ho Chi Minh Stock Exchange (HoSE), was split with 16 gainers and 13 losers. Leading the uptrend was CTG (Vietinbank) with a margin of 6%, followed by blue chips that rose more than 2% like PNJ, FPT, VRE, and ACB.
In the opposite direction, MSN (Masan Group) fell by 3.6%, followed by stocks like PLX, BVH, and VJC that decreased by more than 2%.
VN30-Index closed the session at 1,349.82, up 4.36 points. Liquidity reached VND4,597 billion ($199.3 million), accounting for 40% of the HoSE liquidity.
Small and medium stocks also recovered with VNSmallCap and VNMidcap up 1.15% and 1.58%, respectively.
VN-Index closed Wednesday at 1,301.53, up 7.97 points, with 294 gainers (19 stocks hit the price ceiling) and 143 losers. HNX-Index rose by 3.02 points (0.92%) to 333.04, while UpCoM-Index dropped by 0.27 points (0.27%) to 98.79.
On the three exchanges, 682 stocks were gainers (51 stocks hit the price ceiling) and 282 losers, with total transaction value at VND13,047 billion ($565.5 million), down 34% from the previous session.
Champions on Wednesday were real estate stocks with purple coverage like CEO, L14, DIG, and LDG, along with other gainers like G36, CKG, CRE, HQC, VCR, and SCR.
The purple coverage also expanded to securities stocks like EVS and APS, while construction stocks including CII, C4G, HBC, and PHC increased by more than 2%.
The dominant green in other sectors strengthened the market's momentum. In particular, EIB (Eximbank) jumped to the price ceiling, while VBB, ACB, and SGB climbed by more than 2%.
Foreign investors reversed to a net selling of VND90 billion ($3.9 million) on HoSE, focusing on VHM (Vinhomes), E1VFVN30 (Vietnamese ETF), DXG (Dat Xanh Group), and MSN (Masan Group).