Vietnam benchmark VN-Index hits 3-year high

The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), recorded a four-day gaining streak on Wednesday, rising 2.06 points, or 0.15%, to 1,341.87 points - the highest since May 2022.

Since its low during the tariff-related fluctuations in early April, the index has regained nearly 250 points, equivalent to a 22% increase.

Despite the rise in the main index, the market showed signs of internal weakness with the majority of stocks declining. On the HoSE, only 139 tickers advanced, while about 190 closed in the red. The large-cap basket followed this trend, with 10 gainers and 15 losers.

Banking stocks came under strong selling pressure, dragging the sector index down 0.2%. Leading names like HDB of HDBank, STB of Sacombank, and VIB of Vietnam International Bank each dropped over 1%.

Retail and consumer stocks such as VNM of dairy giant Vinamilk, MSN of retail giant Masan Group, and PNJ of Phu Nhuan Jewelry also slipped between 0.5% and 1.2%.

The day’s upward momentum was mainly driven by four stocks related to conglomerate Vingroup. VIC of Vingroup reversed its earlier loss to climb 2.6% to VND97,000 ($3.74), topping the list of contributors to the VN-Index. VHM of Vinhomes, VRE of Vincom Retail, and VPL of Vinpearl posted gains ranging from 1% to 5.5%.

The trading value on the HoSE reached nearly VND22.42 trillion ($863.3 million), down more than VND2.5 trillion from the previous session. Of which, the VN30 basket accounted for just VND8.8 trillion, indicating a notable drop in demand for large-cap stocks.

VIX of VIX Securities topped the liquidity chart with nearly VND1.04 trillion ($40.05 million) in trading value. SHB of Saigon-Hanoi Bank and VHM followed with VND721 billion and VND667 billion, respectively.

Foreign investors continued to be net sellers for the fourth session to the tune of nearly VND200 billion ($7.7 million), down from VND1.1 trillion in the previous session. They mainly net sold VCI of Vietcap Securities and VNM, while net buying VHM.

The HNX-Index on the Hanoi Stock Exchange, home to mid and small caps, rose 0.80%, while the UPCoM-Index for the Unlisted Public Companies Market went up 0.46%.