Vingroup stocks pull VN-Index up for sixth consecutive session

VN-Index, which represents the Ho Chi Minh Stock Exchange, on Friday increased for the sixth consecutive session thanks to large-cap stocks, with foreign investors continuing to strongly net buy.

The benchmark index rose to a new high of 1,457.76 points, up 12.12.

However, the increase did not spread across the market as the HoSE saw 179 stocks declining, 159 higher than the number of gaining stocks.

The main driving force came from the large-cap group, VN30, which increased sharply by 24.67 points to 1,594.

Rising stocks included VIC, VJC, HPG, SSI, FPT, VCB, and VHM. In particular, VIC of Vingroup and VHM of Vinhomes - a subsidiary of Vingroup - contributed 8 points to the 12.12-point increase of VN-Index.

VIC closed Friday at VND108,000 ($4.14) per share, up 6.3% - the highest price in four years. VHM rose by 2.21% to VND87,900.

However, the green color was not evenly distributed among all VN30 stocks. Decreasing stocks included MWG, GVR, MSN, PLX, BVH, GAS, BCM, CTG, LPB, and SHB. VN30 comprises 30 largest-cap stocks.

Transaction value remained high at VND35,000 billion ($1.34 billion), with HoSE alone at VND31,941 billion, up 15.6% from the previous session.

Foreign investors continued to net buy to the tune of VND1,145 billion ($43.85 million) on all three exchanges, the eighth consecutive net buying session with a total value of VND11,800 billion ($451.86 million).

The codes that foreign investors net bought the most were still SSI, HPG, VHM, VCB, MSN, VIC, and VPB. On the contrary, this group net sold stocks like SHB, CTG, ACV, KDH, and VNM.

According to broker SSI's research team, the market may witness strong fluctuations in the period of July-early August due to profit-taking pressure during the business results season at the end of July, limited room for further monetary policy loosening in the context of VND depreciating over 3% against USD in the last 6 months, and clearer information about U.S. tariff negotiation outcomes.

In the long term, SSI believes that the VN-Index could reach 1,500 points by the end of 2025 thanks to a stable macro foundation, sustainable profit growth prospects, reduced tariff uncertainty, attractive valuations, and a low interest rate environment.

In addition, possibility of stock market status being upgraded from "frontier" to "emerging" this September is a positive support factor for the market in the coming months.