VN-Index hits fresh record for third straight session

Vietnam's benchmark VN-Index extended its rally for a third consecutive session on Tuesday, climbing to an all-time high as state-linked stocks, particularly oil and gas names, led the gains.

The index, which represents the Ho Chi Minh Stock Exchange (HoSE), closed up more than 25 points, or 1.36%, at a record 1,902.03 points.

Trading value on the HoSE remained elevated at over VND41.34 trillion dong ($1.57 billion), marking a second straight session above the VND40 trillion ($1.52 billion) threshold.

Market breadth was positive, with 203 gainers outweighing 131 decliners on the major bourse.

State-linked stocks were again the main drivers of the index, led by oil and gas companies including PLX, GAS, BSR, PVS, PVD, and PVT, several of which rose to their daily limit. The moves underscored strong capital inflows into the sector.

State-controlled banks VCB (Vietcombank) and BID (BIDV bank) also finished higher, despite dipping below their reference levels earlier in the session. Banking stocks, however, showed sharp divergence.

Apart from VCB and BID, EIB (Eximbank) surged to its daily limit, while BVB (Viet Capital Bank) and ABB (ABBank) rose more than 2%. Most other bank stocks posted modest gains of less than 1%, while CTG, MBB, ACB, and TCB retreated after a recent strong rally.

Brokerage stocks also traded in mixed fashion. SSI, VCK, VPX, HCM and VND advanced, with VIX hitting its daily limit, while VCI, FTS and TCX edged lower.

Another important highlight is that private sector groups such as Vingroup (with representatives VIC, VHM, VRE) and Gelex (with stocks GEX, GEE, VGC, VIX) have recovered quite well, further consolidating the index's upward momentum.

Some investors told The Investor that they expect that in the coming sessions, stock groups will continue to alternate between increases and corrections, helping the index maintain a high and stable level around its peak, at least until the derivatives expiration date this Thursday.

A negative aspect of the Tuesday trading session was the net selling of VND482.66 billion ($18.36 million) by foreign investors on the HoSE, ending a streak of four consecutive net buying sessions.

The net selling by foreign investors was concentrated in GMD (-VND252.31 billion or $9.6 million), SHB (-VND184.75 billion), VRE (-VND 136.94 billion), etc.

Conversely, they net bought VCB (VND507.41 billion), VPB (VND 201.09 billion), BID (VND 164.67 billion), etc.