VN-Index sharply increases on policy interest rate cut
The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), surged 14.64 points, or 1.38%, to 1,079.28 on Monday, marking its tenth consecutive gaining session.
The VN-Index’s strong gain was attributed to the State Bank of Vietnam cutting policy interest rates by 0.5 percentage points from April 3, the second in one month.
The major bourse saw its liquidity improve with over 821 million shares changing hands for over VND14.17 trillion ($604.11 million), an increase of over 30% from the previous session March 31.
The VN-Index surged 14.64 points to 1,079.28 on April 3, 2023. Photo courtesy of VietnamPlus.
Up to 325 stocks on the HoSE closed in green, while only 84 tickers went down.
VN30 index, which tracks the performance of the 30 largest-cap stocks, increased 15.04 points to 1,088.72, with 24 gainers.
Stocks in the Vingroup ecosystem made the biggest contributions to the VN-Index expansion. VIC of Vingroup rose 5.45%, VHM of Vinhomes 2.14%, and VRE of Vincom Retail 0.14%, adding over 4 points to the major index’s overall increase.
Coming second were banking stocks, with TCB of Tecombank going up 3.4%; MBB of MBBank, CTG of VietinBank, TPB of TPBank, and STB of Sacombank over 2%; VCB of Vietcombank, VIB of Vietnam International Bank, and ACB of Asia Commercial Bank more than 1%.
Real estate stocks also made impressive performance, with many hitting their ceiling prices like DIG of DIG Corp., DXG of Dat Xanh Group, HQC of Hoang Quan Corp., NLG of Nam Long Group, and SCR of Saigon Thuong Tin Real Estate JSC.
Green also covered other groups like securities, construction and building materials.
Foreign investors turned net sellers on the HoSE to the tune of nearly VND300 billion ($12.79 million).
The HNX-Index on the Hanoi bourse went up 2.98 points to 210.48, while the UpCOM-Index on the unlisted public company market increased 0.52 points to 77.28.
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