VN-Index tops 1,300 points after two years

The VN-Index, which represents the Ho Chi Minh Stock Exchange, will likely continue rising in the coming sessions, after surpassing the 1,300-point mark on Wednesday, according to experts.

The benchmark index jumped 15.78 points, or 1.23%, to 1,300.19 points on the day, a record high since mid-2022.

Trading value on the HCMC bourse decreased by 8.5% to VND23.269 trillion ($914.6 million), of which VND10.8 trillion came from the VN-30 basket, comprising the 30 largest capped stocks. Cash flowed mainly into the banking, real estate, and financial services groups.

Among the blue chips, 27 tickers gained. VPB of private lender VPBank saw the biggest growth of 6%, followed by FPT of IT giant FPT Corporation with a 4.3% increase, and MSN of conglomerate Masan Group, up 2.6%.

Foreign investors were net sellers to the tune of VND534.78 billion ($21 million) on the HoSE. They mainly sold FPT and VHM of property giant Vinhomes.

The HNX-Index on the Hanoi Stock Exchange, home to mid and small caps, rose 0.77% to 248.31 points, while the UPCoM-Index on the Unlisted Public Companies Market was down 0.18% to 99.14 points.

"The VN-Index will likely continue to increase in the coming sessions. In particular, the VN30 index is expected to climb strongly in the near future, with banking and securities stocks taking the lead," said Nguyen The Minh, chief analyst at Yuanta Vietnam Securities JSC.

Investors can buy stocks with modest gains, especially those in the banking and securities groups, he said, adding that they can also restructure their portfolios, selling stocks that have increased sharply in recent times.

Sharing the same view, analysts from Saigon Securities (SSI) held that the VN-Index will move within the range of 1,297-1,314 points in the coming sessions. Investors can buy new stocks or increase their holdings, they advised.

Agribank Securities (Agriseco) assessed that the major index may return to the sideways trend to retest the territory of 1,285-1,300 points in the following sessions.

Therefore, investors should continue to hold their portfolios until there are signs of a technical reversal, or take profits from stocks that have achieved expected profitability, it added.