VN-Index up 9 points on property, banking stock rallies

Vietnam’s benchmark VN-Index gained 9.21 points, or 0.75%, to close at 1,243.26 on Wednesday thanks to the rallies of real estate and banking stocks, especially VIC of conglomerate Vingroup.

The trading value on the Ho Chi Minh Stock Exchange (HoSE), represented by the index, increased 8.8% from the previous session to VND20.9 trillion ($872.8 million).

The major bourse saw 217 gainers and 243 losers, with more than 930 million shares changing hands.

Blue chips were the main support for the VN-Index gain as their VN-30 index soared 15.75 points to 1,256.95, with 16 tickers rising.

VIC was the focus of attention when it hit its ceiling price right at-the-open following its EV maker VinFast’s listing on the U.S. stock exchange Nasdaq under the ticker symbol “VFS” on Tuesday. Other tickers in the Vingroup family, namely VHM of real estate developer Vinhomes and VRE of retailer Vincom Retail, also gained 1.94% and 0.64% respectively.

Many other real estate tickers closed in the green such as DIG of DIG Corp. up 4.01%, DXG of Dat Xanh Group 1.72%, PDR of Phat Dat Real Estate Development Corp. 1.79%, SJS of 2.17%, and DXS of Dat Xanh Services 3.03%.

Besides real estate, the banking group was also the main driving force for the benchmark index. VCB of Vietcombank increased 0.34%, BID of BIDV 1.06%, VPB of VPBank 1.82%, TCB of Techcombank 3.67%, STB of Sacombank 4.44%, and EIB of Eximbank 1.62%.

Securities and retail stocks saw a divergence while manufacturing, energy and aviation groups went down.

Foreign investors were net sellers on the HoSE for the fifth consecutive session to the tune of over VND32 billion ($1.34 million). VPB was most net sold for VND85.5 billion ($3.57 million)

The HNX-Index at the Hanoi Stock Exchange went up 1.11 points to 25.56, while the UPCoM-Index at the Unlisted Public Companies Market inched up 0.18 points to 93.67.