VN-Index is approaching the threshold of 1,200

VIETNAM, July 20 – HÀ NỘI — The market stabilized on Wednesday as concerns about inflation in the country eased, boosting investor sentiment.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index approached the 1,200 point threshold. Of which, the market benchmark ended the trading day at 1,194.14 points, a gain of 15.81 points, or 1.34%.

During the session, the breadth of the market remained in the positive zone, with 374 stocks up, while 87 stocks fell.

Liquidity has improved compared to the previous session. As a result, the total matching value in the market was VNĐ15.4 trillion (US$657.6 million), up 33%, of which the matching value on HoSE alone increased by 34% to reach over 12.9 trillion VNĐ.

The 30 largest stock tracker VN30-Index also jumped 13.92 points, or 1.15%, to 1,225.62 points. In the VN30 basket, 28 stocks rose, while only one fell and one remained unchanged.

The HNX index of the Hanoi Stock Exchange (HNX) also ended higher on Wednesday, up 4.44 points, or 1.56%, to 288.87 points.

On the northern exchange, almost 88.2 million shares were traded, worth 1.69 trillion VNĐ.

The rallying trend has strengthened since the market opened, with many stock symbols posting strong performances.

Market sentiment was bolstered after economists pointed out that the country’s inflation is under control and its monetary policies will not be influenced by rate hikes from major central banks.

Banking stocks returned to the top spot in the market, with Vietcombank (VCB) posting the biggest gain of 1.68% in market capitalization. Other bank stocks that contributed to the trend were BIDV (BID), Vietinbank (CTG), Tienphong Bank (TPB), Vietnam International Commercial Joint Stock Bank (VIB) and MBBank (MBB). Those shares rose at least 1.4% on Wednesday.

Supporting the uptrend, stocks in the manufacturing, energy, real estate, retail and information technology (IT) sectors also showed strong growth. For example, Vinhomes (VHM), Hòa Bình Construction Group JSC (HBC), Vietnam Rubber Group (GVR), Sabeco (SAB), PV Gas (GAS), FPT Corporation (FPT) and Mobile World Investment Corporation (MWG) have slightly rose in a range of 1-7%, with HBC hitting the biggest daily gain of 7%.

Meanwhile, foreign investors also returned to the market as they bought billions net on the two major exchanges. Of which, they bought a net worth of 194.35 billion VN on HoSE and 2.65 billion VN on HNX. —VNS

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