Despite foreign investors' record net selling of more than 1,350 billion VND, VN-Index still increased sharply.

SGGPO July 7, 2023 5:36 PM

Contrary to the plunge of the world stock market, the Vietnamese stock market has VN-Index rising sharply to nearly 1,140 points with a series of large-cap stocks reaching new peaks.

Vietnam's stock market is growing strongly, contrary to the world stock market.

The Vietnamese stock market in the trading session on July 7 recovered beyond expectations after the previous sell-off session. Notably, VCB ( Vietcombank ) shares increased sharply by 4.27%, re-establishing the old peak set in June 2023 to VND 105,000/share, contributing to pulling the VN-Index up to nearly 1,140 points.

Besides VCB, many bank stocks also increased well such as: VPB increased by 1.53%, STB increased by 1.72%, MBB increased by 1.24%,SHB increased by 3.4%, LPB increased by 3.9%...

In addition, steel stocks also increased sharply with HPG increasing 1.7% to VND27,450/share - setting the highest price peak this year; HSG also increased 4.9%, NKG increased 5.1%, TLH increased 4.7%, POM increased 5.2%, SMC increased 3.4%...

Retail stocks also increased dramatically with DGW hitting the ceiling price of VND46,000/share - setting a historical peak for this stock, MWG also increased by 5.3%, PET increased by 4.8%...

Many construction stocks also increased well such as: CTD increased by 6.5%, VCG increased by 4.2%, FCN increased by 4.4%...

At the end of the trading session, VN-Index increased by 11.85 points (1.05%) to 1,138.07 points with 267 stocks increasing, 133 stocks decreasing and 71 stocks remaining unchanged.

At the end of the session at the Hanoi Stock Exchange, the HNX-Index also increased by 0.74 points (0.33%) to 225.82 points with 102 stocks increasing, 61 stocks decreasing and 62 stocks remaining unchanged.

Market liquidity decreased compared to the previous session, with total transaction value across the market at more than VND18,700 billion.

During this strong market session, foreign investors net sold nearly 1,357 billion VND on HOSE, recording the highest net selling session since the beginning of the year. In particular, the stocks with the strongest net selling were EIB with more than 680 billion VND, VHM 440 billion VND, KDC 200 billion VND.

Meanwhile, foreign investors net bought a large amount of VCB shares with more than 150 billion VND, contributing to helping VCB re-establish its highest peak in 2023.

Source