VN-Index rose nearly 47 points, with leading stocks clearly driving the rally.
At the close of trading on December 22nd, the VN-Index rose 46.72 points (+2.74%) to 1,751.03 points. The VN30-Index increased 52 points (+2.69%), demonstrating the clear leading role of large-cap stocks. On the Hanoi Stock Exchange, the HNX-Index rose 1.28%, while the UPCoM-Index increased 0.36%.
Market liquidity reached over 31,000 billion VND, significantly lower than previous boom periods. However, market breadth was positive with 466 gainers, significantly outnumbering the 238 losers, reflecting sustained strong buying pressure until the end of the session.
In terms of contribution, VIC was the stock with the strongest impact, contributing nearly 19 points to the VN-Index. Following closely behind were VHM, TCB, STB, MWG, VJC, and HDB, indicating a high concentration of capital in blue-chip stocks, which helped the index rise sharply despite the capital not being widely distributed.
By sector, real estate was the strongest performing group (+5.15%), with a series of stocks rising sharply such as VIC, VHM, PDR, CEO, and VRE. The banking sector continued to play a pivotal role with many stocks increasing from 2–7%, notably STB (+6.94%), TCB (+4.76%), HDB (+4.05%), and MBB (+2.23%).
The securities and industrial sectors also recorded positive developments, led by VIX, SSI, GEX, CII, and VJC. Conversely, downward pressure only appeared locally in some groups such as information technology and hardware/equipment, but the impact was insignificant.
Notably, VNM fell 1.25% but remained the focus due to a large block trade volume, reflecting long-term ownership shifts that did not negatively impact the overall trend.
A notable point of the December 22nd session was the sharp rise in the VN-Index despite relatively low liquidity. This development suggests that the upward momentum did not come from a massive influx of capital, but rather from the structure of capital flows and the supply-demand balance.
After a prolonged period of correction and accumulation, the supply of blue-chip stocks has decreased, allowing moderate buying pressure to push prices higher. In addition, institutional capital is participating selectively, focusing on stocks with high weightings, further amplifying the index's increase.
From a psychological perspective, expectations related to the International Finance Corporation (IFC) and the market upgrade roadmap are helping investors readily accept higher price levels, providing short-term support for the market.
Foreign investors made slight net sales, continuing restructuring.
During the trading session on December 22nd, foreign investors sold a net of approximately 178 billion VND through the order matching channel. However, foreign investors remained present through large-scale block trades, most notably the transfer of VNM shares.
This development indicates that foreign capital flows in the current period are focused on restructuring and preparing for long-term positions, limiting the impact on supply and demand in the order matching market and not disrupting the overall trend.
Commenting on the market, Mr. Nguyen Thai Hoc, an analyst at Pinetree, believes that the VN-Index has formed a positive reversal pattern in the early sessions of the week, opening up the possibility of a sustained rebound until the end of the year. A positive aspect of this rally is the better distribution of capital compared to previous rebounds, as it is not solely dependent on Vingroup stocks but also includes banking, securities, and oil and gas stocks.
However, Mr. Hoc emphasized that the current upward trend is still more of a technical rebound and not yet sufficient to confirm that the market has formed a medium-term bottom. Liquidity, although improved, remains low, reflecting cautious sentiment and indicating that the market needs more time to absorb the remaining supply.
Meanwhile, Mr. Nguyen Trong Dinh Tam, Director of the Individual Investment Advisory Division at Thien Viet Securities (TVS), believes that the current upward trend of the VN-Index is still heavily influenced by a few key stocks, and therefore does not fully reflect the overall state of the entire market. Nevertheless, many stocks have discounted to attractive valuation levels after the correction, creating opportunities for medium and long-term strategies.
Based on current signals, the recommended strategy is to maintain a cautious approach. Short-term investors can continue to hold stocks in a clear uptrend, but should avoid chasing the index as it approaches its previous peak.
For medium-term investors, the fluctuations or technical corrections during the testing of the 1,740 - 1,795 point range are seen as opportunities to restructure portfolios, prioritizing stocks with strong fundamentals, high liquidity, and attracting significant capital inflows.
Overall, the short-term market trend remains positive, but the sustainability of the upward momentum will depend on the ability to improve liquidity and the extent to which money flows into the market in the coming sessions.
Source: https://baotintuc.vn/thi-truong-tien-te/chung-khoan-but-pha-phien-chieu-vnindex-vuot-1750-diem-20251222152144462.htm
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