Stocks surpass historical peak of 1,700 points after upgrade

The stock market has officially surpassed the 1,700 point threshold. Photo: Le Toan

In the morning trading session on October 9, the stock market continued to maintain its upward momentum after receiving information about the market upgrade and surpassed the 1,700 point mark shortly after opening thanks to the support of bluechip stocks

There was a time when the VN-Index quickly turned around when it encountered this major resistance zone. However, as soon as it retreated close to the reference level, the demand increased, helping the market rebound and skyrocket, surpassing the peak when the banking stocks competed to improve, especially the Vingroup pair with VHM - VRE hitting the ceiling.

At the end of the morning session on October 9, VN-Index increased by 10.63 points to 1,708.46 points with 115 stocks increasing and 160 stocks decreasing. Total trading volume reached 580.9 million units, worth VND 18,667 billion, up 10.1% in volume and 13% in value compared to yesterday morning session.

The VN30 group closed the session with 14 stocks increasing and 14 stocks decreasing, but the index of this group increased by nearly 10 points thanks to the main contribution of VHM. At the end of the session, VHM still increased by 7% to the ceiling price of 115,000 VND/share with a matched volume of more than 9.5 million units.

Meanwhile, increased selling pressure both domestically and internationally prevented VRE from maintaining its purple color. At the end of the session, VRE still increased by 3% to VND37,400/share and matched nearly 17.4 million units.

Apart from the pair VHM and VRE, other Vingroup stocks also closed the session in green. Specifically, VIC increased slightly by 0.3%, while VPL reversed to increase impressively by 5.1% and even increased to the ceiling at times. The 4 V stocks alone contributed 10.6 points to the general index.

While banking and real estate stocks are trading well, securities stocks have yet to find a common voice after the market received the news of the upgrade. Currently, the codes VIX, SSI, VND, VCI all decreased slightly by around 1%.

Analysts of SSI Securities Corporation (SSI Research) maintain VN-Index target 2026 at 1,800 points in the base case, reflecting the growth potential from both the fundamentals and valuation. With a forward 2026 P/E of around 12 times, the market is still trading below its 10-year average (14 times) and significantly below the average of the last two bull cycles (15–16 times).

In the context of attractive valuations, improving corporate profits and the gradual return of foreign capital flows, we believe that the market still has room to be revalued at a higher level.

The upgrade story is a new driving force for the Vietnamese stock market. Vietnam's official upgrade to emerging market status according to FTSE Russell's classification (from September 2026), and in the future, it can meet the standards of MSCI Emerging Market, is expected to attract about 1.6 billion USD of passive capital flows from ETFs, not to mention a significantly larger amount of capital from active funds. This milestone not only reflects the potential to attract capital flows, but also marks Vietnam's new position on the global investment map.

The stock market continues to have many positive changes with the driving force coming from domestic investors, currently accounting for more than 90% of the transaction value, helping to offset the net cash withdrawal of foreign investors. At the same time, the upcoming IPO plan led by large-cap enterprises such as TCBS, VPS and Gelex Infrastructure JSC shows the return of confidence of the business sector as well as the promise of increasing market depth in 2026.

If properly implemented, this capital mobilization cycle will attract investor attention and diversify the industry portfolio in the stock market.

SSI Research also expressed the view that risks still need to be closely monitored. High margin debt and increased leverage from individual investors can amplify fluctuations, especially if market sentiment changes suddenly. The real estate market's growth, especially in terms of prices, may slow down after a strong recovery period, creating risks that spill over to credit quality. Meanwhile, global trade conflicts and tariff pressures remain uncertain factors in the external business environment.

Source: https://baoquangninh.vn/chung-khoan-vuot-dinh-lich-su-1-700-diem-sau-khi-nang-hang-3379349.html