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| Strong capital inflows into securities stocks pushed the VN-Index to a 4-month high and close to the 1,900-point mark. |
The trading session on May 6th saw positive developments in the stock market, with the VN-Index surging 16.35 points to 1,891.2 points, the highest level since the end of January and less than 1% away from its historical peak of 1,902 points. This upward trend occurred amidst strong capital flows, particularly concentrated in the securities sector, the market's focal point.
Contrary to cautious pre-session forecasts, the market only saw a slight correction in the morning as profit-taking pressure caused the VN-Index to lose more than 6 points. However, buying pressure quickly returned in the afternoon, helping the index reverse sharply and widen its gains.
Notably, market liquidity reached over 25,715 billion VND, an increase of more than 6% compared to the previous session. The HoSE exchange alone recorded a trading volume exceeding 1 billion shares, indicating a significant improvement in market participation.
Market breadth heavily favored buyers, with 416 stocks rising, including 20 that hit the ceiling price. The number of stocks that surged by more than 1% reached 109, more than double the number from the morning session, reflecting widespread bullish sentiment.
The biggest highlight of the session was the surge in the securities sector. Almost all stocks in the sector rose sharply, with as many as 26 stocks increasing by more than 2%.
VIX and HCM stocks attracted attention by hitting their upper limit with very high trading volume. Leading stocks such as SSI, VCI, VND, SHS, BVS, ORS… all increased by 3-5%, becoming the main psychological driving force for the entire market.
Notably, this group also boasts top-tier liquidity in the market, with VIX and SSI reaching trading values of over 870 billion VND and 780 billion VND respectively. Stocks like HCM, VCI, and VND also recorded strong inflows of capital.
The upward momentum in the stock market stems from several factors. Firstly, news regarding several companies being licensed to operate cryptocurrency exchanges has created expectations of business expansion. Secondly, FTSE Russell's update to the list of eligible stocks for its global index, along with expectations that Vietnam will soon be included in MSCI's upgrade watchlist, has contributed to the influx of capital into this sector.
In fact, whenever stock prices rise across the board, the market usually reacts positively psychologically, because this group leads the flow of money and reflects the growth expectations of the entire market.
Despite the boom in the securities sector, its direct contribution to the VN-Index remains limited due to its relatively small market capitalization. The index's upward momentum still largely depends on blue-chip stocks.
During the session, several large-cap stocks such as VCB, TCB, HPG, and GAS recorded gains of 1-2%, helping to maintain market momentum. The banking sector generally performed well, with STB, LPB,ACB , and EIB rising by over 2%.
In the real estate sector, stocks related to Vingroup continued to play a significant role. VRE rose nearly 4%, VPL increased over 2%, while VIC attempted to recover to its reference price. However, some stocks like NVL remained under strong selling pressure and experienced sharp declines.
The VN30 basket showed significant improvement with 24 out of 30 stocks rising, helping the VN30-Index increase by more than 1%. However, due to the lack of breakthroughs from the largest capitalized stocks, the VN-Index could not rise strongly enough to match the market breadth.
Notably, foreign investors continued their net selling streak for the 10th consecutive session, with a value of approximately 1,100 billion VND. The stocks most heavily sold includedFPT , ACB, and HPG, putting considerable pressure on the index.
Nevertheless, domestic capital flows are playing a dominant role, helping the market maintain its upward momentum despite pressure from foreign investors.
According to securities firms, the 1,900-point level will be a strong resistance level in the short term. As the index approaches its historical peak, profit-taking pressure may increase, especially for stocks that have risen sharply.
However, current developments show that capital flows are actively moving and spreading widely, not just concentrated in a few sectors. This is a positive sign for the medium-term trend of the market.
With expectations of an upgrade to market status becoming increasingly clear, coupled with improved liquidity, the VN-Index is poised to re-challenge its historical peak. However, investors should exercise caution regarding market fluctuations as it enters a sensitive zone.
Source: https://thoibaonganhang.vn/co-phieu-chung-khoan-dan-song-vn-index-tien-sat-moc-1900-181568.html
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