The driving force that helped VN-Index surpass the 1,300 point mark

VN-Index rebounded today, increasing sharply by nearly 16 points, surpassing 1,300 points, setting a new peak after 2 years.

Blue-chips push VN-Index above 1,300 points

At the end of today's session (June 12), VN-Index closed at 1,300.19 points, up nearly 16 points, equivalent to 1.23%. Marking the highest score in the past 2 years.

"Green" spreads the market at the end of trading hours

Of which, the HOSE floor had 313 stocks increasing, 124 stocks decreasing and 64 stocks remaining unchanged. 895.3 million shares were matched, equivalent to a transaction value of 23.3 billion VND, slightly down from yesterday's session, the VN30 group accounted for 10,800 billion VND.

Earlier in the morning session, the market was still in a state of tug-of-war, especially after yesterday's decline, many investors became more cautious. However, by the end of today's session, the market suddenly increased strongly again, surpassing the 1,300 point mark. The driving force for the surge came from the banking, real estate and securities groups.

Blue-chip stocks lead the market (Photo: SSI iBoard)

Blue-chip stocks play a pivotal role, leading the "green" wave of the entire market.

Leading the market , technology stock FPT (FPT) increased by 4.33%, continuously breaking all historical records, reaching a market price of 132,000 VND/share, contributing 3.58 points of increase to the market.

Next is VPB (VPBank, HOSE) up 6.01%, reaching a market price of VND 19,400/share, contributing 3.22 points. VPB became the stock with the strongest increase in the VN30 group.

In addition to VPB, many other bank stocks also contributed strongly to the positive trend of the VN-Index: MBB (MBBank, HOSE) increased by 2.44%, HDB (HDBank, HOSE) increased by 1.91%,...

The retail, securities, and real estate groups have many representatives in this group: HPG (Hoa Phat Steel, HOSE), MSN (Masan, HOSE), MWG (Mobile World, HOSE), VIX (VIX Securities, HOSE), SSI (SSI Securities, HOSE),...

Although the market has successfully peaked, foreign investors still maintain a strong net selling status. The total net selling value on HOSE, foreign investors reached 2,406.2 billion VND, down 20.4% compared to the previous session but the above figure is much higher than the net buying direction of 1,818 billion VND.

Of which, FPT stock (FPT, HOSE) is under the strongest selling pressure, worth 480.5 billion VND.

What signals does the market show?

Assessing the developments of today's session, expert Minh Chau, senior investment consultant, Mirae Asset Securities , commented that reaching the 1,300 point mark, the market had to go through a rather difficult period, mainly due to two factors.

VN-Index sets new record after 2 years (Photo: SSI iBoard)

Firstly, the supply of goods at the old peak in 2023 is quite large, foreign investors sell and withdraw quite strongly while the portfolio of foreign funds is in pillar stocks.

Second, in the second quarter, the market received many negative macroeconomic factors: exchange rates, inflation, the fever of the gold market,... investors became more timid.

Today's session results took place in the context of gradually less negative macroeconomic factors, thanks to which market sentiment is more stable, demand is more confident, helping the market surpass 1,300 despite foreign investors continuously selling strongly.

The foreign net selling momentum is expected to end soon because interest rate swaps are gradually decreasing and returning to positive when the FED (US Federal Reserve) may reduce interest rates in its September meeting, while Vietnam is also taking steps to pull up high interest rates.

At the same time, the economy has also begun to recover after more than a year of policies to support most industries, so this period shows that the market has recovered and has many prospects in the coming time.

Source: https://phunuvietnam.vn/dong-luc-nao-giup-vn-index-vuot-1300-diem-20240612182056089.htm