VN-Index rises sharply

VTV.vn - The Vietnamese stock market opened on November 17th with widespread gains that were maintained throughout the session.

At the close of trading on November 17, the VN-Index rose 18.96 points to 1,654.42 points.

The stock market opened the new trading week with widespread gains, with blue-chip stocks remaining the focus. VIC rose more than 3% this morning, while many other bank stocks such as MBB, VPB, and technology companyFPT increased by over 1%.

Industrial real estate stocks also attracted attention, with many representatives rising in price, such as BCM, GVR, SIP, and IDC, by about 1-3%. This development likely stems from expectations of progress in Vietnam-US trade negotiations.

Nevertheless, many export stocks on the exchange traded relatively slowly, with ANV rising nearly 2%, while VHC, PAN, and TNG only saw slight increases.

In its newly released report, FiinGroup noted that the market-wide P/E ratio is currently at 14.2 times, a 13.7% decrease from the three-year peak (16.5 times) set in mid-October. This decrease is mainly due to a downward correction in stock prices, while corporate profits have increased.

Looking at the sector by industry group, the P/E ratio of the non-financial sector is at 19.2 times, a historically high level. However, if we exclude stocks belonging to Vingroup and Gelex - two groups that have seen exceptional price increases - the P/E ratio of the remaining non-financial sector is only about 14.2 times. This level is close to the 5-year low and is a rare level since 2020.

Compared to their five-year averages, several cyclical sectors such as construction, oil and gas equipment, textiles, fisheries, chemicals, and insurance currently have lower valuations.

In contrast to cyclical sectors, real estate, food, and information technology are trading at P/E ratios higher than their 5-year average, while short-term earnings prospects are unlikely to break through, increasing the risk of a correction.

In the real estate sector, the P/E ratio of non- Vingroup companies (VIC, VHM, VRE, VEF) is currently at 30.4 times, higher than the industry average of 24.7 times. This is because the share prices of these companies have increased by 80% since the "tariff event" in early April 2025, while their underlying earnings remain low. This indicates that the valuation of the real estate sector is not cheap.

Banking, real estate, and steel sectors helped the VN-Index rise nearly 19 points.

At the close of trading on November 17th, the VN-Index rose 18.96 points to 1,654.42 points, with a trading volume of nearly 751 million shares, equivalent to over 21,706 billion VND. Across the entire exchange, there were 227 gainers, 86 losers, and 50 unchanged stocks.

The HNX-Index rose 1.08 points to 268.69 points, with a trading volume of over 77.8 million shares, equivalent to over 1,736.5 billion VND, comprising 98 gainers, 53 losers, and 57 unchanged stocks.

The UPCOM-Index rose 0.57 points to 120.66 points, with a trading volume of over 44.6 million shares, equivalent to 785.6 billion VND, comprising 155 gainers, 90 losers, and 81 unchanged stocks.

The VN30 basket recorded 28 gainers and only 2 losers. The banking sector led the gains with 23 stocks rising, only 2 falling, and 2 remaining unchanged. Positive sentiment also spread to the securities, real estate, and steel sectors, but most gains remained at a moderate level.

Investor sentiment has shifted from cautious to optimistic, with capital flowing across blue-chip stocks, cyclical sectors, and stocks benefiting from macroeconomic factors. Liquidity has increased compared to the average of the last 5 sessions, indicating a return of active demand, supporting the current upward trend.

It can be seen that bank stocks led the gains today with VCB (up 0.33%), BID (up 1.13%), CTG (up 0.62%), MBB (up 1.64%), ACB (up 1.18%), TPB (up 1.84%), and HDB (up 0.67%). Strong capital inflows helped this group maintain its upward momentum, attracting institutional and proprietary trading, especially in low-priced stocks.

In the real estate sector, DIG (up 4.4%), NVL (up 6.71%), DXG (up 2.08%), CEO (up 2.71%), VHM (up 2.17%), PDR (up 3.83%), and HDG (up 2.75%) saw strong capital inflows into mid- and small-cap stocks, with renewed confidence in the real estate sector, forecasting continued short-term upward momentum.

Securities stocks benefited from increased liquidity: VND (up 1.27%), SSI (up 1.29%), HCM (up 1.55%), VCI (up 1.56%), FTS (up 1.19%). Money flowed back into the securities sector, reflecting positive signals from the derivatives market and liquidity.

Steel stocks attracted capital inflows, resulting in gains for HPG (up 1.49%), HSG (up 0.88%), NKG (up 0.97%), VGS (up 3.72%), and SMC (up 2.64%). The steel sector recovered thanks to expectations of public investment and year-end production, leading the technical rally with stable price accumulation.

Logistics stocks rose across the board, with GMD (up 1.76%), HAH (up 1.54%), VSC (up 2.25%), PVT (up 1.06%), and GEX (up 0.89%). Capital flowed into shipping and energy, reinforcing the medium-term upward trend.

Analysts believe the market is entering a medium-term uptrend as the index has surpassed the 1,650-point resistance level. Capital flows are clearly spreading across banking, real estate, steel, and securities – the four main contributors to the upward momentum. Liquidity remains stable, and foreign investors continue to make slight net purchases, supporting positive sentiment. Short-term trend: gradual, sustainable increase, with possible minor fluctuations around 1,660 points. Forecast for the November 18th session: the main trend will be a slight increase, testing the 1,660-point level. The trading range will be 1,645 - 1,665 points.

Source: https://vtv.vn/vn-index-tang-manh-100251117182226737.htm