VN-Index rises sharply, Asia

VN-Index rose 10 points.

The stock market session on June 6th began with investor concerns. After several consecutive sessions of VN-Index gains with very high trading volume, the index was expected to correct during the June 6th session.

As predicted, selling pressure was quite strong at the start of the June 6th trading session, even though the VN-Index maintained its positive momentum with over 200 stocks rising and surpassing the 1,100-point mark. However, the market experienced slight fluctuations.

The tug-of-war was still quite evident, with continuous selling pressure that at times caused the overall index to reverse and fall close to the reference level.

According to VCBS Securities, buying pressure in the afternoon session helped the VN-Index maintain its upward trend, convincingly breaking through the 1,100-point resistance level to continue heading towards higher points.

Stock market 6 6 VN index rises sharply in Asia due to market fluctuations (Figure 1) — The stock market session on June 6th saw mixed movements between domestic and international markets. While Asian stocks reversed course and fell, the VN-Index still rose by more than 10 points. (Illustrative image)

Total market liquidity reached approximately 15 trillion VND, with active buying accounting for 64%, reflecting positive investor sentiment. According to statistics, demand was primarily directed towards banking stocks, which saw increases of approximately 3%.

Active buying liquidity from many large-cap stocks in the VN30 index such as VIC, VHM, and TCB helped the market improve positively in terms of points, rising above the 1100-point mark.

At the close of trading on June 6th, the VN-Index rose 10 points, or 0.96%, to 1,108.31 points. The HNX Index closed at 228.72 points, up 2.16 points.

VCBS assesses that the overall market trend remains very positive and will continue to move towards the next resistance zone around 1,115 points – 1,120 points, before greater selling pressure occurs.

"We recommend that investors take advantage of good upward movements to realize partial profits and look for opportunities to buy back shares during corrections in the securities, banking, and real estate sectors," VCBS advised investors.

Asian stocks plunge.

Asia -Pacific markets traded mixed on Tuesday, despite moves on Wall Street after the S&P 500 erased earlier gains, leaving the benchmark index trading at a nine-month high on an intraday basis.

Ryan Detrick, chief market strategist at Carson Group, said: “Markets are running out of steam after Friday’s broad rally. It was a very lackluster news day, which isn’t a bad thing as we’re consolidating some of the big gains we’ve had recently.”

Australia's S&P/ASX 200 fell 1.2% to end the day at 7,129.6 after the central bank surprised markets by raising the cash rate by 25 basis points to 4.1%. The Australian dollar rose 0.8% to 0.6669 against the US dollar.

In Japan, the Nikkei 225 index continued to surpass the 32,000 mark, rising 0.9% to close at 32,506.78. Meanwhile, the Topix index increased 0.74% to close at 2,236.28.

The last time the Nikkei index traded at this level was when Japan was in the midst of an economic bubble – the period from 1986 to 1991 when real estate and stock prices soared. The Nikkei index reached its all-time high just above 38,900 in December 1989.

South Korean markets were closed on Tuesday for a public holiday.

Hong Kong's Hang Seng index fell 0.18% in the final hour of trading, dragged down by industrial stocks. Mainland Chinese markets were also lower, with the Shanghai Composite dropping 1.15 to close at 3,195.34, its lowest level since January 13.

Meanwhile, Shenzhen Component fell 1.58% to 10,773.45, its lowest level in over seven months.

Overnight in the United States, the S&P 500 lost 0.2%, while the Nasdaq Composite fell 0.09%. The Dow Jones Industrial Average declined 0.59%.

Notably, tech giant Apple lost around 0.8%, retreating from its all-time high reached earlier in the session. The iPhone maker unveiled its highly anticipated virtual reality headset and a series of software updates at its annual Worldwide Developers Conference on Monday.

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