Expectations for market upgrade drive Vietnamese shares for 4th day
Market sentiment is high as investors believe in the upgrade of the Vietnamese stock market this September.
THE HANOI TIMES — Vietnamese shares extended gains on July 9 for a fourth consecutive day on expectations that the local stock markets will get a status upgrade this September.
Vietcombank shares (VCB) jumped 4.2% on July 9. Photo: Kinh Te & Do Thi Newspaper
The market kept advancing as recent government actions show determination to upgrade the Vietnamese stock market from frontier to emerging this September.
The stock market's recent rallies also raised fear of missing out (FOMO) among investors who had stayed out in recent days.
Foreign investors purchased nearly VND2 trillion (US$76.5 million) worth of stocks, focusing on banks and financial institutions.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange increased by 1.1%, closing the trading day at 1,431.32 points.
Since July 4, it has rallied by a total of 3.6% over four consecutive trading days.
Nearly 1.5 billion shares were traded on the southern bourse, worth VND35.4 trillion (US$1.3 billion).
Compared to the previous day, both trading volume and trading value increased by 25%, indicating high confidence across all sectors.
According to Vietstock.vn, the banking and financial sector indexes grew 1.6% and 2.8%, respectively.
The best-performing stocks in these sectors were SSI Securities (up 5.5%), Ho Chi Minh Securities (up 2.1%), and the Bank for Investment and Development of Vietnam (up 1.9%).
The property sector also made a positive impact on the market, as its index gained 1.8%.
Leading the real estate industry were Vingroup (up 1.8%), Vinhomes (up 3.3%), Vincom Retail (up 3.9%), and Becamex (up 1.6%).
Vietcombank (VCB), Vinhomes (VHM), Vingroup (VIC), BIDV (BID), VPBank (VPB), and SSI Securities (SSI) were among the top 10 large-cap stocks that drove the market forward.
On the Hanoi Stock Exchange, the HNX Index increased 0.4% to close on July 9 at 238.63 points.
The northern market index has increased for four consecutive days, achieving a total gain of 3.3%.
Nearly 166 million shares were traded on the northern bourse for VND2.8 trillion ($107 million).
