Financials, banks push Vietnamese stock market up for fourth day
On July 2, the Vietnamese stock market rallied for a 4th consecutive day, thanks to momentum from banks and financial companies.
THE HANOI TIMES — Shares in Vietnam extended their gains for a fourth consecutive day, driven by banks and other financial companies.
The VN-Index gains a total of 1.4% over the last four trading days. Photo: tinnhanhchungkhoan.vn
On July 1, the benchmark VN-Index on the Ho Chi Minh Stock Exchange ended the day up 0.5% at 1,384.59 points.
This marks a four-day rally totaling 1.4% since June 26.
More than 934.7 million shares worth VND22.4 trillion (US$858 million) were traded on the southern bourse.
Trading liquidity increased from the previous day, indicating positive market sentiment.
According to Vietstock.vn, banks and financial firms led the market growth, as the two sector indexes increased by 3.9% and 0.3%, respectively.
SSI Securities (SSI), VietCapital Securities (VCI), HCM Securities (HCM), and VNDirect Securities (VND) were among the best-performing big-four securities companies.
SSI, VCI, and VND jumped 3.1%-4.3%, while HCM surged 6.8%.
Techcombank (TCB), Sacombank (STB), VPBank (VPB), HDBank (HDB), and LienVietPostBank (LPB) pushed the banking sector up, offsetting the declines of Vietcombank (VCB) and the Bank for Investment and Development of Vietnam (BID).
Other sectors like consumer, retail, and real estate also went up thanks to the top-tier companies in those industries.
Techcombank (TCB), industrial park developer Becamex (BCM), SSI Securities (SSI), and steel producer Hoa Phat (HPG) had the most positive impact on the benchmark VN-Index.
On the Hanoi Stock Exchange, the HNX Index increased 1.4% to close at 231.62.
The northern market index recovered from a 0.3% drop on Monday.
Nearly 106 million shares worth VND1.9 trillion ($72.6 million) were traded on the northern bourse.
Foreign investors bought a net value of nearly VND934 billion ($35.7 million) after net-selling some VND382 billion ($14.6 million) the previous day.
According to SHS Securities, the market is supported by positive sentiment as investors expect favorable trade negotiations between Vietnam and the US.
The company said in its daily report that confidence in Q2 corporate earnings reports also lifts investors’ spirits.
However, SHS Securities warned that the VN-Index may struggle around 1,390–1,400 points, as local stocks are currently overbought.
