At the close today [May 25], Vietnam’s benchmark Vn-Index has surpassed the 1,300-mark for the first time to end the day at 1,308.58, an increase of 0.82% or 10.6 points against the previous session.
|Vn-Index reaches a new height at 1,308.58
Stocks from banks, steel and securities companies are the main driving forces for the Vn-Index with their values rising significantly, including names such as Tien Phong Bank (HOSE:TPB) with an increase of 5.2%, Hoa Sen Group (HOSE:HSG) with 5.8%, or Bao Viet Securities Company (HOSE:BVS) with 6.1%.
While liquidity has slightly declined compared to the previous trading session, the value remained high at VND25.1 trillion (US$1 billion) with over 868 million shares changed hands.
|Investor at a securities center in Hanoi. Photo: Kinhtedothi
Meanwhile, local investors continued to dominate the market as their foreign peers remained net-sellers with VND86 billion (US$3.74 million), in turn extending the latter’s net-selling position for 10 consecutive trading sessions with a total value of VND7.4 trillion (US$322.22 million).
In the first four months of this year, local investors opened nearly 367,000 new securities account, equivalent to 93% of the total number new accounts for the whole 2020, data from the Vietnam Securities Depository revealed.
Yuanta Vietnam Securities Company noted the market is moving towards a positive trajectory as there are no clear risks in short-term. However, it is possible that the market may fall into a sudden slump as investors decide to sell for profit. “ They could sell stocks from banks and steel companies that are at high value to move to those of other fields,” it noted.
Sharing the same view, Tan Viet Securities Company suggested the 1,325-mark would be the resistance zone and suggested that investors should stay cautious, as selling pressure would be high as the Vn-Index is approaching this threshold.