Banking Stocks Boost VN-Index to Session High

VN-Index closed at 1,276.99 points, up 8.51 points, driven by a surge in banking stocks, despite VIB shares being net sold over VND 2,700 billion.

The stock market experienced a quiet morning session on September 24, but demand increased sharply in the afternoon, particularly for blue-chip stocks, with banking stocks being the most prominent.

VN-Index closed at its session high, with improved liquidity indicating a return of investment cash flow to the market. Notably, 19 out of 27 banking stocks increased, including NAB (+4.17%), SSB (+3.45%), STB (+3.41%), VPB (+1.05%), and VIB (+3.24%). The market saw 256 increasing codes, 95 reference codes, and 119 decreasing codes.

Foreign investors returned to net selling, primarily due to VIB stock transactions. VIB shares alone were net sold over VND 2,700 billion, with an agreement transaction of 148 million shares. On HOSE, this stock also had extraordinary matching transactions with over 19.6 million units changed hands.

Market Outlook

Commenting on the next session, Mr. Vo Kim Phung, Head of Analysis Department at BETA Securities Company, stated that the market is sending positive signals with improved liquidity and returning cash flow, strengthening investor confidence. Investor sentiment is optimistic, showing confidence in the market’s recovery and growth.

“During this period, investors can consider increasing their stock proportion, especially for codes with good fundamentals that have not increased strongly in recent times. However, they should not chase stocks with any price,” Mr. Phung advised.

Experts from SHS Securities Company believe that in the short term, the market is entering the period ending the third quarter of 2024, and stock buying positions should be based on business results. Investors who maintain a reasonable proportion can consider increasing and expanding their portfolio of codes that have not recovered much, with a price range equivalent to the VN-Index area of 1,250 points.

When choosing stocks, securities companies recommend targeting industry-leading stock codes with good fundamentals and positive growth prospects for third-quarter business results.