Banking Stocks Drive VN-Index to 1,300 Points

The VN-Index reached a milestone of 1,300 points on September 27, driven by a surge in banking stocks. Many individual investors, fearing they would be “left out,” poured money into these stocks, causing their value to skyrocket.

In the first 45 minutes of the trading session, the consensus of banking stocks pulled the VN-Index to 1,300 points after several unsuccessful attempts to conquer this milestone. The VN-Index increased by 8.5 points to 1,300.08 points, with the entire group of banking stocks simultaneously increasing in price.

Among the banking stocks, EIB and KLB saw the largest increases, rising by 5.6% and 4.5%, respectively. Other notable increases were seen in SHB, BVB, CTG, BID, and ABB, all of which rose by over 3%. The remaining banking stocks also recorded increases of over 1%.

The surge in banking stocks was not the only positive trend in the market. Other industry stock groups, such as real estate and iron and steel, also recorded significant increases, contributing to a dominant number of increasing codes compared to decreasing codes.

The transaction value increased significantly compared to the previous session, with the HoSE floor alone reaching nearly 4,000 billion VND. However, after the VN-Index surpassed 1,300 points, profit-taking pressure appeared, causing the index to narrow its upward momentum. By around 10 o’clock, the increase was only about 5 points, with the VN-Index trading around 1,296 points.

According to Foreign Trade Bank Securities Company (VCBS), the market is showing caution as the VN-Index approaches the 1,300 point area. The company recommends that investors avoid chasing high-priced stocks, especially those at their peak and showing signs of strong selling. Instead, investors can hold stocks that attract cash flow from banking and real estate groups, and take advantage of fluctuations in each session to disburse some stocks in the oil and gas industry and public investment.