Vingroup group shares rise as market strengthens; VIC hits the daily upper limit

Stocks of Vingroup surged on Thursday, with VIC hitting the daily ceiling price and helping the VN-Index rise by more than 19 points.

Market performance

The VN-Index stayed broadly green throughout the day. After the opening auction, the index rose about 16 points, but selling pressure later pushed it close to the reference level. From after 10 a.m., support from several bellwether stocks helped the market rebound and test the 1,820-point area.

In the afternoon, the index hovered around that level. Although declining stocks made up more than two-thirds of HoSE, the overall market remained in positive territory and closed near 1,820 points, up more than 19 points from the previous session.

Despite the gain in the index, market breadth was weak: there were 213 stocks in the red, double the number of gainers. The session was therefore described as “green on the surface, red in heart,” with the index supported mainly by a limited number of stocks.

Key contributors

Among the supporting names, VIC contributed more than 20 points to the VN-Index increase. Vingroup’s shares reached the ceiling price from early afternoon, rising to 189,300 dong per share. The move marked the second consecutive session with a full-day gain and brought the stock to a record high.

VIC’s liquidity reached nearly 1,413 billion dong, the second-highest on the market. More than half of matched trades came from buyers, and in the afternoon the sell side showed a “white” signal as selling orders were absorbed immediately.

Alongside VIC, VHM was the second most supportive stock, contributing more than 5 points. Vinhomes shares closed up 4.5% at 143,100 dong, after trading near the ceiling intraday. Total turnover for VHM recorded more than 1,168 billion dong, ranking third on the market.

Liquidity and foreign flows

For the fifth straight up session, market liquidity edged down to above 27,900 billion dong, about 300 billion dong lower than the previous session. Over the last two sessions, liquidity on the market exceeded USD 1 billion.

Foreign investors continued to weigh on sentiment with net selling of about 1,185 billion dong. The most heavily sold stocks were FPT (nearly 524 billion dong) and VHM (nearly 463 billion dong). In contrast, foreign investors bought strongly in VIC (about 465 billion dong) and SSI (over 235 billion dong).

Brokerage views

In a pre-market bulletin, VPBank Securities (VPX) said yesterday’s gains were not convincing because they relied heavily on the strong pull from the Vingroup group. It noted that selling pressure appeared more clearly in many other stock groups, particularly those that had risen sharply, reflecting short-term profit-taking.

Vietcombank Securities (VCBS) advised investors to remain cautious as the index approached resistance levels and market breadth tilted downward. The brokerage recommended considering profit-taking on stocks that had met short-term targets and said investors should avoid chasing hot stocks or those nearing strong resistance levels.