VN-Index reaches a one-month high as buying returns in the afternoon session

Investors traded cautiously, but the benchmark index for the Ho Chi Minh City Stock Exchange rose for the second consecutive session, approaching 1,760 points, the highest level in five weeks.

The VN-Index opened the week’s trading session in negative territory, falling by more than 12 points at one point. Selling pressure persisted through the morning, analysts attributed it to investors’ cautious sentiment as talks between the United States and Iran did not reach an agreement.

Afternoon rebound lifts VN-Index

From the middle of the afternoon session, strong buying emerged in Vingroup shares, helping the Ho Chi Minh City index reverse course. The VN-Index climbed to 1,765 at one point, up 15 points from the reference level, before narrowing the gain to 9 points. The move marked the second consecutive day of gains, taking the index to its highest level in more than a month.

VNDirect Securities said Vingroup shares contributed nearly 14 points to the index as they rose 5.5% to 160,000 dong. VHM, BSR, VPX, GEX, and others were the next largest positive contributors, but together they added less than 4 points.

Market breadth: more decliners than advancers

Despite the index increase, the market showed a “green-on-the-surface, red-at-heart” pattern, with the number of declining stocks outweighing advancers. In the first session of the week, there were 137 gainers and 171 decliners. The large-cap basket recorded 21 decliners, three times more than gainers.

Sector performance: real estate leads

Real estate was the strongest performing sector. Alongside Vingroup, shares of other developers such as CII, NVL, NBB, and DXG rose more than 1% versus the reference. QCG was a rare exception, falling more than 3% to 14,300 dong.

Other blue-chip groups also showed divergence. In banking, STB, VIB, MSB, and TPB rose by at most 2%, while blue-chip names including LPB, SHB, VPB, TCB, and BID finished lower.

The oil and gas sector was mixed. BSR rose sharply after management said the Dung Quat refinery has sufficient supply to operate until July; the stock gained 2.2% to 27,350 dong. In contrast, PLX and PVT moved in opposite directions to the index, down 1.1% and 0.2%, respectively.

Liquidity cools; foreign buying remains limited

Although the index rose, liquidity cooled. The value of matched orders in the first session of the week reached about 22.2 trillion dong, down 10% from the previous week’s close. Cash flow was concentrated in a few heavyweight stocks, including SHB, FPT, HPG, and VIC.

Foreign investors traded cautiously, committing only 1.39 trillion dong, the lowest in a week.

Outlook: consolidation near 1,730 before potential breakout

Yuanta Vietnam Securities said funds are rotating among sectors. The firm expects the index to consolidate around the 1,730 level before breaking through 1,770, potentially reaching 1,800 points this week.

MB Securities analysts also said the broader backdrop remains tilted toward a continued rebound. They cited catalysts including the VN-Index forming a successful bottom near the MA200 level, the approaching annual general meeting season with company targets to raise profit growth, and the market’s upgrade to a new tier. They also pointed to the new government’s active implementation of measures to sustain economic growth, which could support the index.