The market opened higher, buoyed by positive reactions across global markets to the news of a cooling inflation rate in the US, as indicated by the latest Consumer Price Index (CPI) data. US stocks hit record highs, and oil prices rose. Healthy trading volume supported the main index’s upward momentum. However, the gain was on par with the previous session, indicating a cautious sentiment among investors who refrained from chasing the early recovery.
The VN-Index closed just shy of the 1,270 mark, with a strong comeback from the banking sector being a significant contributor to the index’s acceleration. Of the 29 listed banks, 26 ended in the green, and all HoSE-listed stocks gained value.
Bank stocks dominated the market’s leaders once again.
LPB hit the daily limit-up, and the market’s leaders were predominantly bank stocks: VCB, TCB, BID, CTG, LPB, VPB, MBB, ACB, and HDB. OCB, TCB, and HDB saw gains of 3-4%, and this sector also led the market in trading volume, with TCB recording the highest value on the exchange at VND1,028 billion.
The positive sentiment spread from large-cap stocks, with 24 out of 30 stocks in the VN30 basket advancing, resulting in a higher gain for the VN30-Index compared to the main index. Within the VN30, HPG continued to attract attention, rising 1.3% to VND31,600 per share, marking a new peak in the last year. HPG’s market capitalization reached VND183 trillion, ranking fifth on the exchange, and becoming the largest private enterprise on the stock market.
The cooling CPI raised expectations for a Federal Reserve rate cut, and a larger-than-expected drop in US oil inventories pushed global oil prices higher. Domestic oil and gas stocks responded positively, with PVS, PVC, BSR, PXT, PVD, and POW all climbing.
Real estate stocks also witnessed gains, including NLG, VRE, PDR, KDH, and DXG. The securities sector was awash in green as well. On the HoSE, 300 stocks advanced.
At the closing bell, the VN-Index was up 14.39 points (1.15%) to 1,268.78, and the HNX-Index rose 1.24 points (0.52%) to 240.02. Trading volume ticked higher, with HoSE’s value nearing VND22,700 billion.
