Profit-taking pressure remained interspersed, with sellers gaining the upper hand at times, pushing the VN-Index below the reference level. In the afternoon session, bottom-fishing forces emerged stronger, pulling the main index up and extending gains until the end of the session, reclaiming the 1,230-point level.
The market received support from large-cap stocks, with 19 out of 30 VN30 stocks posting gains. FPT emerged as the most positive contributor, adding more than 1 point to the VN-Index. HVN followed suit, closing at the ceiling price of 20,350 VND per share.
Shares of Vietnam Airlines have recently been in two contrasting states, either surging to the ceiling or dropping to the maximum loss. Strong corrective pressure in the past month has caused this stock to “evaporate” more than 40% of its market price.
Banking stocks rally across the board.
The decisive factor in the VN-Index’s reversal was the contribution of banking stocks. On the HoSE, no banking stock declined. Green dominated more than 20 codes, led by MSB (3.5%). Most other stocks rose by around 1-2%, creating a positive sentiment that spread across the overall market. Green covered nearly 240 stocks on the HoSE.
After receiving official notification of the mandatory delisting date, HNG of Hoang Anh Gia Lai International Agriculture Joint Stock Company and HBC of Hoa Binh Construction Group Joint Stock Company moved in opposite directions. HBC fell to the floor price of 4,630 VND per share, while HNG edged up 1.5% to 4,140 VND per unit.
From September 6th onwards, HBC and HNG will be officially delisted. The reason for HBC’s departure is that the company’s total accumulated loss has exceeded its paid-up capital. Meanwhile, HNG suffered losses for three consecutive years from 2021 to 2023. These cases fall under the mandatory delisting criteria.
At the close, the VN-Index rose 6.64 points (0.54%) to 1,230.28 points. The HNX-Index gained 1.39 points (0.61%) to 230.77 points, while the UPCoM-Index climbed 0.2 points (0.22%) to 93 points. Liquidity eased slightly, with the HoSE matching value reaching nearly VND12 trillion.
Investing in a volatile market: Should beginners consider putting money into high-yield bonds for 10-30% yearly profit?
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