Stock index, VN-Index, extends winning streak to eight consecutive sessions, exceeds 1610 point milestone
Vietnam's Stock Market Hits New High as MBB Leads with Cryptocurrency Partnership
Vietnam's stock market continued its positive momentum on Wednesday, with the VN-Index breaking through the 1,610-point threshold for the first time. The index closed at 1,611.6 points, marking its eighth consecutive gain.
The Hò Chí Minh Stock Exchange (HoSE) saw improved liquidity, with trading value reaching VNĐ55.6 trillion (approximately US$2.1 billion). Trading value on the northern exchange was VNĐ5.1 trillion, equivalent to nearly 230 million shares traded.
The banking sector had some of the day's most notable performances, with Military Commercial Joint Stock Bank (MBB) leading the market. MBB's stock price surged by 6.2% due to a strategic Memorandum of Understanding (MOU) with Dunamu, the operator of South Korea's largest cryptocurrency exchange, Upbit. This partnership aims to launch the first official collaboration related to cryptocurrency in Vietnam, boosting investor confidence and driving MBB's stock price sharply higher.
MBB's market leadership was a key factor in the overall market performance, contributing 4 points to the VN-Index. The bank, with a strong financial standing and large market capitalization, likely attracted buying interest on the stock exchange.
Other positive performers included VietinBank (CTG), which climbed 3.33%, and Fortune Joint Stock Commercial Bank (LPB), which had a notable gain. Bảo Việt Holdings (BVH) also hit its ceiling price, up 6.93%.
However, not all sectors were positive. The VN30-Index, which tracks the 30 largest stocks by market capitalisation and liquidity, slipped 1.54 points. Within the VN30 basket, 16 stocks declined, 11 advanced, and three ended flat. The market breadth was almost evenly balanced, with 164 gainers and 165 losers.
Vietcombank (VCB) shed 2.7% and contributed to the downside, while Prosperity Joint Stock Commercial Bank (VPB) was the biggest drag on the VN-Index, shedding 0.79%.
Looking ahead, analysts predict the market may gradually set new highs, with modest fluctuations and a steady move towards the next resistance zones at 1,620 points and 1,650 points.
- The partnership between MBB and Dunamu, operator of South Korea's largest cryptocurrency exchange, is considered to be the driving factor behind the AI sector's growth in Vietnam's stock market, as it aims to launch the first official cryptocurrency collaboration in the country, boosting investor confidence and stocks like MBB.
- The finance and banking-and-insurance sectors were notably active on Wednesday, with the banking sector seeing some of the day's most significant performances, with MBB leading the market, benefiting from its strategic MOU with Dunamu.
- Despite the overall positive growth in Vietnam's stock market, not all sectors followed suit. The VN30-Index, which consists of the 30 largest stocks by market capitalization and liquidity, saw a decline, with 16 stocks in the basket experiencing losses.
- In the near future, experts foresee the market gradually setting new highs, with modest fluctuations and a steady move towards the next resistance zones at 1,620 points and 1,650 points, potentially proving beneficial for stocks like MBB and others in the AI, trade, and finance industries.
