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.
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