Blue-chip rally lifts VN-Index back above 1,700 points

VN-Index reclaims 1,700-point mark

Strong gains in large-cap stocks, particularly property shares, lifted the VN-Index 24.06 points, or 1.43 percent day-on-day, to 1,704.68, taking it back above the key 1,700-point threshold after several volatile sessions.

The VN30-Index rose 24.77 points, or 1.36 percent, to 1,849.12.

Liquidity on the southern bourse, however, remained subdued.

Total trading volume fell 30 percent from the previous session to 560.5 million shares, while turnover declined 25 percent to VND14.39 trillion (US$547 million).

Block trades accounted for 103 million shares worth VND2.63 trillion ($100 million).

Foreign investors recorded a modest net inflow as they bought more than VND1.87 trillion of shares while selling nearly VND1.76 trillion.

Elsewhere, the HNX-Index on the Hanoi Stock Exchange rose 2.23 points, or 0.83 percent, to 271.68, while the UPCoM-Index gained 0.41 point, or 0.33 percent, to 126.15.

Property stocks lead gains

Real estate stocks took center stage during the July 29 session.

The rally was led by Vingroup-linked shares. Vingroup (VIC) was the largest contributor to the VN-Index, adding 9.24 points after gaining 2.62 percent, followed by Vinhomes (VHM), which contributed 7.34 points as it surged 6.14 percent. Vincom Retail (VRE) also hit its daily ceiling of VND22,750 ($0.86).

VRE shares hit their daily ceiling after Vincom Retail announced a senior management reshuffle.

The company appointed Tran Le Phuong as chairman, replacing Tran Mai Hoa, after he was elected to the board on July 22.

Hoa was named chief executive, succeeding Pham Thi Thu Hien, who was reassigned as deputy chief executive in charge of business and marketing.

Beyond property stocks, several other sectors also posted gains.

Steelmaker Hoa Phat Group (HPG) rose 3.1 percent, making it the third-largest contributor to the VN-Index, while technology firm FPT gained 3.33 percent.

Among retailers, Mobile World Investment (MWG) climbed 3.58 percent, and FPT Retail (FRT) added 0.93 percent.

Oil and gas services firm Petrosetco (PET) advanced 4.79 percent, while jewelry maker Phu Nhuan Jewelry (PNJ) edged up 0.31 percent.

Meanwhile, banking stocks were also mixed.

HDBank (HDB) rose 1.59 percent, VietinBank (CTG) gained 1.21 percent, BIDV (BID) added 1 percent, Vietcombank (VCB) advanced 0.92 percent and Eximbank (EIB) edged up 0.29 percent.

In contrast, Saigon-Hanoi Bank (SHB) fell 1.75 percent, LPBank (LPB) lost 1.68 percent, Sacombank (STB) declined 1.38 percent, VPBank (VPB) dropped 1.02 percent, Asia Commercial Bank (ACB) slipped 0.89 percent, Techcombank (TCB) eased 0.35 percent and Military Bank (MBB) dipped 0.23 percent.