VN-Index Hits 1-Month High as Vingroup Founder's LPBank Stake Fuels Rally

Vietnam’s benchmark VN-Index closed at its highest level in nearly a month on Tuesday, propelled by strong gains in large-cap stocks, particularly Vingroup (VIC), and a rally in the banking sector. The advance was further supported by a significant return of foreign capital, which snapped a five-session selling streak.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index gained 11.13 points to finish at 1,869.04 points. On the Hanoi Stock Exchange (HNX), the HNX-Index also advanced, climbing 5.32 points to close at 326.38 points.

Despite the headline gains, the number of declining stocks surpassed gainers on both exchanges. However, market liquidity saw a marked improvement from the prior session, with trading value on HoSE alone reaching nearly VNĐ31 trillion (US$1.2 billion).

The Vingroup-related conglomerate continued to be a focal point for investors. VIC was the single largest contributor to the market's rise, adding 14.3 points to the benchmark index.

Another significant driver was LPBank (LPB), whose shares surged by the daily limit of 7 per cent. The stock contributed approximately 2.15 points to the VN-Index, second only to VIC. The rally reportedly followed the bank's disclosure of a shareholder list showing Vingroup founder Phạm Nhật Vượng holding 146.2 million LPB shares, equivalent to a 4.894 per cent stake. This information attracted heavy order flow into the stock.

The broader banking sector also traded positively. Techcombank (TCB) rose 3.72 per cent, VPBank (VPB) added 2.12 per cent, and Asia Commercial Joint Stock Bank (ACB) gained 1.59 per cent. HDBank (HDB) and BIDV (BID) were up 1.58 per cent and 0.47 per cent, respectively, while Vietinbank (CTG) edged up 0.44 per cent.

In contrast, securities stocks faced significant downward pressure. Saigon - Hanoi Securities (SHS) fell 3.66 per cent, Vietcap (VCI) declined 2 per cent, and VIX Securities (VIX) slid 1.72 per cent. VNDirect Securities (VND) and SSI Securities (SSI) also dropped 1.66 per cent and 1.29 per cent, respectively.

A notable shift in sentiment came from foreign investors, who turned net buyers of over VNĐ1.7 trillion on HoSE after five consecutive sessions of net selling.

According to analysis from Tien Phong Securities (TPS), the index's current ascent relies heavily on a small group of large-cap stocks, with limited participation from the broader market. This suggests the VN-Index "has not yet fully reflected the market’s overall strength," TPS noted.

The brokerage warned that short-term volatility could reappear if this leading group faces profit-taking pressure. "The 1,810-point zone is seen as a nearby support level and may help support the current recovery trend if the market experiences technical pullbacks," TPS wrote.