(Vietnam Insider) – Vietnam’s stock market pulled back on September 16 after a strong run, with the VN-Index falling short of the symbolic 1,700-point milestone.
After five consecutive sessions of gains, the market opened the day in high spirits. Early buying momentum pushed the VN-Index up by more than 10 points in the morning, fueling investor optimism. But in the afternoon session, selling pressure mounted, reversing the trend. By the close, the VN-Index had slipped 4 points, or 0.24%, to 1,680.9 points. The VN30-Index dipped 1.36 points, while the HNX-Index rose 1.71 points and UPCoM-Index added 0.86 points.
The main drag came from the Vingroup family of stocks, particularly VIC and VHM, along with losses in HPG, MSN, VJC, BSR, and VCB. On the upside, gains in MBB, CTG, HVN, VNM, FPT, TCB, and SHB provided support, preventing a sharper market decline.
One standout was KLB (KienlongBank), which surged nearly 15% with unusually high trading volume after news it is preparing for a listing on the Ho Chi Minh City Stock Exchange (HoSE).
Market liquidity remained robust, with trading value exceeding VND 44.4 trillion (~USD 1.75 billion). The session saw 114 advancing stocks, including 13 hitting their daily ceiling, while 54 closed flat and 210 declined.
The pullback came just a day after Vietnam’s Finance Minister Nguyễn Văn Thắng, during a meeting with the London Stock Exchange (LSE) on September 15, reaffirmed the government’s commitment to upgrading Vietnam’s stock market. The government has recently approved a plan to raise the market’s status from frontier to secondary emerging market under FTSE Russell by 2025.
As of the end of August, Vietnam’s equity market capitalization stood at nearly USD 352 billion, equivalent to 79.5% of estimated 2024 GDP. Liquidity has also improved significantly, with some sessions exceeding USD 3 billion in turnover. Since the beginning of the year, the average daily trading value has surpassed USD 1.1 billion, ranking Vietnam among the most active markets in ASEAN.
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Source: Vietnam Insider