HCMC – The Hochiminh Stock Exchange staged its strongest rally in four and a half months today, August 26, as the VN-Index gained 53.6 points, or 3.32%, to close at 1,667.63, powered by bottom-fishing in bank and securities stocks.
Market sentiment improved after the State Bank of Vietnam announced plans to sell foreign currency through 180-day forward contracts, easing concerns over exchange rate volatility. Expectations of a U.S. Federal Reserve rate cut in September and stronger foreign currency inflows later this year further boosted investor confidence.
Market breadth was highly positive, with 299 advancers, including 21 hitting the ceiling, against 45 decliners. Trading volume on HOSE totaled nearly 1.44 billion shares worth VND39.34 trillion, down slightly from yesterday, with block deals contributing over 210 million shares valued at VND4.72 trillion.
The VN30 basket ended entirely in the green, led by MWG, VHM, SSI, and SHB, all closing at ceiling prices. SSI and SHB were the most actively traded stocks on the market, with 94.3 million and 86.3 million shares changing hands, respectively.
Brokerage stocks performed well, with many surging to their daily upper limits or posting strong gains.
On the Hanoi Stock Exchange, the HNX-Index closed at its intraday high of 275.79 points, up 9.21 points, or 3.45%, with 119 advancers and 43 decliners. Total matching volume reached 114.6 million shares worth VND2.49 trillion.
