At a Vietcombank transaction counter, the bank's VCB shares led the market on Wednesday. — VNA/VNS Photo

HÀ NỘI — The stock market continued its upward momentum on Wednesday, with the VN-Index nearing the 1,290-point threshold, while liquidity surged to its highest level in five weeks.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose by 10.49 points, or 0.82 per cent, to close the trading session at 1,287.48 points.

For most of the trading day, the VN-Index remained above the reference level and closed higher, marking its second consecutive day of gains.

Market breadth was positive, with 210 stocks advancing and 105 declining. Liquidity on the southern bourse improved significantly, reaching VNĐ22.8 trillion (nearly US$922.5 million), up 27.37 per cent compared to the previous session and hitting its highest level in five weeks.

The VN30-Index, which tracks the 30 largest stocks by market capitalisation on HoSE, also increased by 13.2 points, or 0.99 per cent, to 1,344.07 points. Twenty-three stocks in the VN30 basket rose, while seven edged down.

Data compiled by financial website vietstock.vn showed that the Bank for Foreign Trade of Vietnam (VCB) was the biggest gainer on the market, with its shares up nearly 1.75 per cent, contributing more than two points to the VN-Index's gains.

It was followed by the Bank for Investment and Development of Vietnam (BID), whose shares increased by 1.52 per cent, Military Commercial Joint Stock Bank (MBB), up 1.98 per cent and Hòa Phát Group JSC (HPG), which rose 1.35 per cent.

Some sectors posted losses, putting slight pressure on the overall market, with decliners including Vinamilk (VNM), Vietnam Rubber Group - Joint Stock Company (GVR) and Nam Á Commercial Joint Stock Bank (NAB).

According to experts from Viet Dragon Securities: "The increased liquidity compared to the previous session indicates that supportive cash flows are returning after a quiet period. The current bullish candlestick signal may help the market maintain its upward momentum in the near future. It is expected that the market will once again test the contested zone between 1,280 and 1,290 points.

"The market's signal in this contested area could significantly influence its next move. Therefore, investors can anticipate a potential recovery and should monitor supply and demand dynamics in this zone. However, they should also consider using this recovery phase to restructure their portfolios to minimise risks."

On the Hà Nội Stock Exchange, the HNX-Index also ended higher at 235.84 points, up 0.65 per cent. During the session, over 85 million shares were traded on the northern bourse, worth more than VNĐ1.57 trillion.

Foreign investors returned to their net buying habit, recording net purchases of over VNĐ524 billion on the HoSE. — VNS