VN-Index gains bring market into consolidation phase

The stock market maintained upward momentum in early April, supported by growth and earnings prospects, while external risks and interest rate pressures continue to shape a consolidation outlook.

- By Le Khanh

The stock market opened the week on April 13 with continued momentum following the upgrade narrative, as the VN-Index rose nearly 9 points to close at 1,758. Liquidity remained high, with trading value on the Ho Chi Minh Stock Exchange exceeding $900 million, supported by the AGM season and FTSE’s April review.

Momentum continued into midweek, with the VN-Index rising 25 points to around 1,800. Total market trading value reached approximately $880 million, extending gains from the previous session. However, capital flows showed clear divergence, with market breadth reflecting 194 declining stocks against 105 gainers.

Amid these developments, analysts at An Binh Securities (ABS) said the 1,585-1,605 range has become a key support zone for the market through to the end of 2026. The longer-term trend remains in a consolidation phase until a confirmed breakout above 1,920 points.

In its latest strategy report, ABS said the April outlook reflects a combination of domestic strength and external pressures. Vietnam’s economy recorded its highest first-quarter growth in 15 years, supported by expanding manufacturing, strong foreign investment inflows, and robust trade.

Earnings prospects for the first quarter of 2026 remain positive across several large-cap sectors, including banking, securities, retail, public investment, construction materials, fertilisers, and downstream oil and gas. Many large enterprises continue to target growth for 2026.