Securities stocks surge as VN-Index hits record high in early May
This Aveluro analysis covers VDS (Chứng khoán Rồng Việt) in the Financial Services sector. The classified event type is sector sentiment, with positive sentiment and a deterministic market-impact score of 4.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from Vietstock - Cổ phiếu, classified as a primary/top-tier source.
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Overview
In the first week of May, the VN-Index surged 3.3% to close at a new all-time high of 1,915.37 points, accompanied by a sharp increase in liquidity. Securities stocks, including VDS and ORS, were the primary beneficiaries, with trading volumes more than doubling. In contrast, real estate and steel sectors saw significant declines in trading activity, indicating a clear rotation of capital.
Key Facts
- VN-Index rose 3.3% to close at 1,915.37 points, a new record high.
- HNX-Index declined to 246.5 points, showing divergence from the main board.
- HOSE average daily trading volume increased 25% to 850 million shares, value up to VND 25.1 trillion.
- HNX average daily volume rose 12% to 70.5 million shares, value VND 1.3 trillion.
- VDS recorded a nearly 120% increase in trading volume week-on-week.
- ORS saw trading volume rise nearly 100% week-on-week.
- GEX and GEE (Gelex group) saw volume increases over 100% and price gains of 24% and 28%, respectively.
- Real estate stocks like AAV and BCM saw volume drops of 80% and 56%, respectively.
What Happened
In the first trading week of May, the Vietnamese stock market reached a new milestone as the VN-Index climbed 3.3% to close at 1,915.37 points. Liquidity improved markedly, with HOSE average daily trading value rising 25% to VND 25.1 trillion. The rally was driven by strong inflows into securities stocks, with VDS and ORS leading the pack. VDS saw its trading volume jump nearly 120% compared to the prior week, while ORS recorded a near-100% increase. On the HNX, securities stocks such as PSI, VFS, MBS, APS, and BVS were among the top 10 gainers by volume.
Meanwhile, the Gelex group stocks GEX and GEE also experienced a breakout week, with volumes more than doubling and prices surging 24% and 28%, respectively. In contrast, real estate and steel sectors saw a sharp decline in liquidity. Notable real estate stocks like AAV and BCM saw trading volumes drop 80% and 56%, while steel names such as VPG, NKG, VGS, and NSH also appeared on the list of biggest volume decliners.
Market Context
The VN-Index’s record high came amid improving market breadth, but the rally was concentrated in securities stocks and select industrial conglomerates. VDS, listed on HOSE, closed at VND 15 on April 10, down 0.33%, while ORS closed at VND 14, down 0.37%. The strong volume surge in these stocks suggests speculative interest ahead of potential earnings catalysts. The divergence between HOSE and HNX, with the latter declining, indicates that the rally was not broad-based.
Strategic Significance
The rotation into securities stocks reflects a typical pattern during index breakouts, as brokerages benefit directly from higher trading volumes and potential margin lending growth. For VDS and ORS, the liquidity surge could signal improved near-term earnings prospects. However, the sharp decline in real estate and steel stocks suggests that investors are rotating away from sectors facing headwinds, such as regulatory tightening in real estate or weak steel demand. The performance of Gelex stocks (GEX, GEE) also highlights interest in industrial conglomerates with diversified exposure.
What to Watch
- Q2 2026 earnings reports for VDS and ORS, expected in July, to confirm if higher volumes translate into profit growth.
- VN-Index sustainability above 1,900 points and whether the rally broadens to other sectors.
- Trading volume trends in real estate and steel stocks to see if the rotation deepens.
- Any regulatory changes affecting margin lending or securities company operations.
- Foreign investor flows, as foreign ownership limits may impact liquidity in certain stocks.