After a strong uptrend from mid-February to June 2024, followed by a sharp correction in July and a stagnant period lasting nearly two months, technology stocks in Vietnam’s stock market are now signaling a fresh wave of growth. Following global market trends, Vietnam’s stock market posted notable gains on November 6, with the VN-Index rising by 16 points. However, the momentum was short-lived, and the market eased off in the following sessions. Over the past three weeks, the VN-Index has been relatively stagnant, hovering around the 1,250-point mark, fluctuating between 1,245 and 1,265 points.

Amid this overall market uncertainty, cash flows have increasingly concentrated on specific sectors, particularly technology. On November 11, and during the previous two trading sessions, several technology stocks hit their price ceilings, with remarkable trading volumes, signaling optimism for the sector’s future. For example, shares of Mobifone Technical Service Joint Stock Company (MFS) surged by more than 35% during November 7, 8, and 11, reaching their highest trading volumes since June, when the stock peaked at VND76,000 per share. This surge is fueling hopes for continued growth within the technology sector, even as other parts of the market remain sluggish.

As technology stocks show strength amid a broader market downturn, investors are watching closely for signs that this momentum will carry forward, potentially marking the beginning of a new phase of growth for the sector.

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