Vietnam's benchmark VN-Index jumped 2.76% to 1,738.67 points, breaking through the 1,700 mark as Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) all rose by the daily limit, according to Viet Nam News.
The 46.7-point gain gave the Ho Chi Minh City Stock Exchange (HoSE) index its largest one-day percentage rise in six months. Foreign investors, who had been net sellers on the southern bourse for 20 straight sessions, turned net buyers and picked up VND193bn ($7.46mn) worth of shares.
Advancing stocks outnumbered decliners by about three to one. Turnover rose from the previous session to more than VND20.2 trillion.
The VN30-Index, which tracks the 30 largest listed companies, added 35.06 points, or 1.9%, to 1,880.57 points. Of its constituents, 25 finished higher, four were unchanged and one closed in the red. On the Hanoi Stock Exchange, the HNX-Index gained 3.71 points, or 1.44%, to 261.67 points.
Vingroup (VIC) alone accounted for 23.37 points of the VN-Index's advance. Vinhomes (VHM) contributed a further 6.78 points, and the pair were the biggest drivers of the session.
The buying was not limited to the largest property names. Bluemarq Group (DXG) rose 6.94% and Nam Long Group (NLG) put on 6.78%. Phat Dat Real Estate Development Corporation advanced 5.73%, CEO Group was up 5.45%, and Khang Dien House closed 4.95% higher.
Lenders and brokerages also lifted the market. TPBank (TPB) gained 5.42% and LPBank rose 4.89%. Vietinbank (CTG) climbed 4.16%, while Maritime Bank added 3.67%. VIB finished 2.55% higher and Sahabank put on 2.37%.
Yuanta Vietnam Securities Company expects the recovery to lose pace from here and said trading could stay muted. The brokerage cautioned investors against hurrying to buy at the bottom, warning that many large-cap shares could still drag on the index. It recommended keeping 60% of portfolios in cash and 40% in equities.