Market edges up as foreign bloc continues to net buy
Market edges up as foreign bloc continues to net buy
Shares rose slightly for a third consecutive day on the Hồ Chí Minh Stock Exchange (HoSE) on Tuesday, with the rally taking place in the final minutes of trading, thanks to the recovery of some large-cap stocks while foreign investors continued their net buying streak for the third day.
At a Vietcombank transaction office in Hà Nội City. The bank's shares led the entire market on Tuesday. — VNA/VNS Photo |
The VN-Index on HoSE increased by 0.14 points, or 0.01 per cent, closing the session at 1,230.42 points.
The market's breadth was negative, as the number of decliners outnumbered gainers by 178 to 125. Liquidity on the southern bourse remained low at VNĐ13 trillion (US$514.7 million), corresponding to a trading volume of 539 million shares.
The VN30-Index, which tracks the 30 largest stocks by market capitalisation on HoSE, declined by 2.72 points, or 0.21 per cent, to 1,268.72 points. Nine stocks in the VN30 basket advanced, sixteen declined and five remained flat.
Leading the market's uptrend were key stocks in the banking sector.
According to data from the financial website vietstock.vn, the Bank for Foreign Trade of Vietnam (VCB) was the biggest gainer, leading the market in capitalisation. Shares of VCB rose by 1.94 per cent, contributing nearly 1.8 points to the VN-Index.
Vinamilk (VNM) followed with its shares rising by 1.1 per cent, while Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG) increased by 0.47 per cent. Nam Á Commercial Joint Stock Bank (NAB) surged to its ceiling price, rising 6.93 per cent and Vietnam Airlines JSC (HVN) climbed by 2.46 per cent.
However, some large-cap stocks faced significant selling pressure, limiting the market's gains. Hòa Phát Group JSC (HPG) saw a decline of 1.74 per cent, PetroVietnam Gas Joint Stock Corporation (GAS) dropped by 1.21 per cent, and Vinhomes JSC (VHM) fell by 0.41 per cent.
According to stock analysts from Viet Dragon Securities, the market made efforts to continue its upward trend after surpassing the 1,220-point resistance level in the previous session. Liquidity decreased compared to the prior session, indicating that supply temporarily remained low and did not put pressure on the market. However, overall, the supporting cash flow remains cautious as the market rises, with the current momentum driven by reduced supply pressure. The next resistance level to watch is around 1,240 points, which is expected to exert significant selling pressure on the market. Therefore, investors might anticipate a recovery in the market but should remain cautious and avoid chasing rising prices.
On the Hà Nội Stock Exchange (HNX), the HNX-Index finished slightly lower on Thursday, decreasing by 0.26 per cent to 230.18 points.
During the session, more than VNĐ971 billion worth of shares, equivalent to a trading volume of over 46 million shares, were transacted on the northern market.
Conversely, foreign investors extended their net buying spree, purchasing over VNĐ323 billion on the HoSE.
