Market inches up slightly as foreign investors continue net selling
Market inches up slightly as foreign investors continue net selling
Benchmark indices extended gains on Wednesday, supported by strong rallies in the banking and manufacturing sectors, while foreign investors continued their net selling streak for the sixth consecutive session.
A worker harvests rubber latex in Gia Lai Province. Shares of the Vietnam Rubber Group (GVR) led the gainers on Wednesday. — VNA/VNS Photo |
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index increased slightly by 0.88 points, or 0.07 per cent, to 1,281.44 points. The index marked its second consecutive day of gains, hovering around the 1,280-point mark.
The market's breadth was negative, with 172 stocks declining and 135 advancing. Meanwhile, liquidity remained low at VNĐ16.3 trillion (US$655.3 million), a slight increase of 0.6 per cent from the previous trading session.
The VN30-Index, which tracks the 30 largest stocks by market capitalisation on the HoSE, rose slightly by 1.26 points, or 0.1 per cent, to finish at 1,323.54. However, the number of decliners matched gainers in the VN30 basket, with 13 stocks each, while four stocks remained flat.
Leading the market's uptrend were key stocks in the banking and manufacturing sectors.
According to data from the financial website vietstock.vn, the Vietnam Rubber Group - Joint Stock Company (GVR) was the biggest gainer, leading the market in capitalisation. Shares of the rubber producer rose by two per cent, contributing nearly 0.7 points to the VN-Index.
The Vietnam Technological and Commercial Joint Stock Bank (TCB) followed, with its shares rising by 1.55 per cent, while the Military Commercial Joint Stock Bank (MBB) increased by 1.02 per cent. SSI Securities Corporation (SSI) gained 1.95 per cent and Vietnam Airlines JSC (HVN) climbed by 2.4 per cent.
However, some large-cap stocks faced significant selling pressure, limiting the market's gains. Vingroup Joint Stock Company (VIC) saw a decline of 1.55 per cent, Vinhomes JSC (VHM) dropped by 1.21 per cent and the Bank for Foreign Trade of Vietnam (VCB) fell by 0.44 per cent.
According to stock analysts from Viet Dragon Securities: "The market was supported at the 1,275-point level and rebounded. Liquidity remained low, indicating reduced supply as the market declined, but supportive cash flows were still cautious. Although the market recovered, the overall support level was low, so a potential correction might still occur in the next trading session. It is expected that supportive cash flows will gradually increase as the market pulls back, providing momentum for recovery in the near future."
The HNX-Index on the Hà Nội Stock Exchange (HNX) recorded a slight decline on Wednesday, decreasing by 0.68 points, or 0.28 per cent, to 238.23 points. During the session, over 57.5 million shares were traded on the northern bourse, worth VNĐ1.1 trillion.
Foreign capital saw a sixth consecutive day of net selling, with foreign investors selling nearly VNĐ112 billion on the HoSE and VNĐ16 billion on the HNX.
