Bank stocks help VN-Index snap three-day losing streak
Bank stocks help VN-Index snap three-day losing streak
The stock market rebounded on Thursday, with the VN-Index breaking a three-day losing streak, despite foreign investors continuing their selling trend.
Customers conduct transactions at a Vietcombank branch in Hà Nội . The bank's VCB shares led the market as the VN-Index rebounded. — VNA/VNS Photo |
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose by 7.04 points or 0.55 per cent, to close at 1,286.52 points.
Market breadth was positive, with 183 stocks advancing and 110 declining. Liquidity on the southern bourse improved slightly, reaching VNĐ15.7 trillion (nearly US$622.2 million), up 18 per cent compared to the previous session.
The VN30-Index, which tracks the 30 largest stocks by market capitalisation on HoSE, also increased by 8.79 points, or 0.65 per cent, to 1,362.89 points. Twenty-three stocks in the VN30 basket rose, while seven declined.
Data compiled by financial website vietstock.vn showed that the Bank for Foreign Trade of Vietnam (VCB) was the biggest gainer on the market, with its shares rising by nearly 0.8 per cent, contributing more than 0.95 points to the VN-Index's gains.
It was followed by the Bank for Investment and Development of Vietnam (BID), whose shares increased by 0.9 per cent, the Military Commercial Joint Stock Bank (MBB), up 1.57 per cent and the Saigon Thuong Tin Commercial Joint Stock Bank (STB), which rose by 2.98 per cent.
Some sectors posted losses, putting slight pressure on the overall market, with decliners including the Ho Chi Minh City Development Joint Stock Commercial Bank (HDB), PetroVietnam Gas Joint Stock Corporation (GAS) and Saigon Beer - Alcohol - Beverage Corporation (SAB).
According to experts from Viet Dragon Securities: "Liquidity increased compared to the previous session, indicating that profit-taking pressure remains high. The market is approaching the 1,290-point level, which continues to offer support and temporarily helps limit the decline while demand and supply are tested. However, recent supply signals may pose challenges and increase risks for the market in the coming sessions.
"Investors should closely monitor supply and demand dynamics around support levels to assess the market's condition. It is advisable to maintain portfolio proportions at reasonable levels and consider restructuring during this rebound to reduce risks."
On the Hà Nội Stock Exchange, the HNX-Index also ended higher, rising by 0.81 per cent to 230.12 points. During the session, over 50 million shares were traded on the northern bourse, worth more than VNĐ973 billion.
Foreign investors extended their selling streak for a fifth consecutive session, recording a net sale of over VNĐ402 billion on the HoSE. — VNS
