Market sees slight recovery as liquidity improves
Market sees slight recovery as liquidity improves
The stock market saw a slight recovery on Tuesday, halting the VN-Index's four-day losing streak, while liquidity also improved significantly.
Customers conducting transactions at LPBank Quang Trung, Hà Nội. LPB shares of this bank led the market on Tuesday. — Photo courtesy of Lpbank |
On the Hồ Chí Minh Stock Exchange (HoSE), the benchmark VN-Index rose by 2.05 points, or 0.16 per cent, to close at 1,271.98 points, marking a rebound after four consecutive sessions of decline.
The market's breadth was negative, with losers outnumbering gainers by 147 to 143. Liquidity on the southern bourse surged to VNĐ15.7 trillion (over US$630 million), a 33 per cent increase compared to the previous session.
The VN30-Index, which tracks the 30 largest stocks, climbed by 3.57 points, or 0.27 per cent, to 1,339.05 points. Fourteen stocks in the VN30 basket rose, twelve declined, and four remained unchanged.
Data compiled by the financial website vietstock.vn showed that the Fortune Vietnam Joint Stock Commercial Bank (LPB) was the biggest gainer, rising by 4.88 per cent and contributing more than one point to the VN-Index.
It was followed by Hòa Phát Group JSC (HPG), up 2.08 per cent; Vietnam Dairy Products Joint Stock Company (VNM), which increased by 1.64 per cent; and Vietnam Technological and Commercial Joint Stock Bank (TCB), rising by 1.04 per cent.
Some sectors posted losses, putting significant pressure on the overall market, with decliners including the Bank for Foreign Trade of Vietnam (VCB), Mobile World Investment Corporation (MWG) and the Bank for Investment and Development of Vietnam (BID).
Stock market analysts from Viet Dragon Securities said: "Liquidity increased compared to the previous session, indicating that supply pressure remains as the market approaches resistance levels.
"With the appearance of a Shooting Star Candlestick Pattern, there is a possibility that the market's momentum may temporarily slow down, and it could experience fluctuations as supply and demand are tested around the 1,270 – 1,280-point range in the near term before any clearer signals emerge.
"Therefore, investors should take a more cautious approach, observing supply-demand dynamics to assess the market's condition. In the meantime, this rebound could be an opportunity to adjust portfolios for risk mitigation."
On the Hà Nội Stock Exchange (HNX), the HNX-Index finished lower on Tuesday, dropping by 0.41 per cent to 231.52 points.
During the session, nearly VNĐ1.4 trillion worth of shares, equivalent to a trading volume of over 67 million shares, were traded on the northern market.
Foreign investors continued their net selling trend, with net sales amounting to over VNĐ116 billion on the HoSE.
