Market struggles as foreign investors continue net selling
Market struggles as foreign investors continue net selling
The stock market edged up slightly on Wednesday, ending a four-day losing streak for the VN-Index, though foreign investors continued net-selling.
A Vietcombank transaction counter in Bắc Ninh Province. VCB shares of this bank led the market on Wednesday. — VNA/VNS Photo |
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index increased modestly by 1.22 points, or 0.1 per cent, to 1,246.04 points.
Market breadth remained negative, with 181 stocks declining and 125 advancing. Liquidity slightly increased to VNĐ15.3 trillion (US$603 million), up 7.7 per cent from the previous session.
The VN30-Index, which tracks the 30 largest stocks by market capitalisation on the HoSE, rose slightly by 2.09 points, or 0.16 per cent, to 1,304.04. Among the VN30 stocks, 15 advanced, 11 declined and four remained unchanged.
Key stocks in the banking and manufacturing sectors led the market’s uptrend.
Data from financial website vietstock.vn showed that the Bank for Foreign Trade of Vietnam (VCB) was the biggest gainer, leading in capitalisation. Shares of the lender rose by 0.65 per cent, contributing more than 0.8 points to the VN-Index.
The Vietnam Prosperity Joint Stock Commercial Bank (VPB) followed, with its shares rising by 1.31 per cent, while Vietnam Airlines JSC (HVN) increased by 2.97 per cent. Mobile World Investment Corporation (MWG) gained 1.81 per cent and FPT Corporation (FPT) climbed by 0.73 per cent.
However, selling pressure on some large-cap stocks limited the market’s gains. Hòa Phát Group JSC (HPG) saw a decline of 1.64 per cent, Vietnam Rubber Group - Joint Stock Company (GVR) dropped by 1.06 per cent and the Bank for Investment and Development of Vietnam (BID) fell by 0.32 per cent.
According to analysts from Viet Dragon Securities, “The market continued to struggle during the session, but efforts to maintain gains were visible. The increase in liquidity compared to the previous session indicates that capital inflow is competing with supply. With support levels rising, the market may continue to attract capital and potentially extend its rally in the coming sessions.
“Investors can expect a recovery following recent adjustments and may consider accumulating stocks showing positive movement from support levels. However, they should avoid chasing prices that have risen significantly and consider good price levels for short-term profit-taking.”
On the Hà Nội Stock Exchange (HNX), the HNX-Index recorded a slight decline on Wednesday, decreasing by 0.48 points, or 0.21 per cent, to 226.21 points. During the session, over 48 million shares were traded on the northern bourse, worth VNĐ947 billion.
Foreign investors extended their net-selling streak, selling nearly VNĐ167 billion on the HoSE and VNĐ30 billion on the HNX.
