VN-Index surpasses 1,310 points despite continued foreign selling

VN-Index surpasses 1,310 points despite continued foreign selling

Despite the increase, market breadth remained negative, with 115 gainers compared to 199 decliners.

A Techcombank transaction office. The lender's TCB shares led the entire market, contributing to the VN-Index successfully reaching the 1,310-point mark. — Photo courtesy of Techcombank

The market saw a modest increase on Tuesday, with the VN-Index successfully surpassing the 1,310-point threshold. Liquidity also improved, although foreign investors extended their selling streak for the ninth consecutive session.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index gained 2.54 points, or 0.19 per cent, to close at 1,311.91 points. Despite the increase, market breadth remained negative, with 115 gainers compared to 199 decliners. Trading liquidity surged to VNĐ23.2 trillion (US$907.1 million), with over one billion shares changing hands.

The VN30-Index, which tracks the 30 largest stocks by market capitalisation, also rose by 6.81 points, or 0.5 per cent, to 1,367.97 points. Among the VN30 basket, 15 stocks advanced, 12 declined and three remained unchanged.

The market rally was largely driven by banking stocks, led by Vietnam Technological and Commercial Joint Stock Bank (TCB), which surged 5.36 per cent, contributing nearly 2.5 points to the VN-Index.

Other key contributors included Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), which gained 0.85 per cent, and Military Commercial Joint Stock Bank (MBB), which rose 1.3 per cent. Additionally, Vietnam Rubber Group - Joint Stock Company (GVR) and Masan Group Corporation (MSN) recorded gains of 1.21 per cent and 1.62 per cent, respectively.

On the downside, some large-cap and banking stocks weighed on the market. Vinhomes JSC (VHM) dropped 1.18 per cent, while Bank for Foreign Trade of Việt Nam (VCB) fell 0.32 per cent and Hòa Phát Group Joint Stock Company (HPG) declined 0.71 per cent.

According to analysts at Việt Dragon Securities, the market tested the previous peak around 1,306 points during the session and briefly dipped to 1,302 points before rebounding at close to 1,310 points. Liquidity increased compared to the previous session, indicating that capital flows are still actively supporting the market.

"Investors can expect the market to extend its uptrend," the analysts noted. "Short-term opportunities remain, particularly in stocks with strong technical support. However, profit-taking should be considered for stocks that have seen rapid gains and are approaching resistance levels."

On the Hà Nội Stock Exchange (HNX), the HNX-Index edged down 0.42 per cent, closing at 237.35 points. Trading value on the northern exchange exceeded VNĐ1.2 trillion, with over 70 million shares exchanged.

Foreign investors continued their net-selling trend, offloading shares worth over VNĐ323 billion on the HoSE. 

Bizhub