Market mixed as selling pressure soars

Market mixed as selling pressure soars

Also weighing on the market, foreign investors continued their selling streak as they net sold VNĐ2.5 trillion on HoSE.

MBBank tellers talk to a customer at the bank's office. The lender's shares hit the maximum daily gain of 7 per cent on Tuesday, supporting the market's uptrend. Photo courtesy of MBB

Benchmark indices ended mixed on Tuesday, with the VN-Index hitting a new record high, while foreign investors continued to pull out a large amount on the main exchange.

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose by 18.96 points, 1.24 per cent, to 1,547.15 points, after hitting its historical high at 1,584.98 points earlier in the session.

The index faced a strong sell-off 30 minutes after the peak was set, but capital inflows helped lift the market to finish higher.

On the southern bourse, the breadth was negative as 118 stocks increased while 221 inched lower.

Liquidity soared to over VNĐ 78.1 trillion (US$3 billion) on the HoSE, with a trading volume of 2.8 billion shares.

Blue-chip stocks demonstrated relatively better resilience. The VN30-Index also finished higher at 1,609.43 points, up 37.21 points, or 2.25 per cent. In the VN30 basket, 19 stocks ticked up, nine fell and two stayed flat.

All 30 stocks in the basket faced significant pressure from their earlier session highs, except for MBBank (MBB), which closed at its ceiling price.

Notably, 16 stocks fell more than 3 per cent from their highs, and five others declined by around 2-3 per cent.

In contrast, the performance of mid-cap and small-cap stocks was less favourable, with the mid-cap index down 0.27 per cent and the small-cap index down 1 per cent.

However, there were still some strong performers, with 60 stocks on the HoSE rising more than 1 per cent by the close, including 13 from the VN30.

Notable gainers included VNDirect Securities Corporation (VND), Glex Group (GEX) and Vietcap Securities Joint Stock Company (VCI).

Weighing on the market, foreign investors continued their selling streak as they net sold VNĐ2.5 trillion on the HoSE.

The recent surge in the VN-Index, which reached a new historical peak, triggered a severe sell-off, highlighting the fragility of the market amid substantial trading volumes. While there is evident buying interest around the 1,500-point mark, the pressure to sell increases as the market climbs higher.

Today's trading dynamics echoed the events of July 29, when investor enthusiasm was met with a sudden wave of profit-taking. 

Bizhub