VN-Index fall slightly, weighed by selling force

VN-Index fall slightly, weighed by selling force

Foreign investors were still net sellers on the market after net selling over VNĐ1.4 trillion on HoSE and nearly VNĐ66 billion on HNX.

Vietjet airplane landed at the Ahmedabad Airport, India. Shares of the company soared 7 per cent on Tuesday, cushioning the index's downturn. — VNA/VNS Photo

The VN-Index came close to the psychological threshold of 1,800 points on Tuesday, buoyed by strong gains from Vingroup stocks, before late-session profit-taking sent it down 4.06 points, or 0.23 per cent, to close at 1,761 points.

The trading session began with enthusiasm as the index extended its upward momentum, quickly nearing the 1,800-point mark. Yet the excitement was short-lived. After about an hour of trading, the index began to lose steam, settling around 1,780 points as selling pressure mounted and red dominated the trading board.

The breadth of the Hồ Chí Minh Stock Exchange (HoSE) remained negative, with 256 stocks declining and 76 advancing. Liquidity, however, continued to rise from the previous session, reaching more than VNĐ52.4 trillion (US$2 billion).

In contrast, the VN30-Index gained slightly, up 1.41 points, or 0.07 per cent, to 2,013.69 points. In the VN30 basket, the number of losers still outnumbered gainers by 22 to 6.

Vin stocks remained the main driver, with Vingroup (VIC) briefly hitting its ceiling before ending the day up 3.16 per cent, while Vinhomes (VHM) rose 2.25 per cent.

Vietjet Aviation (VJC) also stood out, hitting the maximum daily gain of 7 per cent and making a strong contribution to the index’s rise.

Other positive contributors included VPBank (VPB), Gelex Electricity Joint Stock Company (GEE), Gelex Group (GEX) and Mobile World Investment Corporation (MWG).

Conversely, most banking and steel stocks came under pressure, particularly BIDV (BID) and Vietinbank (CTG), which fell 2.1 per cent and nearly 2.2 per cent, respectively.

The HNX-Index on the Hà Nội Stock Exchange (HNX) was little changed, closing at 275.33 points.

Meanwhile, foreign investors remained net sellers, offloading more than VNĐ1.4 trillion on HoSE and nearly VNĐ66 billion on HNX.

Analysts predict the VN-Index will likely fluctuate between 1,750 and 1,780 points in the coming sessions. Support from industrial, aviation and large real estate stocks may help maintain stability, though continued foreign net selling and weakness in the banking sector could limit recovery.

They suggest investors maintain moderate stock allocations and use any pullbacks to accumulate shares with strong fundamentals, positive third-quarter results and returning capital flows.

Bizhub