VN-Index inches higher despite strong selling force

VN-Index inches higher despite strong selling force

Foreign investors net sold VNĐ2.6 trillion on HoSE, exerting additional pressure on the market.

A jack-up rig owned by PV DRILLING II. Shares of PV Drilling hit the maximum daily gain of 7 per cent, supporting the market's bullish sentiment. — Photo pvdrilling.com.vn

Market indices managed to finish higher on Tuesday, despite rising selling pressure in the last trading minutes.

The VN-Index, representing the HoChiMinh Stock Exchange (HoSE), rose by a modest 3.54 points, or 0.21 per cent, to 1,713.83 points. 

After opening in positive territory and climbing quickly during the first half of the session, with the VN-Index briefly trading above the 1,740 mark, selling pressure emerged at the start of the afternoon.

This pressure pushed the index below the reference level, but buying quickly returned and helped the market recoup losses just before the close.

Market breadth, however, fell into the negative zone, with the number of decliners surpassing that of gainers by 189 to 134. Liquidity increased slightly from the previous session to VNĐ26.2 trillion (US$997 million).

In contrast, the VN30-Index fell 4.81 points, or 0.26 per cent, to 1,868.84 points. In the VN30 basket, 14 stocks ticked up while 11 went down and five ended flat. 

The session's most notable strength came from the oil and gas and fertiliser sectors. After a short period of profit-taking, names in these groups reversed course and rallied sharply. PV Gas (GAS) and Petrolimex (PLX) both closed up 6.13 per cent. 

Offshore services and oil-related counters also showed resilience. PV Drilling (PVD), PetroVietnam Transportation Corporation (PVT) and Petrovietnam General Services Corporation (PET) each finished at their ceiling prices.

Fertiliser stocks posted dramatic gains, with PetroVietnam Ca Mau Fertiliser Joint Stock Company (DCM), Petrovietnam Fertiliser and Chemicals Corporation (DPM), Binh Dien Fertiliser (BFC) and Van Dien Fused Magnesium Phosphate Fertiliser (VAF) all closing at the ceiling prices. 

Banking stocks posted a mixed performance. While BIDV (BID) and Vietinbank (CTG) advanced 2.1 per cent and 1.74 per cent, respectively, Sacombank (STB) plunged 6.36 per cent and Nam A Commercial Joint Stock Bank (NAB) declined 2.3 per cent.

Securities and real estate stocks leaned negative, with most tickers retreating. 

On the Hanoi Stock Exchange (HNX), the HNX-Index also increased 0.92 points, or 0.37 per cent, to 247.78 points. Investors poured VNĐ1.8 trillion into the northern bourse, equivalent to a trading volume of more than 100 million shares.

Meanwhile, foreign investors net sold VNĐ2.6 trillion on HoSE, exerting additional pressure on the market. 

Bizhub