Indices inch higher on oil, banking stocks

Indices inch higher on oil, banking stocks

Money flow began shifting toward rising stocks, rather than concentrating on the sell-off side as it had in earlier sessions.

At a Sacombank transaction office. Shares of the lender soared above 6 per cent on Tuesday, leading the market's uptrend. Photo sacombank.com.vn

Benchmark indices finished higher on Tuesday, with the VN-Index returning to the 1,900-point level after dipping sharply in the previous session.

The VN-Index, representing the Hồ Chí Minh Stock Exchange (HoSE), rose by 5.6 points, or 0.3 per cent, to 1,901.1 points.

On the southern bourse, 161 stocks advanced, slightly more than the 137 decliners, indicating a more balanced market tone compared with earlier adjustment sessions.

During the morning session, the index fell to around 1,875 points as profit-taking pressure increased. However, buying interest emerged at lower price levels, helping the market recover in afternoon trading.

The VN30-Index, tracking the 30 biggest stocks on HoSE, outperformed the broader market, gaining 13.46 points, or 0.66 per cent, to 2,053.97 points.

Meanwhile, on the Hà Nội Stock Exchange (HNX), the HNX-Index extended gains, rising by 5.22 points, or 2.1 per cent, to 253.28 points.

Liquidity on HoSE reached more than VNĐ21.1 trillion (US$803 million), lower than the previous session, reflecting investor caution. Despite that, money flow began shifting towards rising stocks rather than concentrating on the sell-off side as it had in earlier sessions.

A standout focus was Sacombank (STB), which jumped 6.4 per cent to VNĐ76,800 per share on high trading volume.

The move was attributed to market expectations regarding the handling of non-performing assets and the bank’s dividend plan.

Real estate stocks also drew renewed attention after several quiet sessions. Bluemarq Group (DXG) rose by 3.2 per cent, Vincom Retail (VRE) gained 5.5 per cent, while Nam Long Group (NLG) and DIC Group (DIG) both ended higher.

In contrast, Novaland (NVL) fell by 3 per cent, becoming the weakest performer in the group.

In the oil and gas segment, Petrovietnam Refining and Petrochemical Corporation (BSR) extended its uptrend with an increase of nearly 5 per cent, while PV Gas (GAS) rose by nearly 4 per cent.

The steel sector showed mixed performance as Hoa Sen Group (HSG) edged higher while Hoa Phat Group (HPG) declined.

Foreign investors continued net selling of nearly VNĐ825 billion on HoSE, marking the seventh consecutive net-selling session in May. However, the scale of the sell-off was significantly smaller than in the previous session.

Analysts said the VN-Index regaining the 1,900-point mark was a positive short-term signal.

Still, the market is expected to require additional support from liquidity and consensus among large-cap groups to move towards the 1,920-1,925 range in the near term. 

Bizhub