Market treads water after long holiday break

Market treads water after long holiday break

Flows appeared to gravitate toward standalone stories in groups including energy and infrastructure, while downside pressure persisted in real estate and technology.

The Dung Quat refinery, run by Binh Son Refining and Petrochemical. Shares of Binh Son Refinery hit the maximum daily gain on Monday, supporting the market's sentiment. — Photo bsr.com.vn

Markets were little changed on Monday, resuming trading with a cautious tone after a long holiday break.

By the end of the session, the VN-Index on the Hochiminh Stock Exchange (HoSE) was stable at 1,854.06 points. The index managed only a slight green in the morning session as large-cap support, especially from the banking sector, helped lift sentiment before the benchmark slipped into a more pressured close.

On HoSE, 169 stocks gained while 149 declined, keeping the day's breadth close to balanced despite the late weakening.

Liquidity remained relatively active. Total matched volume across the southern market reached nearly 692.7 million shares, worth nearly VNĐ21.2 trillion (US$805 million). Compared with the pre-holiday session on April 29, turnover improved slightly, suggesting investors returned to the market without a sharp pullback in activity.

The VN30-Index, tracking the 30 biggest stocks on HoSE, finished lower at 2,014.62 points, down 8.14 points, or 0.4 per cent. Within the VN30 basket, 13 gained while 15 declined and two stayed flat. 

Energy stocks became the focal point of the day, rebounding after a period of relative quiet and lifting the sector into the leading position. 

Several names posted strong advances, including Binh Son Refining and Petrochemical (BSR) up 7 per cent, PetroVietnam Technical Services Corporation (PVS) up 3.42 per cent, Petrolimex (PLX) up 4.17 per cent and PV Drilling (PVD) up 2.42 per cent. 

This broad advance helped the energy group emerge as the main driver during the session.

Infrastructure and utilities also showed resilience. PV Power (POW) rose 5.14 per cent, PV Gas (GAS) gained 1.73 per cent and Refrigeration Electrical Engineering Corporation (REE) added 1.49 per cent.

In basic materials, Vietnam Rubber Group (GVR) led with a 7 per cent jump and provided key support for the whole sector.

By contrast, pressure was concentrated in technology. FPT Corporation (FPT) fell 2.38 per cent and was one of the notable detractors for the benchmark. 

More pronounced weakness was reported in real estate. Vinhomes (VHM) and Vingroup (VIC) fell 2.74 per cent and 0.93 per cent, respectively, while Novaland (NVL) closed at the floor price of VNĐ19,100 per share.

On the Hanoi Stock Exchange (HNX), the HNX-Index decreased 0.62 points, or 0.25 per cent, to 250.04 points. 

Foreign investors continued net selling on HoSE, with withdrawals over VNĐ1 trillion. A selling focus was reported on Asia Commercial Joint Stock Bank (ACB), FPT, Hoa Phat Group (HPG), Vietcombank (VCB) and Khang Dien House (KDH).

Overall, the market displayed a tug-of-war, with clearer divergence between sectors. Flows appeared to gravitate toward standalone stories in groups including energy and infrastructure, while downside pressure persisted in real estate and technology. 

Bizhub