VN-Index rebounds, but cautious sentiment remains

VN-Index rebounds, but cautious sentiment remains

Despite briefly moving above 1,800 points in the first few minutes, the index reportedly pulled back when selling pressure increased quickly.

ACB's shares soared nearly 5 per cent on Tuesday, leading the market's recovery. — Photo courtesy of the bank

The market remained cautious on Tuesday, as trading value failed to show a clear improvement. The VN-Index hovered around the 1,790–1,800-point zone before closing slightly higher on late-session buying demand.

Despite briefly moving above 1,800 points in the first few minutes, the index reportedly pulled back when selling pressure increased quickly. The sell-off reversed the early gains and kept the overall market mood cautious.

At the close, the VN-Index on the Hochiminh Stock Exchange (HoSE) rose 2.52 points, or 0.14 per cent, to 1,793.05 points. Market breadth ended with 174 stocks advancing and 128 declining.

Liquidity during the session remained relatively restrained, with trading value reaching VNĐ13.74 trillion (US$521.7 million).

The VN30-Index, tracking the 30 biggest stocks on HoSE, gained 15.11 points or 0.78 per cent, reaching 1,951.92 points. Within the VN30 basket, 22 stocks ticked up, while seven declined and one stayed flat. 

Banks provided the main support for the market. In terms of contributions to the VN-Index's upward movement, Asia Commercial Joint Stock Bank (ACB) was the most positive, up nearly 5 per cent. Its gain contributed over 1.4 points to the index. 

The rally started off in the May 25 trading session, when ACB's liquidity surged rapidly. Afterwards, the inflow of funds continued to support the stock, enabling ACB to rise by nearly 15 per cent in roughly half a month.

It was followed by Sacombank (STB), Masan Group (MSN), VPBank (VPB), Hoa Phat Group (HPG), FPT Corporation (FPT), Mobile World Investment Corporation (MWG), VPS Securities (VCK) and Maritime Bank (MSB), up in a range of 1.1-3.15 per cent.

While banks helped the market hold its ground, correcting pressure was still present in a number of large-cap stocks. 

Vingroup (VIC) was the most negative contributor to the index, followed by Novaland (NVL), Vinhomes (VHM), Vincom Retail (VRE), Petrovietnam Refining and Petrochemical Corporation (BSR), Techcom Securities (TCX), FPT Digital Retail (FRT), PV Gas (GAS) and Petrolimex (PLX). 

The loss from VIC alone erased nearly three points from the VN-Index.

On the Hanoi Stock Exchange (HNX), the HNX-Index closed higher at 305.74 points, up 7.38 points, or 2.47 per cent. 

Foreign investors continued to be net sellers, offloading nearly VNĐ868.6 billion on HoSE and over VNĐ4.8 billion on HNX. 

Bizhub