VN-Index reverses course, breaking above 1,700-point threshold

VN-Index reverses course, breaking above 1,700-point threshold

Today's recovery snapped the index's seven-session losing streak.

A Vietinbank transaction office. Shares of the lender soared nearly 2.7 per cent on Friday, contributing more than 1.3 points to the VN-Index. — VNA/VNS Photo

Benchmark indices were mixed on Friday, with the VN-Index rebounding above the 1,700-point threshold on the back of Vinhomes (VHM) and banking stocks. However, liquidity on the HoSE remained at a low level, while foreign investors continued their net-selling streak for an 11th consecutive session.

On the Hochiminh Stock Exchange (HoSE), the VN-Index closed up 7.56 points, or 0.45 per cent, to 1,705.91 points. Today's recovery snapped the index's seven-session losing streak. 

The market breadth was positive, with 174 stocks advancing, including nine at their ceiling prices, against 120 decliners. Liquidity decreased from the previous trade to nearly VNĐ11 trillion (US$425 million).

Despite the broader gains, the index's performance depended considerably on several large-cap stocks.

The VN30-Index, tracking the 30 biggest stocks on the southern bourse, increased 11.7 points, or 0.63 per cent, to 1,855.41 points. Within the VN30 basket, 22 stocks ticked up, while only four finished lower and four ended flat. 

VHM made the largest positive contribution, gaining nearly 3.6 per cent and adding 3.74 points to the benchmark. 

Banking stocks also provided significant support, with Vietinbank (CTG) contributing 1.33 points, BIDV (BID) adding 1.25 points and Vietcombank (VCB) contributing 0.71 points. Vinpearl (VPL) added another 0.81 points.

PNJ, the stock of Phu Nhuan Jewellery JSC, rose 3.3 per cent to VNĐ18,800 per share, with nearly 6.1 million shares matched. The gain extended its recovery following a period of steep price declines, although recent advances have yet to establish a confirmed uptrend.

On the downside, Vingroup (VIC) was the greatest pressure on the VN-Index, subtracting 4.81 points. VPS Securities (VCK), Petrolimex (PLX), MBBank (MBB) and Van Phu Real Estate Development (VPI) also weighed on the benchmark, although their individual impacts were smaller.

Meanwhile, the HNX-Index on the Hanoi Stock Exchange (HNX) extended its downtrend to the second day, falling slightly by 0.16 points, or 0.06 per cent, to 259.13 points.

Investors poured VNĐ508.8 billion into the northern market, equivalent to a trading volume of over 37.7 million shares. 

Foreign investors continued to be net sellers, with net selling value reaching VNĐ534 billion on HoSE and VNĐ17.2 billion on HNX. 

Bizhub