Gains capped by stronger selling pressure
Stronger selling force after recent rallies and foreign capital outflow were weighed on the market.
The market extended gains on Tuesday, but the increases were capped by stronger selling force and foreign capital outflow.
On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index finished higher despite a small correction in the morning trade. The index was last traded at 1,242.23 points, a slight increase of 0.81 points, or 0.07 per cent. This marked its third consecutive rising day.
The breadth of the market was still positive as the number of gainers surpassed decliners. Of which, 185 stocks increased, while 161 inched lower.
Liquidity on the southern bourse remained high but reduced over the previous session to more than VNĐ23.2 trillion (US$978.17 million), equivalent to a trading volume of 1.19 billion shares.
The 30 biggest stocks tracker VN30-Index, however, saw a decrease of 2.87 points, or 0.23 per cent to 1,247.81 points. In the VN30 basket, 18 stocks went down, while nine advanced and three ended flat.
The index’s rallies were mainly driven by some large-cap stocks, which led by Vingroup (VIC) with a strong increase of 4.85 per cent. VIC shares also witnessed positive performances last week after hitting ceiling prices for three sessions.
The bullish trend was attributed to approval of the US Securities and Exchange Commission (SEC) over its proposed business combination.
The Vietnamnese electric vehicle (EV) maker VinFast plans to list in the United States this August through a merger with Black Spade Acquisition.
Black Spade is set to hold an extraordinary shareholder meeting to approve the proposed business combination with VinFast on August 10.
Vincome Retail (VRE), another name of the Vin family, was the second largest contributor to the market’s uptrend today. VRE shares jumped more than 4.7 per cent on Tuesday.
Also contributing to the rallies, Masan Group (MSN), Sai Gon VRG Investment Corporation (SIP), Lien Viet Post Joint Stock Commercial Bank (LPB), and PetroVietnam Power Corporation (POW) all surged at least 1.1 per cent.
However, many stocks, especially in appealing industries likes real estate, manufacturing and banking, faced stronger profit-taking pressure.
The biggest losers were VPBank (VPB), down nearly 2 per cent. It was followed by Hoà Phát Group (HPG), Asia Commercial Joint Stock Bank (ACB), Techcombank (TCB), and Vinamilk (VNM), down in a range of 0.5-1.47 per cent.
Property developers Kinh Bắc City Development Holding Corporation (KBC), Đất Xanh Group (DXG), and DIG Group (DIG) reported big losses of 1.69-2.09 per cent.
The HNX-Index on the Hà Nội Stock Exchange (HNX) also ended higher at 246.07 points, up 0.39 points, or 0.16 per cent.
During the session, nearly 162 million shares were traded on the northern bourse, worth VNĐ2.76 trillion.
Foreign investors were net sellers on both main exchanges. Particularly, they net sold VNĐ238.31 billion on HoSE and VNĐ14.16 billion on HNX. — VNS
