Indices gain on back of some pillar stocks

Worker operating a production line of Duc Giang Chemicals Group. The company shares surged 5.4 per cent yesterday, supporting the market's rally. — Photo courtesy of Duc Giang Chemicals

The market firmed on Tuesday despite losses in many large-cap stocks, while foreign investors net sold on both main exchanges again.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) closed the trading session at 1,394.8 points, up 0.71 points, or 0.05 per cent. The index gained slightly despite the negative market breadth. Accordingly, 175 stocks climbed yesterday, while 228 stocks decreased.

The liquidity remained high with 742.8 million shares traded on the southern market, worth nearly VND22.2 trillion (US$975 million).

The index’s gain was mainly driven by some large-cap stocks with positive performance as the 30 biggest stocks tracker VN30-Index finished lower yesterday.

The VN30-Index lost 0.7 points, or 0.05 per cent, to 1,509.57 points. Of the VN30 basket, 17 stocks rose, while eight slid and five ended unchanged.

Data compiled by vietstock.vn showed that Vingroup (VIC) led the supporting group with an increase of 1.09 per cent. It was followed by Mobile World Investment Corporation (MWG), Duc Giang Chemicals Group (DGC) and BIDV (BID). These stocks gained in a range of 0.63 – 5.4 per cent.

However, the market was weighed by stronger selling pressure as big gains in the previous session triggered some profit-taking activities.

Vietcombank (VCB), Masan Group (MSN) and Novaland (NVL) were the three biggest losers, down in a range of 0.51 – 1.02 per cent.

PetroVietnam Gas (GAS), which was the biggest gainer in the morning trade, also reversed course to inch 0.44 per cent lower in the afternoon session.

Analysts from Saigon - Hanoi Securities (SHS) expected that the VN-Index is likely to struggle and correct to retest the level of 1,370 – 1,380 points, then continue rally to head toward the old peak hit in July at 1,415 – 1,425 points.

On the Ha Noi Stock Exchange (HNX), the HNX-Index also rose 0.01 points, or 0.01 per cent, to 375.68 points.

Investors poured over VND2.48 trillion into HNX, equivalent to a trading volume of nearly 107 million shares.

Meanwhile, foreign investors were net sellers on both main exchanges, with a total value of VND53.66 billion. Of which, they net sold a value of VND41.35 billion on HoSE, and a value of VND12.31 billion on the northern bourse. — VNS