Vietnamese shares rallied on Monday but the uptrend weakened at the end of the day due to selling pressure on a number of blue-chips, especially during the ATC session.
The benchmark VN-Index on the HCM Stock Exchange (HOSE) gained 0.61 per cent to settle at 1,073.50 points, falling from the intraday high of 1,084.20 points. It had closed Monday up 2.12 per cent.
The HNX Index on the Ha Noi Stock Exchange (HNX) inched up 0.30 per cent to end at 123.65 points. The index edged up 0.42 per cent to end Monday’s trading.
More than 196.7 million shares were traded on the two local exchanges, worth VND5.2 trillion (US$228 million).
Market trading conditions turned negative yesterday, with 196 declining stocks against 272 gainers, while 274 other stocks remained unchanged.
As many as 19 of the 30 largest shares by market capitalisation advanced in the VN30 Index.
The VN30 Index was up 0.38 per cent to 1,055.49 points, with more than 53.7 million shares exchanged, worth VND2.7 trillion.
Insurance and securities stocks were the best-performing among the 20 sectors in the stock market, with the banking and energy industry indices advancing 4.9 per cent and 1.3 per cent, respectively, according to vietstock.vn.
Two pillar stocks—Viet Nam National Petroleum Group (PLX) and Binh Minh Plastics Joint Stock Company (BMP)—hit the daily limit rise of 7 per cent each.
Other blue chip stocks were also in strong demand and pulled up the VN-Index, as well as the VN30, including Ha Noi Beer Alcohol And Beverage Joint Stock Corporation (BHN), up 2 per cent; Bao Viet Holdings (BVH), moving up 6.4 per cent; brewer Sabeco(SAB), advancing 1.6 per cent and budget carrier Vietjet (VJC), up 2.5 per cent.
However, due to the selling pressure, the index’s uptrend weakened in the last minutes as some blue-chips fell in the session, including Hoa Phat Group Joint Stock Company (HPG), Masan Group (MSN) and FPT Corporation (FPT).
According to BIDV Securities Company (BSC), in a positive scenario, large groups of stocks will play a role as the driving force behind the index’s recovery and stabilise the market. This will create positive sentiment and spread to other stocks.
“However, it is impossible to exclude the possibility that the market will still adjust and shake sharply. Investors should keep their eyes on the market signals, wait for the stable period, then make the decision of whether to disburse,” BSC said in its daily report.
The UPCOM Index on the Unlisted Public Company Market (UPCoM), inched up 0.37 per cent to finish at 55.99 points. It closed down over 0.5 per cent on Monday. — VNS