Market rebounds as VN-Index halts decline

Despite strong selling pressure in the afternoon session, the index still ended higher on Tuesday, breaking a four-session losing streak.

At the BIDV Nam Sài Gòn branch transaction office. Shares of the bank led the market on Tuesday. — Photo courtesy of BIDV

Shares rallied on Tuesday as the recovery of large-cap stocks helped the VN-Index regain 1.36 points after four sessions of declines, although liquidity remained low.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose 1.36 points, or 0.11 per cent, to close the trading session at 1,281.18 points.

Throughout most of the day, the VN-Index traded above the reference level. Despite strong selling pressure in the afternoon session, the VN-Index still ended higher on Tuesday, breaking a four-session losing streak.

The market's breadth was negative as the number of losers surpassed gainers by 174 to 139. Liquidity on the southern bourse remained low at VNĐ16.4 trillion (US$641.6 million), with a trading volume of 684 million shares.

The VN30-Index, which tracks the 30 largest stocks, climbed 5.48 points, or 0.42 per cent, to 1,303.3 points. Fifteen ticker symbols in the VN30 basket edged up, while ten inched down and five ended flat.

Data compiled by financial website vietstock.vn showed that the Bank for Investment and Development of Vietnam (BID) was the biggest gainer on the market, with its shares up nearly 1.3 per cent, contributing more than 0.8 points to the VN-Index gains.

It was followed by the Military Commercial Joint Stock Bank (MBB), whose shares increased 2.17 per cent, Bank for Foreign Trade of Vietnam (VCB), up 0.46 per cent and Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), up 1.25 per cent.

Some sectors posted losses and put strong pressure on the overall market. Notably, Vietnam Airlines JSC (HVN) saw its shares land abruptly, losing 6.99 per cent and dragging the VN-Index down by more than 1.1 points.

On the Hà Nội Stock Exchange, the HNX-Index also ended higher at 244.91 points, up 0.03 per cent. During the session, over 61 million shares were traded on the northern bourse, worth over VNĐ1.2 trillion.

Foreign investors significantly reduced their net selling on Tuesday, with this bloc selling a net of more than VNĐ235 billion on HoSE. — VNS

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