Shares gained for a third consecutive day on Wednesday, driven mainly by strong growth in bank stocks and some individual blue-chip stocks.
The benchmark VN Index on the HCM Stock Exchange (HOSE) edged up 0.42 per cent to close at 1.138,09 points, for a three-day rise of 1.3 per cent.
The uptrend was seen during the trading session but weakened late in the day. As a consequence, the market may slightly decline in the next session, according to Bao Viet Securities Company (BVSC).
After surpassing the old peak of 1,130 points, the index is forecast to test the new high range, or resistance zone, of 1,150-1,155 points in the short term. In a positive scenario, the index could move towards a new record high of 1,170-1,180 points in the short term, BVSC said.
The minor HNX Index on Ha Noi Stock Exchange (HNX) was up 0.59 per cent to end at 130.43 points, expanding its three-day rally to 2.22 per cent.
More than 327.45 million shares, worth VND8.4 trillion, were traded on the two local bourses.
The market breadth was negative with 237 gaining shares, 225 declining ones and 272 stocks ending flat.
The UPCOM Index on the Unlisted Public Company Market gained 0.06 per cent to stand at 61.29 points, reversing from a decline of 0.09 per cent on Tuesday.
Foreign investors on Wednesday were net sellers of VND215.81 billion on the HOSE, concentrated on VNM (VND102.97 billion), HDB (VND98.53 billion) and DHG (VND60.9 billion). In addition, they sold a net of VND15.65 billion on the HNX.
Banking shares led the market up with VIB being the strongest stock in this sector as it gained more than 9.3 per cent.
HDBank (HDB) increased by 4 per cent. VPBank (VPB), which is another commercial bank that has robust business in consumer finance, was up 0.5 per cent.
Blue-chip stocks were in the neutral territory as 15 of the 30 largest-cap stocks by market capitalisation rose.
The rise of some large-cap stocks also drove the market up, including Viet Nam Dairy Products Joint Stock Company (VNM), gaining 1.4 per cent; Binh Minh Plastics Joint Stock Company (BMP), up 4.4 per cent; and Thanh Thanh Cong - Bien Hoa Joint Stock Company (SBT), advancing 6.3 per cent.
According to Viet Dragon Securities Co (VDSC), indexes kept moving up slightly on moderate volumes. The growth in the two indexes was not entirely convincing due to the lack of liquidity.
“Traders should not overly optimistic and wait for more sign,” VDSC said in its daily report.
Meanwhile, BVSC said in its report that the market is likely to turn cautious in the next two sessions, while investors are waiting for the two ETFs’ review this weekend.
“The market may keep moving sideways in wide divergence,” it added. — VNS