Investors monitor the stock market at Viet Dragon Securities Co. — Photo tinnhanhchungkhoan.vn

Shares moved in the opposite direction on Friday morning on investors’ fears of a correction following a long rally.

On the HCM Stock Exchange, the VN-Index inched down 0.13 per cent to 787.48 points. The benchmark index touched the short-term resistance level of 790 points in early morning trade but soon retreated on rising selling pressure.

On the Ha Noi Stock Exchange, the HNX-Index increased 0.1 per cent to 101.54 points.

Bank stocks, which were the driving force of the previous rally, continued to slump.

Only one of the nine listed banks gained value while seven declined. Vietcombank, Vietinbank and BIDV, the three largest lenders by market value, slipped 0.8 per cent, 1.2 per cent and 1.8 per cent, respectively.

On the positive side, insurer Bao Viet Holding, Masan Group, Mobile World Group, VinGroup and Saigon Securities Inc advanced and supported the market.

Overall market condition was fairly positive with 224 stocks rising, 203 falling and 287 remaining unchanged.

A total of 164.4 million shares worth over VND2.8 trillion (US$123.3 million) were traded on the two markets.

The afternoon trade starts at 1pm. — VNS