Shares rise, but gains capped by resurging selling pressure

Tuesday, Aug 31, 2021 12:25

The market inched higher on Tuesday morning on material producers and industrial real estate developers. But the rally was limited by selling force.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index rose 4.65 points, or 0.35 per cent, to 1,332.79 points.

The market's breadth was still positive but the number of sliding stocks increased over yesterday's morning trade. Of which 217 stocks climbed, while 168 stocks declined.

The liquidity was higher than yesterday as nearly 429 million shares were traded on the bourse, worth over VND12.9 trillion (US$568 million).

The index still received support by gains in large-cap stocks and some industrial real estate stocks.

The VN30-Index, which track 30 biggest stocks in market captilisation on HoSE, climbed 0.1 per cent to 1,432.48 points. Of the VN30 basket, 11 stocks rose while 14 slid, and five stayed unchanged.

Vietnam Rubber Group (GVR) was the biggest gainer this morning, leading the market's rally with a rise of 5.05 per cent. It was followed by Hoa Phat Group (HPG), up 1.44 per cent.

Industrial real estate developers like BECAMEX IDC Corporation (BCM) and Kinh Bac City Group (KBC) also helped pull the market's sentiment. These stocks surged more than 5.6 per cent in the morning trade.

However, resurging selling force in banking stocks and transportation sector capped the rally trend. Of which Vietcombank (VCB) recorded the biggest losses, down 0.91 per cent, followed by BIDV (BID), MBBank (MBB), Vietjet Aviation (VJC) and Techcombank.

The HNX-Index on the Ha Noi Stock Exchange (HNX) also eded higher this morning, up 0.55 per cent to 343.19 points. VNS

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