Shares rose for a second day on the HCM Stock Exchange yesterday, propped up by recovery of large-cap shares, while continuous foreign sells keep threatening market stability.

The VN-Index, a measure of 320 stocks on the southern bourse, was up 0.8 per cent to close at 658.9 points. The gauge was up 0.3 per cent on Wednesday.

But the HNX-Index, measuring 375 stocks on the Ha Noi Stock Exchange, erased Wednesday’s gain, inching down 0.1 per cent to 79.4 points.

Large-cap stocks were on the positive side.

The largest listed stock Vinamilk (VNM) recouped 2 per cent yesterday despite heavy selling by foreign traders, settling at VND135,000 (US$5.95) per share. VNM lost 2 per cent in the last two sessions.

Other gainers included Sacombank (STB), which hit the daily limit of 7 per cent rise on the HCM City market, Vietcombank (VCB), BIDV (BID), Masan Group (MSN), steelmakers Hoa Phat Group (HPG) and Hoa Sen Group (HSG), Sai Gon Securities Inc (SSI), software producer FPT Corp (FPT) and Mobile World Group (MWG).

Newly-listed brewery giant Sabeco (SAB) added another 7 per cent in price to close at VND151,000 per share. SAB price has increased 37 per cent since its debut on Tuesday.

“Today’s rise may not change the short-term downward trend for the VN-Index,” Tran Hai Yen, stock analyst at Bao Viet Securities Co, wrote in a note.

She suggested investors not pursue buys at high prices while paying attention to the shares promising positive fourth-quarter earnings prospects.

Continuous sells by foreign investors, meanwhile, continued to pose a threat to the market prospect.

Foreign investors were net sellers on the HCM City’s exchange yesterday, offloading shares for a net value of VND193 billion (US$8.6 million). This is their sixth consecutive net selling day with a total value of VND811 billion.

However, there were net buyers for a third day on the Ha Noi market, picking up shares worth a small value of VND6 billion.

Liquidity decreased with nearly 175 million shares worth a combined VND2.8 trillion ($123.7 million) traded in the two markets, down 5.9 per cent in volume and 15.2 per cent in value compared to Wednesday’s levels. — VNS