Shares diverged on Wednesday as the rising selling force after the previous session's increase weighed on the market. However, benchmark indices still closed higher.

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) gained 2.45 points to 1,046.35 points, an increase of 0.23 per cent. The market benchmark had kicked off 2023 on a positive note with a rise of nearly 37 points, its biggest rally in nearly two and a half months.

The market's breadth, however, was negative as more stocks inclined to the downside. Of which, 162 stocks on the southern bourse tumbled, while 155 stocks advanced.

Liquidity continued to improve, with a trading volume on HoSE up about 12 per cent over the previous session to VND10.5 trillion (US$448 million).

The 30 biggest stocks tracker VN30-Index extended rallies, up 2.9 points, or 0.28 per cent, to 1,050.15 points. In the VN30 basket, 13 stocks jumped with one hitting the maximum daily gain of 7 per cent, while 13 declined. And four ticker symbols ended flat.

After stocks soared in the first trading session of the year, some investors seized chances to take profits, pressuring the market.

Analysts from Saigon - Hanoi Securities SJC (SHS) said that the market witnessed a positive start in 2023, but as the Tet holiday approaches, investors tend to reduce stock proportions in their portfolios. Therefore, the market's movements are unpredictable at the moment.

Even though the VN-Index surged in the previous session, it has not escaped the mid-term downtrend, SHS added.

Data compiled by a financial website vietstock.vn showed that Masan Group (MSN) was the uptrend's leader on Wednesday, up 3.44 per cent. It was followed by Petrolimex (PLX), VPBank (VPB), Vietinbank (CTG) and Vinamilk (VNM). All the stocks gained in a range of 1 - 7 per cent, with PLX registering a rise of 7 per cent.

On the contrary, real estate stocks led the market's bearish trend. Specifically, Vingroup (VIC) was the biggest loser in market capitalisation, down more than 1.4 per cent. Vinhomes (VHM) and Novaland (NVL) also decreased.

The HNX-Index on the Ha Noi Stock Exchange (HNX) also settled up on Wednesday. It climbed slightly by 0.5 points, or 0.24 per cent, to 213.06 points.

During the trading day, 74.85 million shares were traded on the northern market, worth over VND1.1 trillion.

Foreign capital continued to lift the market's sentiment, as foreign investors net bought a value of more than VND400 billion on the two main exchanges. Of which, they net bought VND366.25 billion on HoSE and VND43.42 billion on HNX. — VNS