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Shares continue to rise, but selling pressure caps gains
The market rose on Wednesday morning, helped by bank stocks, but losses in many large-cap stocks in other sectors limited the gains.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index inched 0.11 per cent higher to 1,310.02 points despite the market breadth turning negative. During the morning session, 132 stocks climbed while 266 stocks declined.
The liquidity was higher than yesterday as local investors poured nearly VND13 trillion into the market, equivalent to a trading volume of over 435.2 million shares.
The market's rally was boosted by large-cap stocks in the banking sector. The VN30-Index also posted gains of 0.02 per cent to 1,444.29 points. Of the VN30 basket, only nine stocks rose while 19 stocks fell and two stocks stayed flat.
Bank stocks continued to lead the market's trend with MBBank (MBB) being the biggest gainer in the morning session, up 3.91 per cent. Eximbank (EIB) and Vietnam International Commercial Joint Stock Bank (VIB) also posted good performance with EIB hitting the maximum daily gain of 7 per cent.
However, gains were capped by losses in many big stocks like Vingroup JSC (VIC), Investment And Industrial Development Corporation (BCM), PetroVietnam Gas JSC (GAS) and Vietnam Dairy Products JSC (Vinamilk, VNM).
On the Ha Noi Stock Exchange (HNX), the HNX-Index increased by 0.89 per cent to 304.26 points, which was also helped by gains in large-cap stocks. The HNX30-Index edged 0.09 per cent higher to 457.84 points.
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