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VN-Index ends losing streak on pillar stocks
Indices were mixed on Tuesday, with the VN-Index escaping the recent downtrend on back of pillar stocks.
The market's benchmark VN-Index gained 3.43 points, or 0.34 per cen, to finish the day at 1,024.68 points, recouping from the recent losses.
It fell more than 18 per cent on Monday to nearly two-month low at 1,021.25 points.
The market's breadth was positive, with 180 stocks on HoSE adding points, while 130 ticker symbols declined.
Liquidity, however, continued to decrease. Of which, the trading value on the southern bourse was more than VND6.48 trillion (US$272.5 million), equal to a trading volume of nearly 433 million shares.
The index's reversal was mainly driven by gains in large cap stocks, with the 30 biggest tracker VN30-Index up 3.5 points, or 0.35 per cent, to 1,014.96 points. Eighteen stocks of the VN30 basket rose, eight stocks went down while four stayed unchanged.
On the Ha Noi Stock Exchange (HNX), the HNX-Index extended losses to sixth sessions. It finished Tuesday at 202.38 points, down 0.89 points, or 0.44 per cent.
The liquidity on three stock exchanges hit record low of over VND7.4 trillion. The low liquidity capped the VN-Index's morning gain as it was up nearly 1.3 per cent earlier in the session.
Leading the uptrend were pillar stocks in banking, manufacturing, and realty industries. These stocks were Vietcombank (VCB) up 0.75 per cent in market capitalisation, Masan Group (MSN) up 2.63 per cent, Vinhomes (VHM) jumped 1.47 per cent, and Vincom Retail (VRE) up nearly 3.7 per cent.
On the contrary, great losses of Techcombank (TCB), Vietnam Airlines (HVN), PV Gas (PVG), and BIDV (BID) weighed on the market.
Analysts from Saigon - Hanoi Stock Exchange (SHS) said that in the short term, the market is in the risk zone as there is a rising possibility that the benchmark will enter the medium-term downtrend channel. Therefore, short-term disbursement chances contain many risks.
"The opportunity to disburse only appears if investors aim at medium and long-term investments. The medium-long term investment strategy should be gradual disbursement according to the movements of the market," SHS said.
On Tuesday, the market also received some support from foreign capital inflows. Accordingly, they net sold a small amout of VND448.06 million on HoSE, while net bought VND16.76 billion on HNX.
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