Market reverses course in the last minutes

Hòa Phát Group’s products loaded on a boat for export. Shares of the steel producer surged nearly 2.3 per cent on Tuesday, leading the market’s recovery. — Photo hoaphat.com.vn

HÀ NỘI — The market settled higher on Tuesday, buoyed by gains in some large-cap stocks while foreign investors continued to be net sellers on the southern market. 

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index reversed course in last trading minutes on Tuesday, ending the losing streak of four days. It rose 4.42 points, or 0.4 per cent, to 1,096.6 points. 

The breadth of the market returned to a positive zone, with the number of gainers surpassing that of decline by 178 to 123. 

However, liquidity still decreased from the previous session. Particularly, the trading value on HoSE fell nearly 13 per cent to VNĐ12.8 trillion (US$525.4 million), equivalent to a trading volume of over 649.9 million shares. 

The VN30-Index, which tracks the 30 biggest stocks on HoSE, also inched higher at 1,091.87 points, an increase of 7.2 points, or 0.66 per cent. In the VN30 basket, 20 stocks increased, while six were down and four ended flat. 

The market’s benchmark continued its recent bearish trend in the morning trade. The downside risk extended to the afternoon session until cash flows returned to the market for buy-the-dip, especially in banking, securities and steel stocks. 

Leading the market’s recovery were Hòa Phát Group (HPG) with shares of the leading steel producer posting a gain of 2.26 per cent. 

It was followed by Vietinbank (CTG), Techcombank (TCB) and HDBank (HDB), up 1.73  per cent, 1.83 per cent and 3 per cent, respectively. 

Also supporting the bullish sentiment, securities and other steel stocks performed well, such as Saigon – Hanoi Securities JSC (SHS) rose 2.73 per cent, SSI Securities Corporation (SSI) increased 1.42 per cent, VNDirect Securities Corporation (VND) was up 1.16 per cent, VIX Securities Corporation (VIX) gained 2.44 per cent, Nam Kim Group (NKG) soared 5.5 per cent and Hoa Sen Group (HSG) climbed 3.61 per cent. 

The gains were capped by losses of some large-cap stocks which led by Vinhomes (VHM). The big property developer’s shares plunged by 1 per cent today. 

The HNX-Index on the Hà Nội Stock Exchange (HNX) also snapped its fourth consecutive day of losses. The index increased 1.54 points, or 0.68 per cent, to 227.27 points. 

Meanwhile, foreign capital still saw a net outflow form the market as foreign investors net sold VNĐ466 billion from the southern bourse. — VNS