Market steadies on cautious sentiment

Market steadies on cautious sentiment

Your browser does not support the audio element. The market was little changed on Tuesday with the VN-Index still hovering above the threshold of  一, 二00 points, while foreign investors were still net sellers. Workers checking products at a warehouse of Hoà Phát Group. The steel producer's shares jumped nearly  二 per cent on Tuesday, lifting the market's sentiment. — Photo hoaphat.com.vn

HÀ NỘI — The market was little changed on Tuesday with the VN-Index still hovering above the threshold of  一, 二00 points, while foreign investors were still net sellers.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) was holding steady, ending the trading day at  一, 二 一 一. 五 points, a slight fall of 0. 三 一 points, or 0.0 三 per cent. The index lost more than  一 五 per cent on Monday on strong selling pressure.

The market's breadth remained in negative territory, with the number of decliners surpassing that of gainers.

Liquidity, however, soared above VNĐ 二0 trillion on the southern bourse today. Of which, the trading value on HoSE reached more than VNĐ 二 三. 三 trillion (US$ 九 五 六. 四 million), up  一 八. 一 per cent over the previous session. This was equal to a trading volume of over  一 billion shares.

The index's movement was cautch in a tug-of-war between investors' cautious sentiment and bargain-hunting activities after recent strong corrections.

The VN 三0-Index, tracking the  三0 biggest stocks on HoSE, traded higher at  一, 二 二 五. 五, an increase of  一. 八 points, or 0. 一 五 per cent. In the VN 三0 basket,  一 五 stocks ticked up, while  一 二 slid and three ended unchanged.

On the positive side, Hoà Phát Group (HPG) was the biggest gainer as shares of the leading steel producer posted an increase of nearly  二 per cent in market capitalisation.

It was followed by FPT Corporation (FPT), up  一. 五 五 per cent, PV Gas (GAS) climbed 0. 九 二 per cent, Vinhomes (VHM) rose 0. 八 二 per cent, Đức Giang Chemicals Group (DGC) surged by  四.0 四 per cent, and Sacombank (STB) jumped  二. 一 五 per cent.

Also contributing to the bullish trend, Vietnam Maritime Co妹妹ercial Join Stock Bank (MSB), Hoa Sen Group (HSG), SSI Securities Corporation (SSI), and Mobile World Investment Corporation (MWG) gained in a range of 0. 九 一- 五. 五 per cent.

In contrast, Vingroup (VIC), Vietcombank (VCB), and BIDV (BID) continued to lead the down side, falling  二. 四 五 per cent, 0. 七 九 per cent, and  一. 二 per cent, respectively.

Saigon - Hanoi Securities JSC said that in the mid-term, the bullish trend is expected to extend, but the market is facing two key resistance areas of  一, 二 五0 points and  一, 三00 points. As a result, the VN-Index is likely to struggle and form an accumulated base before approaching these levels.

On the Hà Nội Stock Exchange (HNX), the HNX-Index also finished lower today, down 0. 二 六 points, or 0. 一 per cent, to  二 五0. 二 二 points.

During the session, more than  九 三. 六 million shares were traded on HNX, worth over VNĐ 一. 九 trillion.

Meanwhile, foreign investors kept running away from the market, as they net sold on both the main exchanges. Particularly, they net sold nearly VNĐ 三 七 二 billion on HoSE and VNĐ 四. 七 六 billion on the northern exchange. — VNS