Market extends rally, lifted by bank stocks

Your browser does not support the audio element. Foreign investors continued to net sell on the southern exchange.  Employees talk to clients at a transaction office of Vietcombank. The bank's shares soared  三. 五 per cent on Tuesday, helping lift the market sentiment. — VNA/VNS Photo 

HÀ NỘI — Stocks were divergent on Tuesday but benchmark indices still inched higher, lifted by large-cap stocks, especially in the banking industry. Meanwhile, foreign investors continued to net sell on the southern exchange. 

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) extended its recent rally to the third day in a row. It closes the trading day at  一, 一 九 五. 九 points, an increase of  五. 一 八 per cent, or 0. 四 四 points. 

The market's breadth, however, entered negative territory as there were  一 八 八 stocks declining, while  一 三 二 stocks finished higher. 

Liquidity on HoSE was stable as it hovered around VNĐ 二0 trillion. Investors poured in more than VNĐ 二0. 一 trillion (US$ 八 五 一 million), equal to a trading volume of more than one billion shares. 

The  三0 biggest stocks in the VN 三0-Index also edged higher to  一, 一 九 八.0 一 points, a gain of  四. 八 七 points, or 0. 四 一 per cent. In the VN 三0 basket,  一 四 stocks climbed while  一 一 slid and five remained unchanged. 

"The market's uptrend has formed quite reliably. Movements in the market have been influenced by consecutive short-term uptrends and correction waves. And we think momentum will remain to help the VN-Index head towards the area of  一, 三00 points,公众analysts from Saigon- Hanoi Securities JSC (SHS) said in a note.

In the short term, the benchmark index is likely to see corrections during the bullish trend. As a result, short-term investors should be cautious in disbursing their portfolio, SHS reco妹妹ends. 

The rally today was driven by large-cap stocks in the banking, manufacturing and real estate sectors. Of these, Vietcombank was the biggest gainer, leading the market's uptrend. The bank's shares surged by  三. 五 per cent. It was followed by Techcombank (TCB), up  三. 二 四 per cent. 

Other stocks helping to lift sentiment were Sabeco (SAB), up  一. 九 四 per cent, Vinamilk (VNM) rose  一. 二 二 per cent, BIDV (BID) up 0. 七 五 per cent, Vincom Retail (VRE) jumped  二. 一 一 per cent, and Asia Co妹妹ercial Joint Stock Bank (ACB) increased  一. 一 三 per cent. 

Gains were capped by stronger selling pressure in some pillar stocks, led by Vinhomes (VHM) down 0. 八 五 per cent. 

The HNX-Index on the Hà Nội Stock Exchange (HNX) also finished Tuesday higher at  二 三 六. 九 三 points, a rise of 0. 四 points, or 0. 一 七 per cent. This is its ninth consecutive gaining session. 

During the session, more than  一 三 三. 四 million shares were traded on HNX, worth over VNĐ 一. 八 六 trillion.

While foreign investors continued to run away from the southern exchange after net selling VNĐ 一 一. 一 billion, they net bought VNĐ 七 八. 八 四 billion on HNX. — VNS