Vietnam stock market starts June with modest gain
The VN-Index recovered the 1,335-point mark despite early pressure from large-cap declines. — VNA/VNS
HANOI: Vietnam's stock market started June on a positive note, with a modest gain on Monday, primarily driven by small and mid-cap stocks.
The VN-Index recovered the 1,335-point mark despite early pressure from large-cap declines, while liquidity eased slightly and foreign investors continued to sell, albeit at a reduced pace.
Early on, the market experienced downward pressure from a number of large-cap stocks, briefly pulling the VN-Index below 1,325 points.
However, continued cash inflows into small and mid-cap shares helped the rebound to end higher.
By the close of trading, the VN-Index rose 3.7 points, or 0.28%, to 1,336.3 points on the Ho Chi Minh Stock Exchange.
Market breadth leaned towards the gainers, with 201 stocks advancing and 125 declining. Liquidity fell by 6.7% from the previous session to 0.8 trillion dong.
The VN30-Index, which tracks the 30 largest listed companies by market capitalisation, edged down 0.64 points, or 0.04%, to 1,423.04. Within the basket, 16 stocks gained, 13 declined and one remained unchanged.
Leading the market's upward momentum was Vietnam Rubber Group – Joint Stock Co, which climbed 2.09% and contributed over 0.6 points to the VN-Index.
It was followed by gains in two banking stocks: Techcombank, up 1.31%, and Sacombank, which rose 2.7%.
On the other hand, several major stocks posted losses and that weighed on the index.
The Vingroup cluster led the decliners, collectively dragging the VN-Index down by nearly five points, with VIC being the most notable, slipping 0.41%.
Analysts from Viet Dragon Securities said: 'The market continued to face resistance at the 1,345-point level and retreated.
'Liquidity declined slightly compared to the previous session, suggesting reduced profit-taking activity and easing selling pressure, particularly as foreign outflows moderated. — Viet Nam News/ANN
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