The benchmark VN-Index failed to conquer the short-term resistance point of 790 for a second day on August 4 (Photo: VNA)

Hanoi (VNA) – The benchmark VN-Index failed to conquer the short-term resistance point of 790 for a second day on August 4, dragged down by bank stocks, while growth of many large-cap stocks supported the market.

The key index on the HCM Stock Exchange inched up just 0.02 percent to close at 788.68 points. It has risen 1.5 percent for the week.

On the Hanoi Stock Exchange, the HNX-Index increased 0.49 percent to end at 101.94 points. The northern market index expanded 1.4 percent this week.

Shares of securities and energy firms pushed the market up.

Most brokerage companies gained value, of which Saigon-Hanoi Securities Co (SHS) and Vietinbank Securities Co (CTS) were the biggest gainers with growth of 7.8 percent and 5.1 percent, respectively.

The biggest listed securities firm Saigon Securities Inc (SSI) picked up over 1.7 percent.

Positive performers also included big businesses in the oil and gas sector, including PetroVietnam Drilling Wells Service (PVD), PetroVietnam Technical Service (PVS) and PetroVietnam Drilling Mud (PVC) climbing between 5.6 percent and 3 percent each.

However, bank stocks which were the driving force of the previous rally were on the defensive and restrained the market’s uptrend.

Only Sacombank (STB) recovered from a three-day slump after the bank’s two ex-bankers were arrested, up 3.3 percent to settle at 12,700 VND (56 US cents). Others including the four biggest listed lenders by market value, Vietcombank (VCB), Vietinbank (CTG), BIDV (BID) and Military Bank (MBB) slipped between 0.7-2.2 percent each.

Market analysts at Saigon-Hanoi Securities Co said rising selling pressure at the high price ranges would continue to cause difficulties for a sustainable rally.

“The VN-Index will continue to fluctuate and move sideways in the range of 784-791 points and it needs a strong push for the index to break out of the 791 points to confirm the short-term uptrend,” they said.

Liquidity continued to rise with total 267.5 million shares worth 4.7 trillion VND (207 million USD), down 6.3 percent in volume and nearly 13 percent in value compared to the previous session.

Foreign traders recorded a 12th consecutive buying session on the HCM Stock Exchange for a net value of 82.5 billion VND, down 49 percent from the previous session. However, foreign investors extended the net selling streak on the Hanoi Stock Exchange for a value of nearly 6 billion VND.-VNA