1nvestors at BIDV Securities Company's trading floor. (Source: VNA)
Shares reversed the morning loss in the afternoon on the Hanoi Stock Exchange on September 23.
The HNX-Index added another 0.2 percent to close at 78.5 points. This was its sixth rising day with a cumulative 2.4 percent rise.
"The rally of the northern bourse came as a surprise as it stayed in negative territory most of trading time," FPT Securities Co's analysts wrote on the company's website.
The bounce was driven by heavyweight stocks like insurer PVI Holdings (PVI), Vietnam Construction and Import Export (VCG) and PetroVietnam Technical Services Corporation (PVS) which climbed 3.8 percent each.
Overall market condition was negative as decliners outnumbered advancers by 92-78 and the other 198 closed unchanged.
Liquidity also declined, totaling 32.7 million shares worth 378.2 billion VND (16.8 million USD), down around 30 percent in both volume and value compared with the levels on September 22.
According to analysts at Investment Vietnam Securities Co, profit-taking selling pressure began to increase, sending a signal of a potential correction.
On the HCM Stock Exchange, the VN-Index inched down just 0.1 percent to close the September 23 session at 572.7 points as large-cap stocks slumped after three rising days while continuous net selling by foreign investors continued to concern the domestic market.
The index rose 2 percent in the previous three sessions. The losers outnumbered the gainers here by 109-95 and the other 76 closed unchanged.
Half of the top 30 shares by market value and liquidity fell, including the biggest weighting stocks like dairy giant Vinamilk (VNM), VinGroup (VIC), Vietcombank (VCB), BIDV (BID), Sacombank (STB) and Masan Group (MSN).
On the other end of spectrum, oil and gas companies helped cushion the market as most shares of this group climbed following recovery in global oil price. The West Texas Intermediate (WTI) oil rose 0.84 percent while Brent crude oil increased 0.63 percent.
PV Gas (GAS), the third largest stock by market value and accounting for 8.3 percent of the market weighting, advanced 1.3 percent. Others, including PetroVietnam Drilling and Wells Service (PVD) and PetroVietnam Low Pressure Gas Distribution (PGD), also rose by more than 1 percent.
Overall market volume dropped 11 percent from September 22, totaling almost 108 million shares, but trading value increased slightly to 1.88 trillion VND (83.6 million USD). These figures were lower than the average of 134.8 million shares and 2 trillion VND (88.9 million USD) seen in June-August.
The foreign sector raised its net sell value on both markets on September 23, unloading shares worth a combined 386 billion VND (17.2 million USD), the highest in a single day since the beginning of the year. They sold a net value of almost 522 billion VND (23.2 million USD) in the past four days.-VNA
