VN-Index remains flat amid market divergence

Vietnam’s benchmark VN-Index maintained at 1,218 points on Wednesday, mostly unchanged from Tuesday’s result, despite significant market divergence.

Following a drop of more than 10 points at the opening, VN-Index spent most of the day in the red. However, the main index was able to return to around the reference level owing to strong momentum towards the end of the session.

The VN30 basket, comprised of the 30 largest stocks by market cap and liquidity on the Ho Chi Minh City Stock Exchange (HoSE), was split with 12 gainers and 13 losers.

Leading the uptrend was BID (BIDV) with a margin of 3.71%, followed by other gainers like CTG (Vietinbank) and HDB (HDBank). In the opposite direction, GVR (Vietnam Rubber Group) and BVH (Bao Viet Holdings) were the biggest losers.

VN30-Index closed Wednesday relatively unchanged at 1,273.4, down 0.01 points. Liquidity reached VND4,543 billion ($195.3 million), accounting for 38.4% of HoSE liquidity.

VN-Index closed the session at 1,218.09, down 0.01 points, with 184 gaining and 263 losing. HNX-Index fell 1.52 points (0.54%) to 282.35, while UpCOM-Index dropped 0.13 points (0.14%) to 88.88.

On the three exchanges, 413 stocks were gainers and 499 losers, with total liquidity reaching VND14,030 billion ($603.2 million), down 17.2% from Tuesday’s session.

The market experienced a split with intertwined bullish and bearish trends. In particular, securities, seafood and steel were boosted by strong momentum, while insurance, real estate, and construction were in the red.

Foreign investors were back to net selling to the tone of VND34.61 billion ($1.49 million) on HoSE, focusing on DPM (Petrovietnam Fertilizer & Chemicals) and (HPG) Hoa Phat Group.