VN-Index treads water as large-cap stocks divide

VIETNAM, June 10 - A worker checks products at a storage facility of Hòa Phát Group (HPG). The company's shares surged more than 2.7 per cent, cushioning the market's downside risk. — Photo hoaphat.com.vn

HÀ NỘI — The market struggled on Thursday as large-cap stocks traded on both

sides, causing the VN-Index to hover around the reference price.

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index settled down, ending its third-day rallies. It finished the day at 1,307.8 points, down 0.11 points, or 0.01 per cent. 

The benchmark breached the 1,300 point level for the first time since May 11 on Wednesday, closing the session at 1,307.91 points.

The market's breadth was neutral, while liquidity fell sharply compared to the previous session. Of which, the matching value on the southern bourse declined by 24 per cent to nearly VNĐ12 trillion (US$512.6 million), equal to a matching volume of 436 million shares.

The index little changed as cash flows into more risk assets were stagnant, leading to strong divergence among pillar stocks. Accordingly, the 30 biggest stocks tracker VN30-Index still gained 0.89 points, or 0.07 per cent, to 1,342.92 points. 

Of the VN30 basket, 14 stocks climbed, while 14 stocks slid and only two stocks stayed unchanged. 

Data compiled by the financial-economic news site vietstock.vn showed that on the downside risk, Vietcombank (VCB) posted the biggest losses of the day, down 1.77 per cent. It was followed by PV Gas (GAS), Sabeco (SAB), Vinamilk (VNM), VPBank (VPB) and Masan Group (MSN). These stocks dropped in a range of 0.67-1.69 per cent. 

On the other side, Hòa Phát Group (HPG) led the uptrend, cushioning investors' sentiment. The steel producer's shares added up 2.74 per cent on Thursday. Other stocks supporting the benchmark were Vietnam Rubber Group (GVR), Viglacera Corporation (VGC), Sacombank (STB) and PV Power (POW), with VGC shares up 7 per cent, the maximum daily rise. 

The HNX-Index on the Hà Nội Stock Exchange (HNX), however, climbed for two days in a row. Of which, the index jumped 1.81 points, or 0.58 per cent, to 312.74 points. 

Foreign investors extended their investments in the country's stock market after net bought VNĐ227.74 billion on both main exchanges. Specifically, they net bought more than VNĐ182 billion on HoSE, and a value of VNĐ45.73 billion on the northern bourse. — VNS