HÀ NỘI — The stock market traded in a tug-of-war on Wednesday, with capital continuing to concentrate on banks and other blue-chip kings. The buying support helped the VN-Index pare back losses into the close.

On the Hochiminh Stock Exchange (HoSE), the VN-Index finished the session down 1.74 points at 1,806.2 points.

During the morning, the benchmark VN-Index faced strong pressure and at one point fell below the 1,790-point level. 

The breadth of the market was positive as the number of gainers surpassed that of decliners. However, total trading value on HoSE increased from the previous session to more than VNĐ24 trillion (US$912 million).

Meanwhile, the HNX-Index on the Hanoi Stock Exchange (HoSE) rose 10.58 points to 330.2 points.

Real estate was the largest drag on the market. Vingroup (VIC) fell 1.03 per cent and reportedly took away around 3.3 points from the VN-Index, making it the strongest negative index contributor of the session. 

Vinhomes (VHM) decreased 1.1 per cent, while Vincom Retail (VRE), Novaland (NVL), Khang Dien House (KDH) and Phat Dat Real Estate Development Corporation (PDR) closed below their reference prices.

In contrast, the banking sector continued to act as a pillar behind the benchmark. BIDV (BID) rose 2.51 per cent and was the most positive contributor, adding nearly 1.7 points to VN-Index. 

Vietinbank (CTG) increased 1.78 per cent, Vietcombank (VCB) gained 0.65 per cent, Sacombank (STB) rose 1.12 per cent, Maritime Bank (MSB) climbed 2.98 per cent, Vietnam International Commercial Joint Stock Bank (VIB) advanced 1.23 per cent and Eximbank (EIB) added 1.18 per cent.

Data compiled by vietstock.vn showed that seven of the 10 strongest stocks in the VN-Index during the session belonged to the banking group. Other contributions came from STB, MSB, LPBank (LPB) and VPBank (VPB).

A standout highlight on the market was Thaiholdings JSC (THD). It closed at the ceiling limit, up to VNĐ201,000 per share, with market capitalisation reaching nearly VNĐ77.4 trillion.

The session marked the company's fifth consecutive day of gains, including three ceiling-limit sessions. Previously, the stock had drawn attention for a streak of 20 consecutive rising sessions from the start of May, with most sessions hitting the daily ceiling.

Meanwhile, foreign investors weighed on the market as net sellers on the two main exchanges. They net sold over VNĐ3 trillion on HoSE and VNĐ24.9 billion on HNX. — BIZHUB/VNS