HÀ NỘI — The stock market reversed its downward course on Thursday, with the VN-Index snapping back by more than 30 points after several sessions of consecutive declines. 

At close, the VN-Index on the Hochiminh Stock Exchange (HoSE) rose 30.85 points, or 1.85 per cent, to 1,699.38 points. The session marked the first up day after three straight down sessions at the start of the week, during which the index reportedly lost nearly 120 points.

Other major indices also finished higher. The HNX-Index, representing the Hanoi Stock Exchange (HNX), gained 5.58 points to 281.07, while the VN30-Index advanced 18.42 points to 1,845.32 points.

On HoSE, trading value remained above VNĐ20 trillion (US$760 million), declining from the previous session. Market breadth also returned to positive territory, with nearly 200 stocks advancing and 127 declining. 

The largest support for the market's benchmark VN-Index came from the large-cap basket. In particular, Vingroup (VIC) reportedly contributed 20.21 points to the index, while Vinhomes (VHM) added a further 4.52 points.

Several other large caps also contributed to the rebound, including PV Gas (GAS), Gelex Electricity (GEE), Vinpearl (VPL), SSI Securities (SSI), Eximbank (EIB), VPS Securities (VCK), VIX Securities (VIX) and Gelex Group (GEX). These stocks gained at least 1.9 per cent. 

A notable highlight was a breakout in the Gelex family stocks. GEX, GEE and Gelex Infrastructure (GEL) all increased to their ceiling prices.

On the other side, LPBank (LPB) posted the biggest loss in market capitalisation, subtracting 0.67 points from the VN-Index.

It was followed by Vinamilk (VNM), MBBank (MBB), Vietinbank (CTG), Phu Nhuan Jewelry (PNJ), Duc Giang Chemicals (DGC), Vietcombank (VCB), Dat Xanh Group (DXG) and Vietnam Airlines (HVN). 

After a sharp net selling session the day before, foreign investors reduced the heat a bit. They net sold over VNĐ491 billion on HoSE, with selling concentrated in banking stocks including MBB, TCB, VCB, VPB and TPBank (TPB).

Viet Dragon Securities (VDSC) urged investors to stay cautious and patient, stating that investors should wait for the market to form a new equilibrium area before making allocation decisions.

VDSC emphasised that with complex market movements and continuing risks, portfolio risk management should remain the top priority. The firm suggested that investors consider using rebound periods to restructure portfolios, including reducing exposure to stock groups that have breached their support base or show signs of weakening. — BIZHUB/VNS