HÀ NỘI — The market benchmark index extended its downtrend on Wednesday despite a broad recovery among banking shares, as heavy selling pressure on major Vin stocks continued to drag the VN-Index into negative territory.

After a mild correction in the previous session, the market entered the trading day with strong divergence and persistent tug-of-war sentiment. The VN-Index spent most of the session fluctuating below the reference level, moving within the 1,880-1,890 point range before accelerating losses toward the close.

At the end of the session, the VN-Index on the Hochiminh Stock Exchange (HoSE) decreased 9.75 points, or 0.52 per cent, to 1,874.43 points. Market liquidity improved significantly, with trading volume reaching over 830 million shares worth VNĐ24.22 trillion (US$920 million).

Market breadth on the HoSE remained negative, with 143 gainers against 174 decliners.

Although declining stocks still outnumbered advancers by 19 to 11, the VN30-Index edged down only 0.27 per cent, or 5.44 points, to 2,022.46 points. 

Real estate stocks remained the market's weakest segment, falling 1.41 per cent with total trading value exceeding VNĐ4.04 trillion. In contrast, telecommunications stocks rose 1.75 per cent, while technology and financial shares gained 0.56 per cent and 0.32 per cent, respectively.

The market continued to face significant pressure from Vin-family stocks, which weighed heavily on the benchmark index throughout the session.

Vinhomes (VHM) declined 4.16 per cent, while Vincom Retail (VRE) fell 4.43 per cent. Vinpearl (VPL) also lost 4.18 per cent and Vingroup (VIC) eased 1.03 per cent.

Aside from the Vingroup ecosystem, other property stocks also traded in negative territory. Novaland (NVL) fell 0.96 per cent, CEO Group (CEO) lost 1.19 per cent and Khang Dien House (KDH) slipped 1.29 per cent.

Meanwhile, banking stocks continued to serve as the key supporting pillar for investor sentiment, with many lenders extending their upward momentum.

Sahabank (SHB) advanced 1.45 per cent and recorded the highest liquidity on the market with more than 65.7 million shares traded. Asia Commercial Joint Stock Bank (ACB) gained 1.61 per cent, while Maritime Bank (MSB) rose 2.39 per cent.

Several other major banking stocks also posted solid gains. VIB was up 2.77 per cent, TPBank (TPB) rose 2.85 per cent, VPBank (VPB) increased 1.63 per cent, and Techcombank (TCB) climbed 2.28 per cent.

Meanwhile, the HNX-Index on the Hanoi Stock Exchange (HNX) rose 4.08 points, or 1.47 per cent, to 282.23 points. 

Further pressuring the market, foreign investors maintained a net selling position, offloading more than VNĐ812 billion worth of shares during the session. Selling pressure was concentrated largely on Vingroup-related stocks, particularly VHM, VIC and VPL. — BIZHUB/VNS