A corner of Mega Grand World in the Vinhomes Ocean Park 3 urban area. Shares of VHM, this real estate company, led the market on Wednesday. — VNA/VNS Photo

HÀ NỘI — The stock market extended its upward trend for the second consecutive session, with the VN-Index surpassing the 1,280-point threshold as foreign investors significantly eased their net selling.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index rose by 9.87 points, or 0.78 per cent, to close at 1,281.85 points.

Throughout the trading day, the VN-Index remained above the reference level and closed higher, marking two consecutive days of gains.

Market breadth was positive, with 203 stocks advancing and 95 declining. Liquidity on the southern bourse improved slightly, reaching VNĐ17 trillion (nearly US$684.3 million), up 8.2 per cent compared to the previous session.

The VN30-Index, which tracks the 30 largest stocks by market capitalisation on HoSE, also increased by 12.92 points, or 0.96 per cent, to 1,351.97 points. Twenty-two stocks in the VN30 basket rose, while seven declined and one remained flat.

Data compiled by financial website vietstock.vn showed that Vinhomes JSC (VHM) was the biggest gainer on the market, with its shares rising by nearly 2.16 per cent, contributing more than 0.96 points to the VN-Index's gains.

It was followed by the Bank for Investment and Development of Vietnam (BID), whose shares increased by 1.12 per cent, Asia Commercial Joint Stock Bank (ACB), up 2.94 per cent, and Hòa Phát Group JSC (HPG), which rose by 2.04 per cent.

Some sectors posted losses, putting slight pressure on the overall market, with decliners including the Bank for Foreign Trade of Vietnam (VCB), Mobile World Investment Corporation (MWG), and Viet Nam Dairy Products Joint Stock Company (VNM).

According to experts from Viet Dragon Securities: "The rise in liquidity compared to the previous session indicates increased supportive cash flow at lower prices, although supply also increased at higher prices. With the current support effort, the market is likely to experience a technical recovery to test supply and demand. However, it is necessary to remain cautious about potential supply increases as the market recovers."

"Therefore, investors should observe supply-demand dynamics to assess the market's condition. It is advisable to maintain a reasonable portfolio balance and consider restructuring positions during the recovery to mitigate risk."

On the Hà Nội Stock Exchange, the HNX-Index also ended higher, rising by 0.11 per cent to 231.77 points. During the session, over 46 million shares were traded on the northern bourse, worth more than VNĐ905 billion.

Foreign investors significantly reduced their net selling, recording a net sale of over VNĐ46 billion on the HoSE. — VNS