The VietinBank headquarters in Hà Nội City. CTG shares of this lender led the decliners on the final trading day of 2024. — Photo courtesy of VietinBank

HÀ NỘI — The stock market closed 2024 on a downbeat note, with the VN-Index edging closer to the 1,265-point mark, liquidity remaining low, and foreign investors returning to net selling.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed at 1,266.78 points, down 5.24 points, or 0.41 per cent. Market breadth remained negative, with 187 declining stocks, 125 advancing, and 54 unchanged. Liquidity was flat compared to the previous session, standing at approximately VNĐ11.6 trillion (US$455.3 million) and a trading volume of 480 million shares.

Meanwhile, the VN30-Index, which tracks the 30 largest-cap stocks on the HoSE, also slipped 2.6 points, or 0.19 per cent, to 1,344.75 points. Within the VN30 basket, 18 stocks fell, seven advanced, and five remained unchanged.

The market's overall decline was primarily driven by blue-chip banking stocks. The Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG) recorded the steepest drop, falling 2.83 per cent and erasing over 1.4 points from the VN-Index.

Other key decliners included the Bank for Foreign Trade of Vietnam (VCB), down 0.87 per cent, and the Bank for Investment and Development of Vietnam (BID), which fell 1.83 per cent.

However, gains in select large-cap stocks helped mitigate some of the market's losses. The FPT Corporation (FPT) climbed 1.33 per cent, contributing over 0.7 points to the VN-Index. Additionally, the Asia Commercial Joint Stock Bank (ACB) rose 1.57 per cent, while the Vietnam Technological and Commercial Joint Stock Bank (TCB) gained 1.02 per cent and the Military Commercial Joint Stock Bank (MBB) increased 1.21 per cent.

Analysts from Việt Dragon Securities said: "The market faced downward pressure but found support around the 1,265-point mark, forming what is known as a hammer candlestick pattern. Liquidity remained at low levels, suggesting cautious sentiment, but selling pressure also appeared subdued."

"The market is likely to continue testing supply and demand dynamics in the next session. However, the current mild support signals could provide momentum for a rebound in the near term, potentially targeting the 1,300-point resistance zone."

"Investors can still expect support and recovery opportunities in the market while exploring short-term gains in stocks showing strong performance from support zones. However, caution is needed both when booking profits in stocks that have risen sharply and when restructuring portfolios."

On the Hà Nội Stock Exchange (HNX), the HNX-Index edged down by 0.31 per cent, closing at 227.43 points. Trading value on the northern bourse reached over VNĐ661 billion, with trading volume exceeding 40 million shares.

Notably, foreign investors returned to net selling activity, offloading shares worth more than VNĐ301 billion on the HoSE and over VNĐ4.1 billion on the HNX.

As the year draws to a close, market sentiment remains cautious, but underlying support signals suggest potential opportunities for short-term rebounds as the market moves into the new year. — VNS