The Novaland building in HCM City. Shares of the property developer hit the ceiling price on Thursday, supporting the market's rebound. — VNA/VNS Photo

HÀ NỘI — The domestic stock market posted one of the most dramatic sessions since the start of July on Thursday, with the VN-Index turning sharply higher within the final hours of trading.

After slipping by nearly 25 points and falling close to the 1,760-point mark under profit-taking pressure, the index representing the Hochiminh Stock Exchange (HoSE) reversed rapidly as buying interest in large-cap stocks unexpectedly increased.

The VN-Index ultimately rebounded by 22.12 points, or 1.24 per cent, to 1,804.24 points.

Liquidity expanded markedly on the HoSE, rising to nearly VNĐ19.3 trillion (US$735 million), and the VN30 basket alone contributed roughly VNĐ11.2 trillion, about 58 per cent of the exchange's total value.

The improvement in liquidity mainly came from trading in the afternoon session, when bargain-hunting demand strengthened as prices approached lower levels.

Market breadth, however, remained in negative territory, as 157 stocks declined and 141 increased. 

The market rebound was driven by three leading groups: banking, real estate and securities. Of these, the Vin stocks stood out, with Vinhomes (VHM) up 5 per cent and Vingroup (VIC) up 2.8 per cent, collectively contributing around 16 points to the VN-Index's gain.

Novaland (NVL) drew attention for an impressive intra-day reversal. It moved from more than a 3 per cent decline in the morning to hitting the ceiling price by the end of the session.

Financial stocks also saw strong inflows, with multiple names rising 2–4 per cent, including HDBank (HDB), Sacombank (STB), Asia Commercial Joint Stock Bank (ACB) and VNDirect Securities (VND).

Ho Chi Minh City Securities (HCM) hit the maximum daily gain, creating a broader spillover effect into other securities stocks, such as Tien Phong Securities (ORS), which rose 2.9 per cent, VND up 2.3 per cent, ThanhCong Securities (TCI) climbing 1.6 per cent, and SSI Securities (SSI) increasing 1.2 per cent.

In addition, a number of stocks that had been under pressure earlier in the day recorded notable rebounds, including FPT Corporation (FPT), Gelex Electric (GEE) and DIC Corp (DIG). 

Meanwhile, Phu Nhuan Jewellery (PNJ) managed to exit the floor price level after bargain demand appeared late in the session.

In contrast, the HNX-Index on the Hanoi Stock Exchange (HNX) extended its losses, down 2.75 points to 288.32 points. 

Foreign investors were net buyers on the market, as they net sold VNĐ26 billion on HoSE but net bought VNĐ41.36 billion on HNX. 

Beta Securities (BSI) said the VN-Index remains in a short-term adjustment trend. Investors should thus maintain caution while trading and should limit the use of leverage, the BSI experts said. — BIZHUB/VNS