HA NOI – Shares rose for the third consecutive day on the HCM Stock Exchange yesterday as investors continued to focus on large-cap stocks in expectation of further market growth.

The benchmark VN-Index, the measure of 310 stocks, inched up 0.5 per cent to close yesterday’s session at 672.7 points, the highest in one and a half months. It has risen 2.2 per cent in the past three days.

The HNX-Index on the smaller market in Ha Noi, tracking 379 stocks, was up 0.6 per cent to end at 84.7 points. It declined 0.9 per cent on Monday.

Specific stocks continued to boost the market.

Eight of the top 10 largest shares by market capitalisation gained value, of which Masan Group (MSN) was the most significant gainer with a rise of 4.5 per cent. Its share price has climbed 13.8 per cent in the last three sessions following the announcement of a 20-million-share buyback.

Insurer Bao Viet Holdings (BVH) and PV Gas (GAS) each increased 2.5 per cent, while others, including dairy firm Vinamilk (VNM), steelmaker Hoa Phat Group (HPG), Vietinbank (CTG) and real estate giant VinGroup (VIC) increased by less than 1 per cent.

On the other end of spectrum, however, some blue chips declined and pulled back the market.

Shares of Vietcombank (VCB), the second-largest listed bank, lost 3.5 per cent in value. Bloomberg on Monday reported that the Singapore sovereign fund GIC Pte had signed a memorandum of agreement to purchase 305.8 million shares of Vietcombank, part of a private placement of 359.8 million shares in its upcoming additional issue to raise charter capital.

According to the report, the foreign fund reached a preliminary agreement to pay less than US$400 million, a discount from the current market price, for a 7.7 per cent stake. Vietcombank’s shares have gained about 31 per cent in value this year.

According to analysts at Maritime Bank Securities Co, the market will likely experience volatility when the VN-Index touches a strong resistance zone of 675-680 points.

Despite slight increases in the last two settlements, analysts reckon the market is being exposed to short-term risks, driven by the upcoming reallocation of exchange-traded funds and increasing profit-taking selling pressure when the market approaches its peak.

Liquidity declined with a total of nearly 140 million shares worth VNĐ2.9 trillion ($130 million) being traded in the two markets, down 35.8 per cent in volume and 14.7 per cent in value compared with Monday’s levels.

Foreign trade showed mixed results yesterday. In HCM City’s market, the foreign sector was a net seller with shares worth a net value of almost VNĐ117 billion unloaded. In the Hà Nội market, the sector remained a net buyer with a net value of VNĐ28 billion. On Monday, the foreign sector was a net buyer on both the exchanges with a total value of VNĐ52.5 billion. – VNS