HÀ NỘI – The benchmark VN-Index continued to rise yesterday but at a slower pace as investors worried about a possible correction.

On the HCM Stock Exchange, the VN-Index inched up 0.1 per cent to close at 717.24 points, lifting the three-day rally to 1.3 per cent.

On the Hà Nội Stock Exchange, the HNX-Index edged down 0.3 per cent to end at 86.6 points. The northern market index has gained over four per cent in the past month.

“Liquidity maintaining high levels for many sessions made many investors worry that the market has reached its peak,” stock analysts at Vietnam Securities Co (IVS) wrote in a market report.

Trading volume touched a one-month high at nearly 293 million shares, worth a combined VNĐ4.4 trillion (US$193 million) in the two markets.

Overall market conditions were negative with 251 stocks decreasing, 204 rising and 242 unchanged.

Blue chips were on the defensive as 17 of the top 30 shares by market value and liquidity on the main bourse in HCM City lost value while 11 advanced.

Hoàng Anh Gia Lai Co (HAG) and Hoàng Anh Gia Lai Agricultural Investment JSC (HNG) tumbled after a strong rising streak.

HAG decreased 1 per cent, halting an eight session positive run while HNG fell 1.5 per cent.

On the bright side, oil and gas and real estate stocks supported the market.

Benefiting from global oil price recovery, PV Gas (GAS), the biggest listed energy stock, grew 3.9 per cent and PetroVietnam Drilling and Wells Service (PVD) added 1.3 per cent. Other smaller stocks such as Petroleum Equipment Assembly & Metal Structure (PXS), PetroVietnam Drilling Mud (PVC) and PetroVietnam Technical Services (PVS) advanced between 1 per cent and 3.5 per cent.

Brent futures rose to $56.24 a barrel, while US West Texas Intermediate (WTI) crude edged up 0.6 percent to $53.71 a barrel.

Property stocks continued their growth but slower. The exception was Hoàng Quân Consulting Trading Service Real Estate (HQC), which hit the daily limit of 7 per cent for a second day, while others such as Novaland Investment Group (NVL) inched up 0.3 per cent, FLC Group (FLC) and Ninh Van Bay Real Estate (NVT) both up over 2 per cent

However, according to IVS analysts, cheap property stocks still attracted good investments but faced correction pressure after previous big gains.

Foreign investors were net sellers in HCM City’s market after two net selling sessions, offloading a net value of VNĐ21 billion. They were net buyers on Hà Nội’s bourse for a modest value of VNĐ3 billion. – VNS