HÀ NỘI – The benchmark VN-Index failed to conquer the short-term resistance point of 790 for a second day on Friday, dragged down by bank stocks, while growth of many large-cap stocks supported the market.

The key index on the HCM Stock Exchange inched up just 0.02 per cent to close at 788.68 points. It has risen 1.5 per cent for the week.

On the Hà Nội Stock Exchange, the HNX-Index increased 0.49 per cent to end at 101.94 points. The northern market index expanded 1.4 per cent this week.

Shares of securities and energy firms pushed the market up.

Most brokerage companies gained value, of which Sài Gòn-Hà Nội Securities Co (SHS) and Vietinbank Securities Co (CTS) were the biggest gainers with growth of 7.8 per cent and 5.1 per cent, respectively.

The biggest listed securities firm Saigon Securities Inc (SSI) picked up over 1.7 per cent.

Positive performers also included big businesses in the oil and gas sector, including PetroVietnam Drilling Wells Service (PVD), PetroVietnam Technical Service (PVS) and PetroVietnam Drilling Mud (PVC) climbing between 5.6 per cent and 3 per cent each.

However, bank stocks which were the driving force of the previous rally were on the defensive and restrained the market’s uptrend.

Only Sacombank (STB) recovered from a three-day slump after the bank’s two ex-bankers were arrested, up 3.3 per cent to settle at VNĐ12,700 (56 US cents). Others including the four biggest listed lenders by market value, Vietcombank (VCB), Vietinbank (CTG), BIDV (BID) and Military Bank (MBB) slipped between 0.7-2.2 per cent each.

Market analysts at Sài Gòn-Hà Nội Securities Co said rising selling pressure at the high price ranges would continue to cause difficulties for a sustainable rally.

“The VN-Index will continue to fluctuate and move sideways in the range of 784-791 points and it needs a strong push for the index to break out of the 791 points to confirm the short-term uptrend,” they said.

Liquidity continued to rise with total 267.5 million shares worth VNĐ4.7 trillion ($207 million), down 6.3 per cent in volume and nearly 13 per cent in value compared to the previous session.

Foreign traders recorded a 12th consecutive buying session on the HCM Stock Exchange for a net value of VNĐ82.5 billion, down 49 per cent from the previous session. However, foreign investors extended the net selling streak on the Hà Nội Stock Exchange for a value of nearly VNĐ6 billion. – VNS