After two depressing days, the stock market on Wednesday saw increases in the prices of more than 70 blue chips. The VN-Index, however, rose only 5.28 points to close at 946.32.
|The market is forecast to reverse course in following weeks.|
Bucking an otherwise bearish trend, Vincom (VIC) rose by VND3,000, Vietnam Drilling and Well Services (PVD), REE Technology (REE), Tan Tao Industrial Zone (ITA), Schenker-Gemadept Logistics (GMD) were up VND2,000.
Similarly, Phu My Fertilizer and Chemicals (DPM) was up VND1,500, Hoa Phat Group (HPG), Saigon Securities (SSI) and FPT Corporation (FPT) rose VND1,000, Ha Tien 1 Cement (HT1) was up VND900 and Vinh Son Hydropower (VSH) was up VND500.
Strong performances of Sacombank (STB), Phu My Fertilizer and Chemicals (DPM), FPT Corporation (FPT), Hoa Phat Group (HPG) and REE Technology (REE) kept the market alive, while most small caps lost ground.
Investors turned away from pharmaceutical firms like Hau Giang Pharmacy (DHG), Imexpharm (IMP) and Domesco (DMC) and power companies like Khanh Hoa Power (KHP), Royal International Company (RIC) and Vinh Son Hydropower (VSH).
Investors are currently pinning their hopes for year-end profits on companies in finance, construction, building materials and seafood. The market is forecast to reverse course in following weeks.