Bank stocks lead as VN-Index rises nearly 24 points

Bank stocks led the session as the VN-Index climbed nearly 24 points, with investor buying interest returning to the market, particularly in banks, steel, and fertilizers.

At the opening of trading on March 10, sentiment improved as global oil prices fell, helping the market reverse its earlier direction. The VN-Index rose more than 63 points at one stage on strong bottom-fishing flows, though late-session volatility trimmed some of the gains.

Market performance on March 10

By the close on March 10, the VN-Index was up 23.94 points to 1,676.73. The HNX-Index rose 4.71 points to 240.07, while the UPCoM-Index increased 3.29 points to 122.64.

Banks drive the rebound

After a previous record drop, bank stocks quickly became the focus of bottom-fishing demand. Many bank tickers rose sharply, with several reaching the daily ceiling.

Leading gainers included STB (+6.91%) and MBB (+6.84%). Other near-ceiling moves were ACB (+6.68%), CTG (+5.57%), VCB (+5.41%), HDB (+4.36%), BID (+3.08%), and VAB (+3.16%). The banks sector’s breakout helped the market regain a positive tone after an earlier pullback.

Steel and fertilizer stocks also surged

Steel stocks rose strongly, led by HPG which reached the ceiling at +6.9%. Other increases included NKG (+3.7%) and HSG (+3.62%).

Fertilizer stocks traded positively as well, with DGC (+6.9%), DCM (+5.75%), DPM (+4.51%), CSV (+1.8%), and BFC (+4.57%).

Selected large-cap moves

Across other sectors, several large-cap names contributed to the market’s gains, including VNM (+6.88%), MWG (+5.19%), PNJ (+6.57%), FPT (+4.74%), EVF (+6.72%), and VCG (+6.97%).

Oil and gas fall as oil prices drop

Oil and gas stocks faced downward pressure as global oil prices fell sharply. Many names in the group declined to the floor or near it, including PLX (-6.93%), PVT (-6.99%), GAS (-7%), PVP (-6.78%), BSR (-6.37%), and POW (-3.32%).

Real estate mixed; some large caps weighed on the rally

Real estate stocks fluctuated, though many still closed higher. Gainers included NLG (+6.82%) and TCH (+6.81%), while VHM (+1.58%), KDH (+4.59%), NVL (+1.43%), and VPI (+1.8%) were also in the green. Decliners included VIC (-2.61%), VRE (-1.64%), HDC (-1.18%), BCM (-0.81%), and QCG (-3.91%).

In addition, several large-cap stocks fell sharply, constraining the rally, such as GEX (-4.07%), GVR (-5.12%), VIX (-2.74%), VND (-2.07%), GEE (-6.61%), and others.

Foreign investors turn net buyers

After five sessions of net selling, foreign investors unexpectedly turned net buyers on the stock market by about 1.1 trillion dong today. Foreign buying was led by HPG with more than 581 billion dong, followed by MWG (561 billion dong), FPT (317.56 billion dong), VNM (222.25 billion dong), BSR (158.59 billion dong), and PVD (106.87 billion dong).

On the selling side, foreign investors offloaded STB the most, worth over 387 billion dong. They also sold VIC (185.68 billion dong), VPB (153.68 billion dong), and GEX (125.36 billion dong).

Outlook

The rebound suggests that demand to buy the dip has returned after the market’s deep correction. However, the late-session volatility indicates that investor caution remains as participants monitor fund flows in upcoming sessions.