Vietnam stocks post slight increase while Asian markets drop

The index closed 4.26 points higher after dropping 2.98 points in the previous session.

Trading on the Ho Chi Minh Stock Exchange increased by 34% to VND21.89 trillion (US$889 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 16 tickers gained, led by three banking stocks.

VIB of Vietnam International Commercial rose 2.6%, followed by SSB of SeABank, up 2.3%, and TCB of private lender Techcombank, up 1.9%.

Eight blue chips fell, including CTG of state-owned lender VietinBank with a 1.2% fall and VPB of private lender VPBank, down 1%.

Foreign investors were net buyers to the tune of VND690 billion, mainly buying FPT of IT giant FPT Corporation and TCB.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.48%, while the UPCoM-Index for the Unlisted Public Companies Market went down 0.30%.

Asian stocks pulled back from two-and-half-year highs on Tuesday and the dollar firmed following comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Middle-East tension kept risk sentiment in check, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.32% lower at 618.87 on Tuesday, below the two-and-a-half-year high of 627.66 touched on Monday. The index is up 17% so far in the year.

Japan's Nikkei rose nearly 2% on a softer yen after shedding 4.8% on Monday as investors contended with perceived monetary policy hawk Shigeru Ishiba winning a contest to become the country's prime minister.