Banks and oil stocks endure a tough day, leaving with market volatility

Wednesday, Apr 10, 2024 15:07

Facilities of PetroVietnam Gas JSC (GAS). GAS lost 0.9 per cent on Wednesday. — Photo courtesy of GAS

Wednesday witnessed a turbulent trading session as banks and oil stocks grappled with mounting pressures, resulting in a notable downturn in their performance.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index lost 0.34 per cent, to close at 1,258.56 points.

The breadth of the market was negative with 177 gainers and 275 losers. Matching value on the southern bourse reached VNĐ16.8 trillion (US$673.3 million), equal to a trading volume of more than 702 million shares.

The 30 biggest stocks tracker VN30-Index lost 0.24 per cent, to end at 1,263.82 points. Eleven in the VN30 basket climbed, while 18 decreased.

Financial news site said many oil and gas stocks suffered from correcting pressure and fell deeply, including PetroVietnam Gas JSC (GAS), PV Power (POW), PetroVietnam Drilling & Well Services Corporation (PVD), PV OIL (OIL), Bình Sơn Refinery (BSR) and PetroVietnam Technical Services Corporation (PVS).

Banking stocks also lost ground with most of the stocks in the basket declining, including Vietinbank (CTG), Asia Commercial Bank (ACB), Tiên Phong Bank (TPB), National Commercial Joint Stock Bank (NVB), VPBank (VPB), Military Bank (MBB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB) and Sacombank (STB).

The securities group was also hit strongly, with losers being VNDIRECT Securities Corporation (VND), MB Securities JSC (MBS), Việt Dragon Securities Corporation (VDS) and Vietcap Securities Joint Stock Company (VCI).

The seafood processing industry showed negative performance. Stocks in this sector, including Vĩnh Hoàn Corporation (VHC), Nam Việt Corporation (ANV), Sao Ta Foods Joint Stock Company (FMC), International Development & Investment Corporation (IDI) and Camimex Group JSC (CMX) all displayed losses.

It is expected that the supply will increase again and put pressure on the market. Therefore, traders should monitor the supply and demand at the resistance area to reassess the market's condition. At the same time, they should still consider rallies to take profits or reduce the proportion of stocks that are struggling at resistance zones to avoid risks, said Việt Dragon Securities Co.

The HNX-Index on the Hà Nội Stock Exchange (HNX) ended the trading day at 238.79 points, a fall of 0.66 per cent.

During the session, nearly 56.6 million shares were traded on the northern market, worth VNĐ1.2 trillion. — VNS

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