Oil stocks fail to rescue market

Tuesday, Jan 07, 2020 08:56

Transactions at Vietcombank's Vinh Yen branch. Vietcombank (TCB) lost 2.7 per cent on Monday. — VNA/VNS Photo Tran Viet

Petroleum stocks gained ground thanks to rising global oil prices but could not rescue the market from falling as it was strongly hit by selling demand.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange lost 0.97 per cent to close the morning trade at 955.79 points.

The index inched down 0.16 per cent last Friday to finish last week at 965.14 points.

More than 187.2 million shares were traded on the southern bourse, worth VND3.4 trillion (US$147.6 million).

Declining stocks outnumbered gainers by 251 to 90, while 41 stocks ended flat.

Oil and gold prices continued surging on Monday. Brent crude oil soared past $70 a barrel, rising by more than 2 per cent while West Texas Intermediate crude rose by 1.8 per cent to $64.21.

In the local market, oil stocks also lifted up with gainers including PetroVietnam Gas JSC (GAS) (3.2 per cent), PetroVietnam Drilling and Well Services Corporation (PVD) (4.3 per cent), PetroVietnam Technical Services Corporation (PVS) (5 per cent), Binh Son Refining and Petrochemical Company (BSR) (3.7 per cent), PetroVietnam Coating JSC (PVB) (2.7 per cent) and Drilling Mud Joint Stock Corporation (PVC) (2.9 per cent).

Among companies’ shares that weighed on the market were Vietcombank (VCB) (-2.7 per cent), Vinhomes (VHM) (-2.1 per cent), Bank for Investment and Development (BID) (-1.9 per cent), Vingroup (VIC) (-0.7 per cent), Vincom Retail (VRE) (-2.7 per cent), Techcombank (TCB) (-2.5 per cent), Vinamilk (VNM) (-0.8 per cent) and Vietjet Carrier (VJC) (-1.4 per cent).

On a sector basis, 19 out of 25 sectors on the market declined, including wholesale, insurance, real estate, securities, information and technology, retail, healthcare, banking, agriculture, seafood processing, construction materials and logistics.

On the Ha Noi Stock Exchange, the HNX-Index decreased 1.13 per cent to end at 101.23 points.

More than 24.9 million shares were traded on the northern market, worth VND301.9 billion.

Foreign investors net bought VND29.91 billion on the HOSE, including Hoa Phat Group (HPG) (VND26.40 billion), Masan Group (MSN) (VND16.78 billion) and FLC Faros Construction's stock (ROS) (VND15.10 billion). They were net sellers on the HNX with a value of VND2.55 billion.

According to Ha Noi-Sai Gon Securities Co, on Tuesday session, VN-Index may continue to struggle and accumulate around the point range of 950-970 points. — VNS

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