Oil stocks save VN-Index from falling

Wednesday, Oct 10, 2018 07:24

An investor watches stock movements on a tablet at Tan Viet Securities Company in Ha Noi. — VNS Photo Doan Tung

Petrol stocks were the darlings of the market on Tuesday, supporting the VN-Index’s rally while reducing the downward momentum of the HNX-Index.

The benchmark VN-Index on the HCM Stock Exchange inched up 0.01 per cent to close Tuesday at 996.19 points. The southern market index lost 1.22 per cent on Monday.

PetroVietnam Gas JSC (GAS), Techcombank (TCB), and budget carrier Vietjet (VJC) were the biggest gainers that subsequently added 1.66, 0.43 and 0.4 points to the VN-Index, respectively, according to Bao Viet Securities Company (BVSC).

Adversely, dairy firm Vinamilk (VNM), Masan Group (MSN) and Military Bank (MBB) suffered the biggest losses and respectively caused the VN-Index to slide by 1.13 points, 0.65 points, and 0.47 points, respectively, BVSC said.

The HNX Index on the Ha Noi Stock Exchange lost 0.07 per cent to end at 114.30 points. The northern market index was down 0.25 per cent on the first trading day of the week.

More than 246.6 million shares were traded on the two local exchanges, worth nearly VND5 trillion (US$249 million).

Tracking the southern bourse’s largest stocks by capitalisation and liquidity, the VN30-Index lost nearly 0.30 per cent to finish at 967.37 points.

On a sector basis, 16 of the 20 sectors saw share prices drop, including real estate, securities, technology, banking, petroleum, food and beverages and seafood processing.

The 16 industry indices were down between 0.1 and 3.7 per cent, data on vietstock.vn showed.

Oil-gas stocks gained across the board by 1.9 per cent, mostly driven by PetroVietnam Drilling & Well Services Corporation (PVD) (4.4 per cent), PetroVietnam Gas JSC (GAS) (2.4 per cent) and PetroVietnam Technical Services Corporation (PVS) (2.2 per cent).

Real estate stocks rose 0.19 per cent as Nova Land Investment Group Corporation (NVL), Phat Dat Real Estate Development Joint Stock Company CTCP (PDR) and Ha Do Group Joint Stock Company (HDG) respectively climbed by 2.2 per cent, 1.7 per cent, and 1.4 per cent.

Securities and bank stocks subsequently fell 1.26 per cent and 0.15 per cent, dragged by Ho Chi Minh City Securities Corporation (HCM), Viet Capital Securities Joint Stock Company (VCI), MB Securities Joint Stock Company (MBS), Military Commercial Joint Stock Bank (MBB), Sai Gon Thuong Tin Commercial Joint Stock Bank (STB) and Saigon Hanoi Commercial Joint Stock Bank (SHB).

According to Bao Viet Securities Company (BVSC), today’s rebound could only be a technical recovery. In the coming sessions, the market may continue dropping to a strong resistance zone at 980 before reverting to gains.

The UPCOM Index (UPCoM) gained 0.05 per cent to finish at 53.70 points. It declined 0.67 per cent to finish at 53.67 points in the previous session. — VNS

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