Oil, gas stocks lead market rally
The stock market experienced an emotional trading period yesterday with rapid reversals of prices, shooting up from red to green in just over an hour.
 |
| Oil and gas shares recovered yesterday afternoon, giving the market some essential momentum. — Photo vietstock.vn |
Oil and gas shares, the main drag on the market in previous sessions, recovered yesterday afternoon, giving the market some essential momentum.
Except for PV Gas (GAS), which fell 4 per cent, stocks increased. PetroVietnam Drilling and Wells Service (PVD) and PetroVietnam Drilling Mud Co (PVC) climbed more than 3.85 per cent, while PetroVietnam Technical Services (PVS) grew 1.81 per cent.
Big intra-day profits attracted risk-appetite investors. PVD closed up more than 11 per cent from its daily low, for example.
However, analysts warned that yesterday's rally could be a sort of sentimental reaction. They said the market uptrend needed to be tested in the coming sessions, as heavyweight shares like GAS still weighed on the market's performance.
On the HCM Stock Exchange, the VN-Index recouped nearly 2 points, jumping from the day's low of 544.78 points in the morning to closing with 557.19.
Four times as many stocks rose as declined – evidence of positive market conditions.
Blue chips also rebounded, as shown by the VN30's 1.15-per-cent rise. The VN30 tracks the top 30 shares by market value and liquidity in the HCM City market. The VN30 closed at 610.81 points.
Liquidity fell, however, with the trading value down 40 per cent to 119.4 million shares and the value of trades down 30 per cent to reach VND2.3 trillion (US$108 million).
On the Ha Noi Stock Exchange, the HNX-Index also rose 1.63 per cent to finish at 85.22 points, with the gainers tripling the losers.
The trading also declined there, as both trading volume and value decreased 40 per cent from the previous session, totalling 54 million shares worth VND792 billion ($37.2 million).
In contrast to domestic movement, foreign investors continued to unload shares. They were responsible for a combined net sell of VND103.2 billion ($4.8 million). — VNS
