Shares eked out a gain on the Ho Chi Minh Stock Exchange on Tuesday thanks to the strong growth of energy stocks but caution remains in the face of selling pressure.

The VN-Index edged up 0.16 per cent to close at 1,178.33 points after falling 0.23 per cent on Monday.

Liquidity remained sluggish with just 532.7 million shares worth VND11.3 trillion (US$487 million) being traded, almost unchanged compared to Monday’s figures and 3 per cent lower than last week’s average trading volume and value.

The sharp increase in oil prices overnight helped push up prices of oil and gas stocks and the energy group as a whole.

Three of the top 10 shares lifting the VN-Index most were oil and gas shares. PV Gas (GAS) topped the list with a growth of 4.5 per cent. Petrolimex (PLX) and PV Power (POW) increased 4.6 per cent and 2.7 per cent, respectively. Binh Son Refining and Petrochemical (BSR) also gained 4.3 per cent.

Electricity shares also posted big gains with Halcom Vietnam (HID), PetroVietnam Nhon Trach 2 JSC (NT2) hitting the ceiling price of 7-per-cent growth. Vinh Son-Song Hinh Hydropower (VSH) and Vietnam Power Development (VPD) rose respectively 2.9 per cent and 5.3 per cent.

Other big gainers included Vingroup (VIC), up 1.2 per cent; Vinamilk (VNM), up 1.5 per cent; brewer Sabeco (SAB), up 1.7 per cent; and Sacombank (STB), up 1.8 per cent.

At the other end of spectrum, slump of Vietcombank (VCB), steelmaker Hoa Phat Group (HPG), Masan Group (MSN), Vietinbank (CTG), TienPhongBank (TPB), Vinhomes (VHM) and Mobile World Investment (MWG) dragged the market.

“Profit-taking pressure around the resistance zone of 1,180 points is still causing difficulties for the VN-Index's recovery,” said Phuong Pham, a market analyst at Viet Dragon Securities Co.

She said given the volatile market, the divergence also occurred in the industry groups with selling pressure continuing to hamper gaining momentum of real estate, securities and banking. Steel group dropped sharply after an explosive session.

On the Ha Noi Stock Exchange, the HNX-Index inched down 0.07 per cent to end at 284.43 points.

Liquidity increased slightly here with 63.4 million shares worth VND1.3 trillion being traded.

Foreign traders were net sellers on both exchanges, unloading shares worth a net sell value of VND304 billion. Their sells focused on Hoa Phat Group with a net value of VND72 billion, Vinhomes VND38 billion, realty company Dat Xanh Group (DXG) VND30 billion and Vietcombank VND27 billion. — VNS