Vietnamese shares failed to maintain their upward trend on Tuesday due to overwhelming selling pressure.

The benchmark index declined 0.05 per cent to end at 1,010.74 points. The benchmark index gained 0.83 per cent to end at 1,011.29 points on Monday.

On the Ha Noi Stock Exchange, the HNX-Index posted a loss of 0.06 per cent to end at 115.52 points. It posted a loss of 0.18 per cent to end at 115.59 points on Monday.

Nearly 298 million shares, worth over VND5.8 trillion (US$216 million), were traded across the two markets on Tuesday.

Overall market conditions were positive with 253 gainers and 187 losers, while another 302 closed unchanged.

Large-cap stocks were hit by profit-taking. Tracking the southern bourse’s largest stocks by capitalisation and liquidity, the VN30-Index lost 0.05 per cent to end at 985.11 points.

In the VN30 basket, market breadth was neutral with 12 gainers and 15 losers.

Crude closed at its highest level since 2014. Specifically, Brent crude oil hit $81.85 per barrel, its strongest level since late November 2014. Meanwhile, WTI was traded at $72.47 per barrel. Oil prices jumped after OPEC refused to agree to a production hike, despite President Trump calling on them to take action.

In addition, the US will impose sanctions on Iranian oil exports and urge global governments and companies to cut imports from this Middle East nation.

According to Bao Viet Securities Company (BVSC), this had boosted oil prices. Underpinned by positive movements of oil prices, domestic oil and gas stocks had increased recently and may stay on this trend in the short term.

Oil and gas stocks climbed 0.62 per cent, driven by Binh Son Refining and Petrochemical Company Limited (BSR) (+6.2 per cent), PetroVietnam Drilling & Well Services Corporation (PVD) (+5 per cent) and PetroVietnam Power Corporation (POW) (+1.9 per cent).

Real estate stocks rose 0.06 per cent as Hoang Huy Investment Financial Services JSC (TCH), Novaland Investment Group Corporation (NVL) and Vincom Retail JSC (VRE), respectively jumped 2.3 per cent, 1.6 per cent and 0.9 per cent.

Conversely, bank stocks all fell, causing the overall index of the banking sector to drop 0.62 per cent.

Among the worst-performing stocks in the VN30 basket were steel producer Hoa Sen Group (HSG), PetroVietnam Gas (GAS), Bank for Investment and Development of Viet Nam (BID), consumer firm Masan (MSN), Vincom Retail Joint Stock Company (VRE) and FLC Faros Construction Joint Stock Company (ROS).

According to BVSC, the VN-Index is moving towards the 1,024-1,027 threshold. However, the market may suffer some corrections with alternate ups and downs.

The UPCOM Index (UPCoM) inched up 0.60 per cent to finish at 53.99 points. It gained 0.33 per cent to finish at 53.67 points in the previous session. — VNS