Energy stocks lead VN markets up
Energy stocks lead VN markets up
Energy stocks led local markets up despite oil prices falling for a fourth trading day.
The benchmark VN Index on the HCM Stock Exchange rebounded 0.3 per cent to finish at 625.43 points, after declining by 1.2 per cent in the two previous sessions.
Recent declines helped energy stocks become attractive to investors, as Vietnamese stocks struggled to return to positive territory.
The HNX Index on the Ha Noi Stock Exchange ended nearly flat at 84.35 points, up from a loss of 0.7 per cent on Monday.
West Texas Intermediate (WTI) lost 1.3 per cent to trade at US$48.24 a barrel, a four-day fall of 5.8 per cent.
Petroleum Pipeline and Tank Construction JSC (PXT), PetroVietnam Coating Corp (PVB), and PetroVietnam Mud Drilling Corp (PVC) made the greatest gains, rising 4.2 per cent, 5 per cent, and 3.2 per cent, respectively.
Gains were also seen in other energy firms, including Southern Gas JSC (PGS), Petroleum Equipment Assembly and Metal Structure JSC (PXS), and PetroVietnam Drilling and Well Service Corp (PVD).
Other large-cap stocks on the two local exchanges also recovered from recent losses and helped drive markets up.
Property developer Vingroup JSC (VIC) and Vicostone JSC (VCS) rose 1 per cent each. Asia Commercial Bank (ACB) edged up 0.5 per cent. Kim Long Securities Corp (KLS) jumped 4.9 per cent.
Meanwhile, blue chips still suffered from foreign selling. Investors proved cautious and global markets continued to slide, ahead of the US central bank meeting on Wednesday and the possible withdrawal of Britain from the European Union, Bao Viet Securities Corp (BVSC) wrote in its daily report.
"Although the US central bank is not likely to increase its rates this month, the post-meeting message it sent the markets will still have negative effects on investor confidence," BVSC said, adding that investors are still investing in safer assets such as gold and bonds.
Financial firms, such as banks, showed little improvement compared to their performance on Monday. The three biggest listed banks – Vietcombank (VCB), Vietinbank (CTG), and the Bank for Investment and Development of Vietnam (BID) – slipped between 0.2 and 1.1 per cent.
Investors traded more than 145.7 million shares worth nearly VND2.43 trillion ($108 million) yesterday.
