Shares up on bank stocks, oil rises
Shares up on bank stocks, oil rises
A huge purchase of banking shares in the final minutes of Tuesday’s session on the local stock exchanges drove shares up, after a brief fall at the beginning of the session.
The benchmark VN-Index on the HCM Stock Exchange (HOSE) advanced slightly at 0.46 per cent to close Wednesday at 1,119.61 points. It had gained 1.06 per cent to settle at 1,114.53 points on Monday.
The HNX Index on the Ha Noi Stock Exchange (HNX) edged up 0.88 per cent to end at 127.29 points. The index had dropped 0.06 points to end at 126.18 points on Monday.
The UPCOM Index on the Unlisted Public Company Market rose 0.55 per cent to stand at 60.07 points. It had inched 0.31 per cent to finish at 59.74 points on Monday.
More than 268.9 million shares, worth VND7.6 trillion (US$334 million), were traded on Tuesday.
However, the market trading condition was ruled by declining stocks, which were dominant over gainers by 364 to 294, while 801 other stocks ended flat.
Large-cap stocks also had a good trading day as 18 of the 30 largest shares by market capitalisation advanced in the VN30 Index. They had more positive movement than the overall market, driven by VCB, MSN and MWG.
The VN30 Index was up 0.58 per cent to 1,106.09 points with more than 81.1 million shares exchanged, worth VND4.02 trillion.
Foreign investors were net seller of VND196.50 billion on HOSE, focusing on VJC (VND45.4 billion), DIG (VND20.7 billion) and BID (VND16.2 billion). In addition, they sold a net of VND11.01 billion on the HNX.
Bank stocks rallied across the board as only LienViet Post Joint Stock Commercial Bank (LPB) slid and others jumped such as Bank for Foreign Trade of Viet Nam (VCB), rising 1.8 per cent, Viet Nam Joint Stock Commercial Bank for Industry and Trade (CTG), climbing 4.6 per cent, and Asia Commercial Bank (ACB), moving up 2.4 per cent.
Oil prices continued to rise yesterday, extending gains of US crude West Texas Intermediate (WTI) for the fourth day running. Since February 20, WTI and Brent crude prices respectively increased by 4.1 per cent and 3.9 per cent to US$64 per barrel and US$67.6 per barrel.
Crude prices was bolstered by increasing global consumption, the output cut deal between OPEC and non-OPEC members, and the drop of US output, the US Energy Information Administration (EIA) data revealed on Thursday.
Oil-gas stocks continued to climb, typically PetroVietnam Gas Joint Stock Corporation (GAS), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling & Well Services Corporation (PVD) and PetroViet Nam Coating JSC (PVB) thanks to the rise in oil prices.
Investors should remain cautious as selling pressure may return in the high price range in the next few sessions, Bao Viet Securities Company (BVSC) said in its daily report.
“Large-cap stocks may continue to support the two indices in the next sessions. However, the market is likely to experience a wide divergence with rising selling pressure in mid-cap and penny stocks,” BVSC said.
