Shares bounce back despite profit-taking pressure
Shares bounce back despite profit-taking pressure
Shares closed Wednesday morning on a positive note despite continued profit-taking pressure on the two bourses.
The VN-Index on the Ho Chi Minh Stock Exchange edged up 0.34 per cent to 990.37 points.
On the Ha Noi Stock Exchange, the HNX-Index inched up just 0.07 per cent to 107.74 points.
Liquidity remained positive with almost 167 million shares worth a combined VND3.14 trillion (US$134.6 million) changing hands on the two markets.
Analysts have predicted increased profit-taking pressure when the VN-Index approaches the 1,000-point mark. Viet Nam’s benchmark index has gained more than 8 per cent this month.
The VN-Index declined 0.74 per cent on Tuesday after six consecutive rising sessions.
This morning, Vinamilk (VNM), Vingroup (VIC) and its retail arm Vincom Retail (VRE) led the market with each rising by more than 1 per cent.
Shares in the oil and gas sector also gained with major firms including PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD) and PetroVietnam Technical Service (PVS) growing by less than 1 per cent.
Oil prices continued to climb on global markets following a report of declining crude inventories and a supply cut plan from OPEC despite pressure from the United States.
Both Brent and US West Texas Intermediate (WTI) crude oil increased by 0.5 per cent and 0.9 per cent on Wednesday morning, settling at $65.55 per barrel of Brent crude and $56.02 for WTI.
On the dark side, some heavyweight shares lost steam and weighed on the market. Losers included Vietcombank (VCB), brewer Sabeco (SAB), Airports Corporation of Vietnam (ACV) and Vietjet (VJC).
The afternoon session starts at 1pm.
