Shares move up amid cautious sentiment
Shares move up amid cautious sentiment
Shares moved up on Thursday morning amid investors’ caution due to recent international market fluctuations.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange managed to gain 0.36 per cent to close at 969.37 points.
The VN-Index had gained 0.14 per cent to close at 965.93 points on Wednesday.
More than 93.5 million shares were traded on the southern bourse, worth VND2.7 trillion (US$115.4 million).
The Chinese yuan broke its 11-year low early this week amid rising tensions in US-China trade relations, putting pressure on Viet Nam’s macro-economic conditions and equities market.
Brent oil prices fell more than 9 per cent this month after the US President Donald Trump said he would reduce 10 per cent tax on $300 billion of Chinese imports starting September 1, leading to a deep fall of the global stock market.
On the local market, energy stocks moved in reverse to the global oil stocks, with gainers including PetroVietnam Gas JSC (GAS), gaining by 0.5 per cent to VND101,000 per share, PetroVietnam Drilling and Well Services (PVD), up by 0.6 per cent to VND15,550 per share, PetroViet Nam Coating JSC (PVB), rising by 1.4 per cent to VND22,000 per share.
Shares of insurance, securities, banks and energy companies became attractive to investors on Thursday morning.
The four sector indices gained between 0.2 per cent and 3.5 per cent, data on vietstock.vn showed.
Investors may be looking for short-term earning opportunities in those sectors amid the uncertainty.
Large-cap stocks performed well enough to cushion the market.
The VN30-Index that tracks the performance of the 30 largest stocks by market value and trading liquidity was also up 0.32 per cent to 871.06 points.
Sixteen of the 30 stocks in the VN30 basket advanced while 13 declined.
On the Hanoi Stock Exchange, the HNX-Index increased 0.39 per cent to end at 102.29 points.
The northern market index was unchanged at 101.89 points on Wednesday.
More than 12 million shares were traded on the northern market, worth VND162 billion.
The afternoon trading session starts at 1pm.
