Oil and gas sell-off drags VN-Index down nearly 0.8 per cent

Oil and gas sell-off drags VN-Index down nearly 0.8 per cent

Oil and gas stocks tumbled as selling pressure pushed Việt Nam’s benchmark index lower.

Dung Quất refinery. Energy stocks were the worst performers, with the sector plunging 6.55 per cent. — Photo baochinhphu.vn

Việt Nam’s benchmark indices fell on Friday, dragged down by a broad sell-off in oil and gas stocks as selling pressure intensified in the afternoon session.

The VN-Index on the Ho Chi Minh Stock Exchange (HOSE) dropped more than 13 points, or 0.78 per cent, to close at 1,696.24 points.

In Hồ Chí Minh City, market breadth was negative, with 399 stocks falling and 386 rising across the market. In the VN30 basket tracking the top 30 shares by market value and liquidity, 18 stocks declined, while nine gained and three were unchanged.

Liquidity improved slightly from the previous session, with more than one billion shares traded, up 7 per cent in volume, for a total value of VNĐ27.4 trillion (US$1.04 billion).

Meanwhile, the HNX-Index on the Hanoi Stock Exchange also declined 0.81 per cent to 245.84 points. Trading volume increased by 38 per cent to 124 million shares, while the value of trades climbed by 42 per cent to VNĐ2.5 trillion.

Energy stocks were the worst performers, with the sector plunging 6.55 per cent. Major decliners included PetroVietnam Technical Services (PVS), down 8.05 per cent, while Binh Son Refining and Petrochemical (BSR), Petrolimex (PLX), and PetroVietnam Transportation (PVT) also recorded steep losses.

Utilities and communication services posted notable declines as well, falling 3.23 per cent and 2.67 per cent, respectively.

On the upside, gains in Vinhomes (VHM), Vinamilk (VNM), Vietjet Aviation (VJC), and Novaland (NVL) helped cushion the index’s decline, contributing more than 3.5 points.

According to Viet Dragon Securities Corporation, the market showed signs of hesitation around the 1,725-point zone and slipped slightly below the 150-day moving average at about 1,715 points. The signal suggests the recent technical rebound may be losing momentum and the index could face a short-term pullback to retest support as cash flow shows signs of cooling.

The brokerage advised investors to remain cautious amidst market volatility, avoid excessive risk and limit new buying. It also suggested monitoring cash flow and the market’s ability to absorb selling pressure, while considering short-term profit-taking or portfolio adjustments if fluctuations continue.

Foreign investors remained net sellers. They sold a net VNĐ416 billion on the HOSE, focusing on BSR, Vingroup (VIC), SSI Securities (SSI), and VHM.

On the Hà Nội exchange, foreign investors net sold more than VNĐ78 billion. 

Bizhub