VN-Index slips as oil stocks shine

VN-Index slips as oil stocks shine

Liquidity stayed subdued for much of the day, causing divergences among sector performances.

A view of the refrigerated LPG storage at PV Gas Vung Tau Terminal. Shares of PV Gas hit the maximum daily gain of 7 per cent on Friday, mitigating the market's bearish sentiment. — Photo pvgas.com.vn

Friday’s trading unfolded as a tug-of-war session, marked by cautious sentiment. Liquidity remained subdued for much of the day, leading to divergences in sector performance and causing the benchmark index to swing repeatedly around the reference level.

By the close, the VN-Index on the Ho Chi Minh Stock Exchange (HoSE) edged down 0.18 points to 1,863.49 points.

Meanwhile, the HNX-Index on the Hanoi Stock Exchange (HNX) jumped 9.38 points, or 3.28 per cent, to 294.94 points.

Total market liquidity surpassed VNĐ20.8 trillion (US$971 million), with nearly 778 million shares traded. Market breadth tilted towards decliners, with 385 stocks down, 301 up and 803 unchanged.

The VN30-Index, tracking the 30 largest stocks on HoSE, also finished lower at 1,997.06 points, down 2.76 points, or 0.14 per cent. Within the VN30 basket, 12 stocks rose, 12 fell and six were unchanged.

Oil and gas emerged as the key support for the index. PV Gas (GAS) surged and contributed more than three points to the VN-Index. Other names in the group also gained, including Petrovietnam Refining and Petrochemical Corporation (BSR), up 4.39 per cent; Petrolimex (PLX), up 3.93 per cent; PV Coating (PVB), up 1.67 per cent and PetroVietnam Technical Services Corporation, up 0.78 per cent.

In addition, Vingroup (VIC), Vietjet Aviation (VJC), Asia Commercial Joint Stock Bank (ACB) and Techcombank (TCB) also made positive contributions.

On the other side, selling pressure mainly came from the banking, real estate and retail sectors. Vinhomes (VHM) declined 1.08 per cent and was the biggest drag on the VN-Index during the session.

Other stocks exerting negative pressure included Vietcombank (VCB), BIDV (BID), VPBank (VPB), Masan Group (MSN) and Mobile World Investment Corporation (MWG).

Trading attention centred on VNE of Vietnam Electricity Construction JSC (VNECO). The stock continued to rise to the ceiling price at VNĐ3,320 per share, marking a fifth consecutive session at the limit up.

Notably, VNE’s rally followed a HoSE announcement regarding the forced delisting of more than 90.4 million shares of the company. The decision takes effect from June 29, while the company’s last trading day on HoSE is June 26.

According to HoSE, the reason for delisting is tied to the auditing firm’s qualified opinion on the company’s financial statements in three consecutive years, 2023, 2024 and 2025. Under current regulations, this falls under cases subject to mandatory delisting.

Foreign investors continued to net sell on HoSE, with a net outflow of more than VNĐ704 billion. Selling pressure was concentrated on CTG, VHM, VPB, ACB, Sonadezi Chau Duc Shareholding Company (SZC), Phat Dat Real Estate Development Corporation (PDR) and MWG. 

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