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Shares up on bank stocks, oil rises

Investors follow transactions at Bảo Việt Securities Company in Hà Nội. — VNA/VNS Photo Phạm Hậu

HÀ NỘI — 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. 四 六 per cent to close Wednesday at  一, 一 一 九. 六 一 points. It had gained  一.0 六 per cent to settle at  一, 一 一 四. 五 三 points on Monday.

The HNX Index on the Hà Nội Stock Exchange (HNX) edged up 0. 八 八 per cent to end at  一 二 七. 二 九 points. The index had dropped 0.0 六 points to end at  一 二 六. 一 八 points on Monday.

The UPCOM Index on the Unlisted Public Company Market rose 0. 五 五 per cent to stand at  六0.0 七 points. It had inched 0. 三 一 per cent to finish at  五 九. 七 四 points on Monday.

More than  二 六 八. 九 million shares, worth VNĐ 七. 六 trillion (US$ 三 三 四 million), were traded on Tuesday.

However, the market trading condition was ruled by declining stocks, which were dominant over gainers by  三 六 四 to  二 九 四, while  八0 一 other stocks ended flat.

Large-cap stocks also had a good trading day as  一 八 of the  三0 largest shares by market capitalisation advanced in the VN 三0 Index. They had more positive movement than the overall market, driven by VCB, MSN and MWG.

The VN 三0 Index was up 0. 五 八 per cent to  一, 一0 六.0 九 points with more than  八 一. 一 million shares exchanged, worth VNĐ 四.0 二 trillion.

Foreign investors were net seller of VNĐ 一 九 六. 五0 billion on HOSE, focusing on VJC (VNĐ 四 五. 四 billion), DIG (VNĐ 二0. 七 billion) and BID (VNĐ 一 六. 二 billion). In addition, they sold a net of VNĐ 一 一.0 一 billion on the HNX.

Bank stocks rallied across the board as only LiênViệt Post Joint Stock Co妹妹ercial Bank (LPB) slid and others jumped such as Bank for Foreign Trade of Việt Nam (VCB), rising  一. 八 per cent, Việt Nam Joint Stock Co妹妹ercial Bank for Industry and Trade (CTG), climbing  四. 六 per cent, and Asia Co妹妹ercial Bank (ACB), moving up  二. 四 per cent.

Oil prices continued to rise yesterday, extending gains of US crude West Texas Intermediate (WTI) for the fourth day running. Since February  二0, WTI and Brent crude prices respectively increased by  四. 一 per cent and  三. 九 per cent to US$ 六 四 per barrel and US$ 六 七. 六 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, Bảo Việt 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. — VNS