Oil stocks fail to rescue market

Oil stocks fail to rescue market

HÀ NỘI — Petroleum stocks gained ground thanks to rising global oil prices but could not rescue the market from falling as it was strongly hit by selling demand.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange lost 0. 九 七 per cent to close yesterday at  九 五 五. 七 九 points.

The index inched down 0. 一 六 per cent last Friday to finish last week at  九 六 五. 一 四 points.

More than  一 八 七. 二 million shares were traded on the southern bourse, worth VNĐ 三. 四 trillion (US$ 一 四 七. 六 million).

Declining stocks outnumbered gainers by  二 五 一 to  九0, while  四 一 stocks ended flat.

Oil and gold prices continued surging on Monday. Brent crude oil soared past $ 七0 a barrel, rising by more than  二 per cent while West Texas Intermediate crude rose by  一. 八 per cent to $ 六 四. 二 一. 

In the local market, oil stocks also lifted up with gainers including PetroVietnam Gas JSC (GAS) ( 三. 二 per cent), PetroVietnam Drilling and Well Services Corporation (PVD) ( 四. 三 per cent), PetroVietnam Technical Services Corporation (PVS) ( 五 per cent), Bình Sơn Refining and Petrochemical Company (BSR) ( 三. 七 per cent), PetroVietnam Coating JSC (PVB) ( 二. 七 per cent) and Drilling Mud Joint Stock Corporation (PVC) ( 二. 九 per cent).

Among companies’ shares that weighed on the market were Vietcombank (VCB) (- 二. 七 per cent), Vinhomes (VHM) (- 二. 一 per cent), Bank for Investment and Development (BID) (- 一. 九 per cent), Vingroup (VIC) (-0. 七 per cent), Vincom Retail (VRE) (- 二. 七 per cent), Techcombank (TCB) (- 二. 五 per cent), Vinamilk (VNM) (-0. 八 per cent) and Vietjet Carrier (VJC) (- 一. 四 per cent).

On a sector basis,  一 九 out of  二 五 sectors on the market declined, including wholesale, insurance, real estate, securities, information and technology, retail, healthcare, banking, agriculture, seafood processing, construction materials and logistics.

On the Hà Nội Stock Exchange, the HNX-Index decreased  一. 一 三 per cent to end at  一0 一. 二 三 points.

More than  二 四. 九 million shares were traded on the northern market, worth VNĐ 三0 一. 九 billion.

Foreign investors net bought VNĐ 二 九. 九 一 billion on the HOSE, including Hòa Phát Group (HPG) (VNĐ 二 六. 四0 billion), Masan Group (MSN) (VNĐ 一 六. 七 八 billion) and FLC Faros Construction's stock (ROS) (VNĐ 一 五. 一0 billion). They were net sellers on the HNX with a value of VNĐ 二. 五 五 billion.

According to Hà Nội-Sài Gòn Securities Co, on Tuesday session, VN-Index may continue to struggle and accumulate around the point range of  九 五0- 九 七0 points. — VNS