Shares make slight gains with VN-Index approaching 990 pointsTuesday, September 17,2019
AsemconnectVietnam - Shares made slight gains on Monday with indices becoming more volatile as VN-Index approached 990 – 1,010 points.
The VN-Index on the Ho Chi Minh Stock Exchange edged up 0.27 per cent at 989.86 points. Viet Nam’s benchmark index gained 1.35 per cent last week.
On the Ha Noi Stock Exchange, the HNX-Index closed up 0.02 per cent at 102.21 points. The northern market index was nearly unmoved last week.
More than 225 million shares worth VND6.6 trillion ($282 million) were traded in the two markets.
Market breadth was balanced with 225 stocks gaining, 220 declining and 319 closing flat in the two markets.
PV Gas (GAS), the biggest energy listing by market value, rose 2.4 per cent. PetroVietnam Technical Services (PVS) and PetroVietnam Drilling and Well Services (PVD) climbed 3.6 and 2.6 per cent, respectively.
PetroVietnam Coating (PVB) also rose 2.5 per cent.
According to BIDV Securities Company (BSC), in addition to the effective change of the State Bank's operating interest rate, the consequences of the attack on two Saudi oil processing facilities pushed up oil prices, boosting the Oil & Gas industry.
However, the slight decrease in liquidity also showed some investors were still waiting for signals from the US Federal Reserve meeting on September 17-18, BSC said.
Strong gains of oil prices on the global market supported oil and gas stocks.
Brent crude soared 19 per cent on Sunday to US$71.95 per barrel while West Texas Intermediary (WTI) oil increased more than 15 per cent to $63.34 per barrel. These were their highest prices since May.
Oil prices continued to gain early Monday but slowed after US President Donald Trump said he would allow the use of oil from the country’s emergency reserves if necessary.
Pillar stocks also attracted cash flow and rallied, including Vinamilk (VNM) (up 1.2 per cent), Masan Group (MSN) (up 1.7 per cent) and Vietjet Air (VJC) (up 1.7 per cent).
On a sector basis, wholesale, retail, real estate, securities, information and technology, energy, rubber production, food and beverage, construction materiel and logistics supported the market.
On HOSE, foreign investors net sold VND 41.17 billion, focusing on Vinamilk (VNM) (VND36.9 billion) and Vincom Retail (VRE) (VND28.7 billion).
On the HNX, they also net sold VND5.76 billion.
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