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Shares manage to rise but oil stocks pressure markets
Vietnamese shares increased on Friday morning fueled by large-cap stocks, but energy groups receded as global oil prices pulled them back from an earlier surge.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange climbed 0.34 per cent to close morning trading at 762.92 points.
The index had increased 1.65 per cent to end Thursday at 760.33 points.
More than 196 million shares were traded on the southern exchange, worth VND2.4 trillion (US$102.9 million).
The large-cap tracker VN30-Index gained 0.24 per cent to close Friday morning at 699.51 points.
In the VN30 basket, 17 of the 30 largest stocks by market capitalisation and trading liquidity declined, while 12 rose. One stayed unchanged.
The stock market was weighed down by strong declines in energy and mining stocks after global oil prices stepped back during Thursday’s overnight trading.
Oil prices fell after an earlier increase as OPEC and its allies reached an agreement to cut output that was smaller than the market was expecting.
US crude dropped 7.4 per cent to $23.22 a barrel, while Brent crude fell 3 per cent to $31.85 per barrel.
Following the move, local energy stocks also turned negative. PetroVietnam Gas JSC (GAS) lost 0.3 per cent while others such as PetroVietnam Drilling and Well Services (PVD) and PetroVietnam Technical Services (PVS) fell 3.1 per cent and 3.3 per cent.
The market still received strong support from large-caps such as insurer Bao Viet Holdings (BVH), FPT Corporation (FPT), steel maker Hoa Phat Group (HPG), REE, Vietcombank (VCB), Vingroup (VIC), budget carrier Vietjet (VJC), Vincom Retail (VRE), Phu Nhuan Jewellery (PNJ) and brewery firm Sabeco (SAB).
The HNX-Index on the Ha Noi Stock Exchange climbed 1.68 per cent to close Friday morning at 106.84 points.
The northern market index had climbed 1.1 per cent to close Thursday at 105.08 points.
Nearly 31.5 million shares were traded on the northern bourse, worth VND367.4 billion.
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